Microvast Holdings Inc (NASDAQ:MVST) shares are trading higher. The company on Tuesday announced an energy division expansion in Colorado.
What To Know: Microvast unveiled a new manufacturing facility in Windsor, Colorado. The plant has nearly 100,000 square feet of production space and has room for additional production lines if needed.
“The Windsor facility is expected to be operational in 2023 and is poised to play a significant role in delivering superior energy storage systems (ESS) to the fast-growing, utility-scale energy storage market, while boosting the local economy and creating more jobs here in Colorado,” said Zach Ward, president of Microvast’s Energy Division.
Microvast said the location of the plant was chosen strategically, as it will enable the lithium-ion battery solutions company to optimize its supply chain and reduce lead times. The facility is expected to be used to assemble and ship ESS solutions designed for applications such as renewables integration, peak demand and capacity support.
Microvast shares have rallied over the last few months, largely driven by the company’s better-than-expected quarterly results. Microvast also raised its full-year 2023 guidance. The stock is up nearly 80% over a three-month period.
Microvast ended the most recent quarter with $285.8 million in cash, equivalents and short-term investments, and also had a backlog of $486.7 million.
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MVST Price Action: Microvast shares were up 10.1% at $2.46 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Microvast.
