Microvast, a manufacturer of battery power systems for electric vehicles (EV), plans to establish a new research and development (R&D) facility and create 100 new, high-wage jobs in the Orlando region. The project represents an expected investment of $25 million for a new laboratory and research space including building renovations, machinery, and equipment, in the city of Lake Mary.
“Microvast’s industry-leading portfolio of battery technologies positions the company for incredible growth in the $30 billion market for commercial and specialty EV,” said Yang Wu, CEO and owner at Microvast. “Orlando offered us the opportunity to continue our collaborations with research-driven institutions like University of Central Florida, and we look forward to continued innovation here.”
Microvast’s new R&D facility encompasses 75,000 square-feet of space that will support a wide array of engineering and materials science work. The center will house the full range of battery development operations, including work on cells, modules and packs.
“Today is an exciting day for Florida’s economic development and for the future of transportation innovation as Microvast has chosen to expand to the Orlando region,” said Florida Governor Ron DeSantis. “Microvast’s sustained partnership with the University of Central Florida and the addition of its laboratory and research space in Lake Mary will continue to position Florida as key player in electric vehicle technology development.”
“At Enterprise Florida, we’re proud to see more and more companies like Microvast choosing Florida as the next step for their future,” said Destin Wells, Senior Vice President of Business Development at Enterprise Florida, Inc. “The expansion of Microvast in Orlando will increase the region’s robust workforce and positively impact the area for years to come.”
Microvast’s common stock trades on the Nasdaq stock exchange under ticker symbol “MVST”. The company’s batteries are being used in almost 30,000 vehicles in 160 cities and 19 countries, for a total of more than 3.8 billion miles traveled. The company’s public launch and fast growth trajectory created demand for additional research and development to support the company’s expanded innovation capabilities.
“We were thrilled to coordinate with the Orlando Economic Partnership and Seminole County to bring such a world renowned and cutting-edge company such as Microvast to the City of Lake Mary,” said City of Lake Mary Mayor David Mealor. “They are a fantastic addition to our already established and continually growing High Tech Corridor.”
“Microvast is a valuable addition to Seminole County’s growing tech sector,” said Seminole County Chairman Lee Constantine. “More than 70 percent of our county’s workforce is college educated. A skilled talent base is a critical resource for companies like Microvast that specialize in innovative technologies.”
Founded in 2006, Microvast benefitted from mentorship and collaboration with the University of Central Florida (UCF) Business Incubation Program and looks forward to continuing its research with the establishment of its new R&D facility. The company plans to continue to work closely with the Advanced Materials Processing and Analysis Center at UCF.