Microvast joined the Unicorn Club after raising multiple rounds, including a $400M Series D in Apr 2017, a $30M Series C in Jul 2011, and a $200M DOE grant/prize in Oct 2022, totaling $430M in funding. Headquartered in Stafford, United States, Microvast develops lithium-ion cells, modules, and battery systems for buses, passenger EVs, and commercial vehicles. The capital supported manufacturing scale-up, advanced cell chemistry R&D, supply-chain localization, and pilot fleet deployments globally.
Keep reading to see how Microvast powers the electrification of commercial vehicles with advanced battery technology.
What Is Microvast and What Does It Do?
Founded in 2006 by Yang Wu, Microvast is a Stafford–based (United States) developer of lithium-ion battery systems for multi-category electric vehicles. The company employs approximately 2,006 people and produces cells, modules, and battery packs optimized for fast charging, long lifecycle, and thermal safety in buses, passenger EVs, and commercial equipment.
Microvast partners with OEMs, transit agencies, and fleet operators to validate battery systems under real-world conditions, integrating advanced battery management systems and cell chemistries tuned for specific duty cycles.
How Much Funding Has Microvast Raised?
1. Grant (DOE)
- Amount Raised: $200M
- Date: Oct 20, 2022
- Lead Investors / Source: U.S. Department of Energy (grant/prize)
- Purpose: Accelerate domestic battery manufacturing and advanced cell R&D
2. Series D
- Amount Raised: $400M
- Date: Apr 20, 2017
- Lead Investors: CITIC Securities, CDH, NVCA
- Purpose: Scale cell manufacturing, global expansion, and commercialization with transit OEMs
3. Series C
- Amount Raised: $30M
- Date: Jul 11, 2011
- Lead Investors: IFC, Ashmore
- Purpose: Early industrialization and pilot production capabilities
Total Funding Raised: $430M
Latest Funding Date: Oct 2022
Current Valuation: Not publicly disclosed
Key Investors
- IFC (International Finance Corporation)
- Details: World Bank Group’s private sector arm investing in emerging-market industrial projects
- Focus Areas: Energy, infrastructure, sustainable manufacturing
- Notable Investments: Solar companies, M-Pesa partners, regional energy projects, Microvast
- CITIC Securities
- Details: Major Chinese investment bank and asset manager supporting industrial champions
- Focus Areas: Industrial tech, manufacturing, energy
- Notable Investments: Contemporary industrial and energy firms across China and global MSG
- CDH Investments
- Details: China-based private equity firm investing in growth industrials and tech
- Focus Areas: Manufacturing, energy, advanced materials
- Notable Investments: Large-scale industrial investments across China
- Ashmore
- Details: Emerging markets asset manager investing in infrastructure and industrial enterprises
- Focus Areas: Emerging market industrials, energy, manufacturing
- Notable Investments: Regional infrastructure and manufacturing platforms
- 345 Partners
- Details: Strategic investor focusing on growth industrial bets
- Focus Areas: Clean tech, advanced manufacturing
- Notable Investments: Select industrial and energy startups (portfolio varies by region)
Where Is Microvast’s Headquarters?
Microvast is headquartered in Stafford, Texas, United States, positioned to serve North American transit and commercial EV markets with manufacturing and R&D proximity.
What’s Next for Microvast?
Microvast will focus on improving cell chemistry (energy density & fast charge), expanding gigafactory capacity, pursuing fleet integrations, and securing long-term OEM supply agreements for buses and commercial EVs globally.
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