- Electric vehicle battery manufacturer will create nearly 300 jobs
- Project represents an investment of $220 million
NASHVILLE, Tenn. – Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Bob Rolfe and Microvast officials announced today that the company will establish a new manufacturing facility in Clarksville.
Microvast will invest $220 million and create 287 jobs in Montgomery County.
In 2019, at the request of the U.S. Department of Energy (DOE), Microvast began the process of establishing a Li-ion battery facility in the United States. As part of the project, Microvast will renovate and expand a facility located at 780 International Blvd. in Clarksville to manufacture battery cells, modules and packs.
Founded in 2006, Microvast is a leading global provider of next-generation battery technologies for commercial and specialty electric vehicles, a $30 billion total addressable market. It has an established, and industry-leading, portfolio of battery technologies that out-perform its competitors on battery life, charging times, safety and total cost of ownership.
On February 2, 2021 Microvast announced that it signed a definitive merger agreement to merge with Tuscan Holdings Corp. (Nasdaq: THCB) that will result in Microvast becoming a publicly listed company. The merger will provide up to $822 million in gross cash proceeds to fund capacity expansion and to position the company to capitalize on its signed contracts with total value of over $1.5 billion.
Microvast plans to begin the recruitment process in the fourth quarter of 2021 and into 2022, with employment opportunities available as early as August 2021. Additionally, careers for Microvast will be posted at Clarksvilleishiring.com, a resource provided to community employers by the Aspire Foundation.
Over the last five years, TNECD has supported more than 170 economic development projects in Northern Middle Tennessee, resulting in approximately 34,000 job commitments and $5.6 billion in capital investment.
QUOTES
“Tennessee is at the forefront of electric vehicle and charging infrastructure development, and we’re proud that Microvast will continue this important work in Tennessee. Clarksville’s highly-skilled workforce is well-equipped for these additional 287 jobs, and we appreciate this investment from Microvast.” – Gov. Bill Lee
“The electric vehicle industry is thriving in Tennessee. We are the number one state in the Southeast for electric vehicle manufacturing, accounting for nearly 40 percent of electric vehicle jobs and investment. We appreciate Microvast for choosing Tennessee and for adding to the momentum of Tennessee’s electric vehicle evolution.” – TNECD Commissioner Bob Rolfe
“Microvast is excited to expand our U.S. footprint in Clarksville, Tennessee, where we have access to a talented workforce and a business friendly community. We believe that expanding our operations in Tennessee will support our efforts to advance the electrification revolution.” – Microvast EVP Shane Smith
“We are ecstatic that Microvast has chosen Montgomery County for their site of operation. Their commitment to our community is a multilevel win for us. Utilizing and adding on to an existing site that has been vacant, bringing employment opportunities to our citizens, and having cutting edge technology developed in this County will all provide a tremendous benefit for us. I am looking forward to working with them.” – Montgomery County Mayor Jim Durrett
“TVA and Cumberland Electric Membership Corporation congratulate Microvast on its decision to locate operations in Clarksville. Helping to attract quality jobs and investment from innovative companies, like Microvast, is at the core of TVA’s mission of service. We are proud to partner with the Clarksville-Montgomery County Economic Development Council and Tennessee Department of Economic and Community Development to celebrate this announcement and support Microvast’s business success in the region.” – John Bradley, TVA senior vice president of Economic Development
“This latest announcement reaffirms that Clarksville is a robust community for companies to locate. As the need for electric vehicle batteries continues to increase, I am confident Clarksville will be able to provide the resources and workforce needed for Microvast to grow. I congratulate local officials for securing these jobs and appreciate Microvast for putting its confidence in our community.” – Sen. Bill Powers (R–Clarksville)
“Clarksville has a rich reputation as a center for technological innovation. It’s exciting to see a company like Microvast recognize the opportunity and unique capabilities provided by our community and talented workforce. We welcome our newest employer to Montgomery County and wish them success for many years to come.” – Rep. Curtis Johnson (R–Clarksville)
TNECD Media Contact
Molly Hair, Public Information Officer
(615) 878-0063
[email protected]
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to develop strategies that help make Tennessee the No. 1 location in the Southeast for high quality jobs. To grow and strengthen Tennessee, the department seeks to attract new corporate investment to the state and works with Tennessee companies to facilitate expansion and economic growth. Find us on the web: tnecd.com. Follow us on Twitter and Instagram: @tnecd. Like us on Facebook: facebook.com/tnecd.
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