Microvast went public via a merger with Tuscan Holdings in a $3bn deal.

Microvast, a global provider of next-generation battery technologies for commercial and specialty vehicles, went public via a merger with Tuscan Holdings in a $3bn deal. The transaction was supported by Oshkosh as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate Investment Partners. “In Microvast we have found a disruptive technology company operating in a large, addressable market with a long runway of future growth that has developed long-term competitive advantages and has established a multi-year track record of proving its capabilities. We believe that climate change is one of the world’s greatest challenges and opportunities. It will take a concerted global effort to reengineer the economy in a manner that empowers citizens of the world to thrive sustainably. We are encouraged by the progress and are fortunate to be in a position to help support a company that we believe can play an important role in that future. Mr. Wu and his excellent management team have established Microvast as precisely that pioneering leader within the electric vehicle battery industry," Stephen Vogel, Tuscan Chairman and CEO. On July 21, 2021, Tuscan's stockholders approved the merger with Microvast. The closing of the deal is anticipated to occur on July 23, 2021.