Oshkosh to make a $25 million strategic investment in Microvast
HOUSTON, TX –February 5, 2021– Microvast, Inc., a leading global provider of next-generation battery technologies for commercial and specialty vehicles (“Microvast” or the “Company”), announced today that Oshkosh Corporation (NYSE: OSK) (“Oshkosh”), a leading innovator of mission-critical vehicles and essential equipment, and Microvast have entered into a Joint Development Agreement to facilitate future battery collaboration and innovation. Oshkosh also confirmed that it had agreed to invest $25 million as part of the previously announced $540 million private investment in public equity (“PIPE”) entered into in connection with Microvast’s previously announced pending merger with Tuscan Holdings Corp. (Nasdaq: THCB) (“Tuscan”), a publicly-traded special purpose acquisition company.
“We are proud to work with leading OEMs like Oshkosh Corporation and we appreciate Oshkosh’s strategic investment in Microvast,” said Yang Wu, Founder, Chairman and CEO of Microvast. “We believe that our best-in-class battery cells, a strong technology pipeline, and anticipated proceeds of our pending transaction with Tuscan will allow Microvast to finance the buildout of world-class manufacturing facilities and fulfill our commitments to our valued customers. We are pleased to have Oshkosh’s support in these efforts and we look forward to a long-term, thriving partnership focused on advancing Oshkosh’s electrification strategy.”
Microvast expects that the Joint Development Agreement will act as a foundation to encourage collaboration and integration on next-generation battery technologies. Based on field proven battery technologies, Microvast believes it is well positioned to custom design and develop tailored battery solutions for Oshkosh’s future electrification projects and support Oshkosh’s heavily utilized, high-performing applications.
Microvast’s product engineering teams remain focused on supporting Oshkosh’s leading position in its markets by developing differentiated battery solutions that will enable Oshkosh to provide premium performing solutions to its customers.
On February 1, 2020, Microvast and Tuscan announced that they entered into a definitive merger agreement that will result in Microvast becoming a publicly listed company. The transaction, with an estimated post-transaction equity value of approximately $3.0 billion, is expected to result in a total of $822.0 million of gross proceeds to Microvast, assuming no redemptions by Tuscan’s stockholders from Tuscan’s cash in trust. In addition to Oshkosh’s investment, other PIPE anchor investors include funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate. Upon the closing of the merger, which is expected to occur in the second quarter of 2021, the combined company will be named Microvast Holdings, Inc. and is expected to be listed on the Nasdaq Stock Market under the new ticker symbol “MVST.”
Microvast, Inc. is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Founded in 2006 and headquartered in Houston, TX, Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a broad breadth of market applications. More information can be found on the corporate website: www.microvast.com.
Tuscan Holdings Corp. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Tuscan’s management team is led by Stephen Vogel, Chairman and Chief Executive Officer. Tuscan is listed on Nasdaq under the ticker symbol “THCB.”
InterPrivate Capital is a private investment firm that invests on behalf of a consortium of family offices. The firm’s unique independent co-sponsor structure provides its investors with the deep sector expertise and transaction execution capabilities of veteran deal-makers from the world’s leading private equity and venture capital firms. Affiliates of InterPrivate Capital act as sponsors, co-sponsors and advisors of SPACs, and manage a number of investment vehicles on behalf of its family office co-investors that participate in private and public opportunities, including PIPE investments in support of the firm’s sponsored business combinations. For more information regarding InterPrivate Capital, please visit www.interprivate.com. For more information regarding InterPrivate’s SPAC strategy, please visit www.ipvspac.com.