Microvast Expands Into French E-bus Market (THCB)

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), today announced the initial delivery of battery systems to French bus manufacturer SAFRA in Albi, France. Microvast will provide SAFRA with three standard certified battery products for its full electric and hybrid buses, as well as for the refurbishment of the bus fleet over the next three years.

Microvast collaborates with SAFRA to propel the electrification of French bus market

Last October, Microvast was nominated as the battery supplier for the full-electric bus, hybrid bus, and the retrofit bus of the French bus OEM SAFRA. Under the framework supply agreement, Microvast will supply up to 2,000 battery packs from Microvast over three years, starting in March 2021.

Key factors in the selection of Microvast were its standard and certified battery pack offerings that fulfill the technical requirements. The Microvast battery packs can be flexibly connected in serial and/or parallel to reach different voltage and energy levels.

The high level of standardization and modularity can accommodate various project demands. Furthermore, Microvast battery packs are expected to be certified with ECE R100.2 by June 2021, so that the vehicle can conform to the ECE regulation.

With the planned launch of SAFRA’s e-bus late this year, Microvast will further expand its footprint in the French e-bus market. Meanwhile, both parties are exploring further opportunities in the fuel cell bus and bus retrofit business. Since Microvast has the complete vertical integrated capability of battery design and production from material to turn-key solution, it can continuously upgrade its solutions by developing new high-performance cells to fit into the standard module and pack products.

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 SAFRA

SAFRA, founded in 1955, is based in Albi, France. It has grown to become a Group and its 3 companies are located on an 8-hectare site with more than 16,000 m² of covered buildings. In 2020, the SAFRA Group had a turnover of 24 million euros, and employed 245 staff in its various companies. SAFRA company (Public Transport Equipment) has 2 areas of activity: SAFRA Manufacturer, which designs, manufactures and sells a complete range of urban electric buses under the Businova brand. This bus boasts an atypical design and innovative architecture and is sold in a number of different versions, with 2 dimensions (10.5m and 12m) and 3 types of engine (rechargeable electric hybrid, pure electric or hydrogen), all of which meet the requirements of the new French Energy Transition Law directives. And SAFRA Rénovation, specialising in equipment, fittings, renovation and heavy maintenance services for urban transport vehicles (buses, trams, underground trains, railway coaches).

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.

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