Houston Texas – July [15], 2011 - Microvast, Inc., a growing research and technology driven company, offering advanced power solutions for e-mobility and energy storage applications, is pleased to announce the successful funding of the first $30 million of a equity financing transaction for up to $50 million from IFC, a member of the World Bank Group, and investment funds managed by Ashmore Investment Management Ltd. (Ashmore).
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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