Microvast Holdings Inc (NASDAQ:MVST) shares are trading higher by 46.23% to $2.32 during Wednesday’s session after the company was awarded a DOE contract.
What Happened?
With DOE funding and the company’s matching financial investment, Microvast says the company will build a separator facility capable of supplying 19 gigawatt-hour (GWh) of EV batteries, including their existing 2 GWh battery plant in Clarkesville, TN.
Microvast says the separator is an essential component of all traditional, advanced, and next-gen Li-ion batteries and a key component in need of advancing to improve EV batteries.
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According to data from Benzinga Pro, Microvast has a 52-week high of $10.25 and a 52-week low of $1.49.
