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BY MICROVAST CEO
Yang Wu, Microvast's founder, Chairman and CEO added: "Our
potential transition into a public company will help continue to
fuel our design and development of market-leading ultra-fast
charging, long-life battery power systems. Microvast expects to
generate over $100 million of revenue this financial year. With
the automotive technology experience and capital this
transaction with Tuscan
is intended to
provide, we are confident we can build
upon our established success and
accelerate our growth in the electric
vehicle battery industry."
State Grid Corporation of China is the largest electric utility in the world.
For distribution, it has subsidiaries in Northern, Northeastern, Eastern, Central, and Northwestern China.
It was ranked seventh of the world’s largest companies by revenue in the 2011 Fortune Global 500 list.