- Strategic Partnership for the next-gen full electric and
hydrogen powered version of skateboard road truck platform
- State-of-the-art modular battery concept with a variety of cell
chemistry
- Long-term collaboration with a volume forecast of more than 1.5
GWh in the next 5 years and up to 29 GWh until 2031
Microvast, a leading global provider of next-generation battery
technologies for commercial and specialty vehicles that recently
announced a planned business combination with Tuscan Holdings Corp.
(Nasdaq: THCB), has been nominated by Gaussin (EURONEXT GROWTH:
ALGAU - FR0013495298) for its next generation skateboard road truck
platform.
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Microvast battery solution for Gaussin's
full electric and hydrogen skateboard truck platform (Photo:
Business Wire)
Gaussin is a pioneer in the design and assembly of electric and
fuel cell vehicles in transport and logistics industry. Both
companies have announced the partnership to integrate Microvast's
new generation of batteries for electric and hydrogen skateboard
applications of Gaussin.
Microvast joins force with Gaussin in developing
zero-emission next-gen skateboard truck platform
Today, Microvast was officially announced as battery supplier of
Gaussin to power its new electric and hydrogen trucks. Both
companies will collaborate to develop series of new skateboard road
trucks, which can be deployed for multiple purposes in the
logistics and transport field.
With its vertical integration capabilities, Microvast can
provide a wide choice of different cell chemistries in its standard
battery packs, which can fulfill the diversified technical
requirements in terms of power, energy density and cycle life. The
high-level modularity of Microvast batteries gives Gaussin great
flexibility in vehicle design. Microvast believes that the
excellent fast-charging capability, high energy density and
outstanding safety features of Microvast battery solutions can meet
the surging demand from major logistics players to shorten the
charging duration and prolong the charging interval.
The skateboard for road trucks, a revolution in the field of
clean and intelligent transport of goods
Gaussin launched in April 2021 the first “skateboard” in the
world for class 8 road trucks, tractor or carrier from 18t to 44t,
hydrogen or all-electric, a rolling, versatile and modular platform
intended for the various market players.
The solution is aimed at traditional truck manufacturers as well
as new entrants, body builders and other market players in
autonomous navigation software area. More broadly, the skateboard
road truck platform targets all players wishing to access a
hydrogen and electric platform for clean and intelligent
transport.
Gaussin and Microvast expect to start building the first
prototypes in both full electric and hydrogen version in mid 2021
to test the vehicle performance. Microvast will first supply
Gaussin with its off-the-shelf MV-C battery pack and then offer an
upgrade possibility through MV-I battery pack with an energy
density of more than 180 Wh/kg.
The hydrogen version of the road skateboard is a hybrid system
that uses high power batteries in combination with a fuel cell to
provide necessary power under certain conditions, with the driving
range extended to almost 400 km thanks to the battery power.
The first prototypes are planned to be presented to major fleet
and e-commerce companies in the United States and in Europe.
About Microvast
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.
About Gaussin
Gaussin is an engineering company that designs, assembles and
sells innovative products and services in the transport and
logistics field. Its know-how encompasses cargo and passenger
transport, autonomous technologies allowing for self-driving
solutions such as Automotive Guided Vehicles, and the integration
all types of batteries, electric and hydrogen fuel cells in
particular. With more than 50,000 vehicles worldwide, Gaussin
enjoys a strong reputation in four fast-expanding markets: port
terminals, airports, logistics and people mobility. The group has
developed strategic partnerships with major global players in order
to accelerate its commercial penetration: Siemens Postal, Parcel
& Airport Logistics in the airport field, Bolloré Ports and ST
Engineering in ports and Bluebus for people mobility. GAUSSIN has
broadened its business model with the signing of license agreements
accelerating the diffusion of its technology throughout the world.
The acquisition of METALLIANCE confirms the emergence of an
international group present in all segments of intelligent and
clean vehicles.
In October 2019, the Group won the World Autonomous Vehicle
Transport Competition "Category leader" - "Better energy and
environmental sustainability". GAUSSIN has been listed on Euronext
Growth in Paris since 2010 (EURONEXT GROWTH - FR0013495298). More
information on www.gaussin.com.
About Tuscan
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."
About InterPrivate
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.
Additional Information and Where to Find It
In connection with the proposed transaction (the “Proposed Transaction”) involving Tuscan and
Microvast, Tuscan intends to file relevant materials with the SEC,
including a definitive proxy statement (“Merger Proxy Statement“).
On June 3, 2021 Tuscan filed a revised preliminary proxy statement
with the SEC relating to the Proposed Transaction. INVESTORS AND
SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE
MERGER PROXY STATEMENT FOR MORE INFORMATION ABOUT THE PROPOSED
TRANSACTION WITH MICROVAST, AND TO READ ANY OTHER RELEVANT
DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS
ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT MICROVAST, TUSCAN, THE PROPOSED
TRANSACTION AND RELATED MATTERS. The Merger Proxy Statement and
other documents that may be filed with the SEC (when they are
available) can be obtained free of charge from the SEC’s website at
www.sec.gov. These documents (when they are available) can also be
obtained free of charge from Tuscan upon written request to Tuscan
at Tuscan Holdings Corp., 135 E. 57th St., 17th Floor, New York, NY
10022.
No Offer or Solicitation
This communication is for informational purposes only and is not
intended to and shall not constitute a proxy statement or the
solicitation of a proxy, consent or authorization with respect to
any securities in respect of the Proposed Transaction and shall not
constitute an offer to sell or the solicitation of an offer to buy
or subscribe for any securities or a solicitation of any vote of
approval, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Participants in Solicitation
This communication is not a solicitation of a proxy from any
investor or securityholder. However, Tuscan, Microvast, and certain
of their directors and executive officers may be deemed to be
participants in the solicitation of proxies in connection with the
Proposed Transaction under the rules of the SEC. Information about
Tuscan’s directors and executive officers and their ownership of
Tuscan’s securities is set forth in Tuscan’s filings with the SEC,
including Tuscan’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2020, which was filed with the SEC on March 25,
2021. To the extent that holdings of Tuscan’s securities have
changed since the amounts included in Tuscan’s Annual Report, such
changes have been or will be reflected on Statements of Change in
Ownership on Form 4 filed with the SEC. Additional information
regarding the participants is also included in the preliminary
proxy statement filed on June 3, 2021 and will be included in the
definitive Merger Proxy Statement, when it becomes available. When
available, these documents can be obtained free of charge from the
sources indicated above. Additional information is also included in
the definitive proxy statement which was filed with the SEC on
March 24, 2021 and mailed to Tuscan’s stockholders on or about
March 25, 2021.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as “will likely result,” “are expected to,” “will
continue,” “is anticipated,” “estimated,” “believe,” “intend,”
“plan,” “projection,” “outlook” or words of similar meaning. These
forward-looking statements include, but are not limited to,
statements regarding Microvast’s industry and market sizes, future
opportunities for Tuscan, Microvast and the combined company,
Tuscan’s and Microvast’s estimated future results and the Proposed
Transaction, including the implied equity value, the expected
transaction and ownership structure and the likelihood and ability
of the parties to successfully consummate the Proposed Transaction.
Such forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results and the timing of events may
differ materially from the results anticipated in these
forward-looking statements.
In addition to factors previously disclosed in Tuscan’s reports
filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results and the timing of events to differ materially from
the anticipated results or other expectations expressed in the
forward-looking statements: (1) a delay in the timing of the
Special Meeting at which the Proposed Transaction will be submitted
to Tuscan’s stockholders for approval due to, among other things,
the timing of the completion of the SEC review process; (2) the
inability to complete the Proposed Transaction or, if Tuscan does
not complete the Proposed Transaction, any other business
combination; (3) the inability to complete the Proposed Transaction
due to the failure to meet the closing conditions to the Proposed
Transaction, including the inability to obtain approval of Tuscan’s
stockholders, the inability to consummate the contemplated PIPE
financing, the failure to achieve the minimum amount of cash
available following any redemptions by Tuscan stockholders, the
failure to meet the Nasdaq listing standards in connection with the
consummation of the Proposed Transaction, or the occurrence of any
event, change or other circumstances that could give rise to the
termination of the definitive agreement; (4) costs related to the
Proposed Transaction; (5) a delay or failure to realize the
expected benefits from the Proposed Transaction; (6) risks related
to disruption of management time from ongoing business operations
due to the Proposed Transaction; (7) the impact of the ongoing
COVID-19 pandemic; (8) changes in the highly competitive market in
which Microvast competes, including with respect to its competitive
landscape, technology evolution or regulatory changes; (9) changes
in the markets that Microvast targets; (10) risk that Microvast may
not be able to execute its growth strategies or achieve
profitability; (11) the risk that Microvast is unable to secure or
protect its intellectual property; (12) the risk that Microvast’s
customers or third-party suppliers are unable to meet their
obligations fully or in a timely manner; (13) the risk that
Microvast’s customers will adjust, cancel, or suspend their orders
for Microvast’s products; (14) the risk that Microvast will need to
raise additional capital to execute its business plan, which may
not be available on acceptable terms or at all; (15) the risk of
product liability or regulatory lawsuits or proceedings relating to
Microvast’s products or services; (16) the risk that Microvast may
not be able to develop and maintain effective internal controls;
(17) the outcome of any legal proceedings that may be instituted
against Tuscan, Microvast or any of their respective directors or
officers following the announcement of the Proposed Combination;
(18) risks of operations in the People’s Republic of China; and
(19) the failure to realize anticipated pro forma results and
underlying assumptions, including with respect to estimated
stockholder redemptions and purchase price and other
adjustments.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any projections and
forward-looking statements and the assumptions on which those
forward-looking statements are based. There can be no assurance
that the data contained herein is reflective of future performance
to any degree. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information and other information are based on
estimates and assumptions that are inherently subject to various
significant risks, uncertainties and other factors, many of which
are beyond our control. All information set forth herein speaks
only as of the date hereof in the case of information about Tuscan
and Microvast or the date of such information in the case of
information from persons other than Tuscan or Microvast, and we
disclaim any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this communication. Forecasts and estimates regarding Microvast’s
industry and end markets are based on sources we believe to be
reliable, however there can be no assurance these forecasts and
estimates will prove accurate in whole or in part. Annualized, pro
forma, projected and estimated numbers are used for illustrative
purpose only, are not forecasts and may not reflect actual
results.
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version on businesswire.com: https://www.businesswire.com/news/home/20210608006064/en/
Press: Microvast Investor Relations IR@microvast.com
(346) 309-2562
Microvast Public Relations media@microvast.com
Microvast European Media Press Office Microvast GmbH c/o
Jeschenko MedienAgentur Berlin GmbH Zehdenicker Straße 12 a, 10119
Berlin Tel. +49 30 443183-16 E-Mail:
microvast@jeschenko-berlin.de
Tuscan Holdings Corp. Investor Relations, ICR
TuscanIR@icrinc.com
InterPrivate Capital Charlotte Luer Investor Relations
ir@interprivate.com
Press Office Gaussin GAUSSIN Christophe Gaussin,
invest@gaussin.com
Ulysse Communication Nicolas Daniels,
ndaniels@ulysse-communication.com Charles Courbet,
ccourbet@ulysse-communication.com
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