REE Automotive hires Microvast as a supplier of battery packs for its commercial EV platforms

27 January 2023

Microvast Holdings, Inc.a technology innovator that designs, develops and manufactures lithium-ion battery solutions, and REE Automotive, Ltd. an automotive technology company and provider of electric vehicle platforms and EVs, today announced the signing of a supply and purchase agreement.
Under the terms of the agreement, Microvast, through its wholly owned subsidiary Microvast GmbH, will offer MV-C Gen 4 HpCO high-energy lithium-ion battery packs that will contribute as an energy storage system for the 'Powered by REE' EV platforms. Customers will benefit from this partnership by combining REE's zero-emission commercial vehicles with Microvast's advanced battery technology that offers high energy density, high power performance, long cycle life and fast charging capabilities (30 min full charge).

With its vertical integration capabilities, Microvast is expected to provide proprietary battery technology and exceptional cell chemistries to meet REE's power, density, charge time and longevity requirements. The excellent safety features of Microvast batteries align perfectly with REE's goal to provide best-in-class safety for its EV platforms.

"Microvast's MV-C Gen 4 battery pack is an excellent fit for REE," said Sascha Kelterborn, Chief Revenue Officer of Microvast Holdings , Inc. "It is specifically designed to meet the requirements of commercial fleets." The newly developed MV-C Gen 4 battery pack contains Microvast's high-energy 53.5 Ah HpCO pouch cells that deliver approximately 27% more energy and power compared to Microvast's previous battery generation. It also features enhanced thermal management and safety controls, meeting upcoming thermal runaway safety standards. The Gen 4 battery packs are expected to be certified to meet inter-regional battery standards such as ECE R100.3,

“As we continue to focus heavily on bringing commercial vehicles powered by REE's P7 platform to market, we are pleased to offer a turnkey solution with the flexible, high-tech and industry-leading performance capabilities of the battery systems of Microvast," said Daniel Barel, co-founder and CEO of REE . “Through this partnership, customers such as fleet owners and delivery and logistics companies will benefit from REE's commercial EVs, which are expected to be tailored to their needs with long-lasting, fast-charging batteries.”

REE's revolutionary, award-winning REEcorner™ technology integrates vehicle drivetrain components such as steering, braking, suspension, powertrain and control into a compact module between the chassis and wheel, enabling the industry's flattest EV platform with seamless integration into any AD -system.

The REE P7 platform is powered by MV-C Gen 4 from Microvast. The REE P7 is suitable for applications such as commercial trucks, school buses, walk-in vans and delivery vans. REE's scalable and modular architecture allows for any platform size from class 1-6. Microvast offers consistent modularity with its battery systems and can meet the requirements of all REE EV platform sizes.

“We are thrilled to partner with REE, a pioneering automotive company,” said Kelterborn . "REE shares the same attitude and goals as Microvast: to revolutionize the future of transportation. Another binding element between our companies is the high safety goals we each set for our products."

Over Microvast

Microvast Holdings, Inc., operating through its subsidiaries, is a green technology innovator that designs, develops and manufactures lithium-ion battery solutions. Founded in 2006 and headquartered in Houston, TX, Microvast is known for its advanced cell technology and vertical integration capabilities, spanning 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 range of products that cover a wide range of market applications. More information can be found on Microvast's corporate website: www.microvast.com .

Over REE

REE Automotive, Ltd. is an automotive technology company that enables companies to build electric vehicles of any size or shape on their modular platforms. With complete design freedom, the Powered by REE vehicles are equipped with the revolutionary REEcorner, which packs critical vehicle components (steering, brakes, suspension, powertrain and control) into a single compact module placed between the chassis and the wheel. This allows REE to build the flattest EV platforms in the industry with more room for passengers, cargo and batteries. REE platforms are designed to be proven autonomous, offer low TCO and are expected to reduce time-to-market for fleets looking to electrify. For more information, visit www.ree.auto .

Cautionary Note Regarding Forward-Looking Statements

This announcement 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 regarding future activities, products and services; and other statements identified by words such as "likely to lead to," "expected to," "will continue," "expected," "estimated," "believe," "intend," "plan," "projection" ,' 'prospects' or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast's industry and market size, future opportunities for Microvast and the estimated future results of the combined company and Microvast. Such forward-looking statements are based on 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 are generally beyond our control. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. In addition, these forward-looking statements are based on information available as of the date of this announcement and current expectations, forecasts and assumptions. While we believe that the expectations reflected in forward-looking statements are reasonable, such statements involve an unknown number of risks, uncertainties, judgments and other factors that could cause our actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond our control. The forward-looking statements contained in this release speak only as of the date they are made, and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events and developments discussed in forward-looking statements in this release may not occur.

Uncertainties and risk factors that could affect REE's future performance and cause actual results to differ include, but are not limited to: REE's ability to commercialize its strategic plan, including the plan to launch its latest medium-duty electric box truck built on a P7 cab chassis, as discussed in this press release, to successfully evaluate, manufacture and market; REE's ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; developing REE's advanced prototypes into marketable products; REE's ability to increase and scale production capacity through relationships with Tier 1 suppliers; REE's estimates of unit sales, costs and profitability and underlying assumptions; REE's dependence on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE's limited company history; risks associated with initial commercial production plans for REE; REE's reliance on potential suppliers, some of which will be a single or limited source; the development of the market for commercial EVs; fierce competition in e-mobility, including with competitors with significantly more resources; risks associated with REE being incorporated in Israel and governed by Israeli law; REE's ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and other global health epidemics or outbreaks that may arise; and adverse global conditions, including macroeconomic and geopolitical uncertainty; the need to attract, train and retain highly skilled technical personnel; changes in laws and regulations affecting REE; REE's ability to enforce, protect and maintain intellectual property rights; REE's ability to retain engineers and other highly qualified employees to achieve its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Caution Concerning Forward-Looking Statements”

This announcement is official in its original source language. Translations are only intended as a reading aid and must be compared with the text in the source language, which is the only one legally valid.

Contacts
Microvast Investor Relations
Monica Gould
[email protected]
(212) 871-3927
cc: [email protected]
(346) 309-2562

Microvast Media
[email protected]
(281) 491-9505

REE Press Contact
Malory Van Guilder
Skyya PR for REE Automotive
(651) 335-0585
[email protected]

REE Investor Contact
Kamal Hamid
VP Investor Relations | REE Automotive
(303) 670-7756
[email protected]

 

Source:businesswire.com