The 200 electric buses will be built by Chongqing Hengtong Electric Bus Power Systems Co., Ltd (CHEBPS), a member of Microvast. CHEBPS is a joint venture owned by Microvast and Chongqing Hengtong Bus. As an integration of Microvast advanced rapid charge technology and Hengtong’s professional bus production capability, CHEBPS will focus on electric bus power systems development and production.

Microvast hybrid electric bus battery products have been operating in high temperature summer time and mountain way conditions in cities including Chongqing since 2010, which made Microvast been chosen by KPTG with such a broad experience in the industry and our unique technology. The products in this order will be gradually put into operation in KPTG soon.

As a leading innovator in the battery industry, Microvast offers key technologies that enhance the performance of power applications.

Microvast is currently cooperating with well-known vehicle manufactures for electric vehicle development, and is also working directly with bus companies and cities throughout China with its innovative Clean City Transit (CCT) solution.

“With the funding, Microvast will expand its business and continue new technology development.” said Yang Wu, Chief Executive Officer of Microvast.

On April 22, 2011, a fleet of rapid charge electric buses, powered by Microvast CCT solution, went into commercial operation in Chongqing, China, which is a milestone in Microvast history. The Company is expecting more in this electric age in the near future.

About Microvast

Found in 2006, Microvast, Inc. is a completely vertically integrated advanced power and technology company that maintains strict quality control from the very bottom all the way to the top. Microvast offers advanced power solutions for applications such as electric vehicles, power tools, and energy storage. For more information, please visit our website at www.microvast.com.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities – all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.

About Ashmore

Ashmore Investment Management Ltd. is one of the world’s leading investment managers dedicated to Emerging Markets.  Ashmore is part of Ashmore Group plc, a company listed on the London Stock Exchange which is headquartered in London and which has assets under management of US$65.8 billion (estimated at 30 June 2011, subject to audit) invested in pooled funds and segregated accounts across eight broad investment themes in the Emerging Markets: external debt, local currencies and local currency debt, corporate debt, blended debt, alternatives (special situations, infrastructure, real estate), public equities, overlay/liquidity and multi-strategy.  Ashmore is authorized and regulated by the Financial Services Authority in the conduct of investment business in the United Kingdom.

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HENGTONG bus, Microvast strategic partner, won four awards in this event. Hengtong CKZ6127HBEV pure electric bus, powered by Microvast innovative Clean City Transit (CCT) rapid charge solution, won three awards: BAAV Grand Award-Bus, BAAV Innovation Award-Bus and BAAV Environment Award-Bus. Hengtong bus company also won Grand BAAV Award-Coach Builder of the Year.

All the juries are highly satisfied by not only the innovative rapid charge solution but also the high performance of the bus itself.

See more information on Busworld website>>

Microvast’s Clean City Transit event on 18th January 2011 is a great success. We will bring more story about this event soon.