Microvast And Evoy Forge Groundbreaking Partnership in Boat Electrification

Jun. 24, 2024-- Microvast Holdings, Inc. (NASDAQ: MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, is pleased to announce a strategic partnership with Evoy, a Norwegian company specializing in high-output electric motor systems for boats. The collaboration with Evoy is Microvast’s debut in the electric boat segment and marks an expansion of Evoy’s battery options for diverse market applications.

voy will be integrating Microvast MV-I high-power battery packs into their leisure boat product line. The MV-I battery pack offers a range of environmental and technical benefits, such as fast responsive torque for quick acceleration. Other key benefits include:

Enhanced Safety and Reliability

The self-contained, integrated cooling plate of the MV-I battery pack offers enhanced safety and reliability in boat applications. In addition to quiet, low maintenance operation, Evoy’s integration of MV-I battery packs will help foster a safer environment for natural resources and marine life. Microvast-powered Evoy motors will provide an exhaust and fuel free power solution that reduces noise, air, and water pollution.

Innovative Lightweight Design:

The MV-I battery pack combines a lightweight design with innovative lithium-Ion technology, increasing energy density by up to 180 Wh/kg. This groundbreaking design maintains the robustness required for boat applications, supporting Evoy's commitment to high-performance electric boating.

Leif A. Stavøstrand, Co-Founder & CEO of Evoy, commented: "We are pleased to collaborate with Microvast and look forward to testing their batteries both in our lab and onboard electric vessels. This collaboration represents an opportunity to expand our battery selection in our pursuit of the most efficient and reliable electric boating solutions. Microvast's commitment to innovation in battery manufacturing aligns with our mission to redefine the boating experience."

Stefan Herr, Executive Vice President, EMEA, of Microvast, added, "Microvast is embarking on an exciting journey with Evoy, integrating Microvast's MV-I battery packs to power their cutting-edge electric boats. This collaboration underscores Microvast's commitment to playing a key role in the marine segment in the future. Together, we look forward to delivering exceptional experiences for boating enthusiasts around the world."

This partnership complements Evoy's ongoing relationships with other key battery suppliers, ensuring a diversified approach to best match battery technology to boating needs in the marine industry. As Microvast and Evoy join forces, both companies are poised to make substantial contributions to the advancement of sustainable, high-performance electric boating.

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