Microvast Expands Into French E-bus Sector

HOUSTON–(Enterprise WIRE)–Microvast, a leading world service provider of future-generation battery systems for commercial and specialty vehicles that just lately introduced a prepared business enterprise mix with Tuscan Holdings Corp. (Nasdaq: THCB), now introduced the initial delivery of battery units to French bus maker SAFRA in Albi, France. Microvast will offer SAFRA with 3 standard accredited battery goods for its comprehensive electric powered and hybrid buses, as nicely as for the refurbishment of the bus fleet more than the up coming three many years.

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

Previous October, Microvast was nominated as the battery provider for the complete-electrical bus, hybrid bus, and the retrofit bus of the French bus OEM SAFRA. Beneath the framework offer agreement, Microvast will provide up to 2,000 battery packs from Microvast more than 3 yrs, commencing in March 2021.

Vital things in the variety of Microvast were being its normal and qualified battery pack choices that fulfill the technological prerequisites. The Microvast battery packs can be flexibly related in serial and/or parallel to arrive at diverse voltage and electricity degrees.

The higher degree of standardization and modularity can accommodate a variety of challenge calls for. Furthermore, Microvast battery packs are predicted to be certified with ECE R100.2 by June 2021, so that the car or truck can conform to the ECE regulation.

With the prepared start of SAFRA’s e-bus late this 12 months, Microvast will further extend its footprint in the French e-bus market. Meanwhile, both functions are discovering more prospects in the fuel mobile bus and bus retrofit enterprise. Since Microvast has the full vertical built-in capability of battery style and design and output from product to switch-key alternative, it can continually improve its methods by producing new high-general performance cells to in good shape into the regular module and pack merchandise.

About Microvast

Microvast, Inc. is a engineering innovator that styles, develops and manufactures lithium-ion battery alternatives. Started in 2006 and headquartered in Houston, TX, Microvast is renowned for its slicing-edge mobile know-how and its vertical integration abilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the procedure from uncooked substance to process assembly, Microvast has made a loved ones of merchandise masking a broad breadth of current market programs. Additional data can be found on the company web page: www.microvast.com.

About SAFRA

SAFRA, established in 1955, is based in Albi, France. It has grown to turn into a Team and its 3 corporations are found on an 8-hectare web page with a lot more than 16,000 m² of protected properties. In 2020, the SAFRA Team had a turnover of 24 million euros, and employed 245 team in its various firms. SAFRA organization (Community Transportation Equipment) has 2 spots of activity: SAFRA Producer, which styles, manufactures and sells a entire range of urban electric powered buses less than the Businova brand. This bus offers an atypical design and impressive architecture and is sold in a quantity of distinct versions, with 2 proportions (10.5m and 12m) and 3 sorts of motor (rechargeable electric powered hybrid, pure electric or hydrogen), all of which meet the demands of the new French Electrical power Changeover Legislation directives. And SAFRA Rénovation, specialising in tools, fittings, renovation and major maintenance products and services for city transportation vehicles (buses, trams, underground trains, railway coaches).

About Tuscan

Tuscan Holdings Corp. is a blank verify organization whose organization intent is to influence a merger, funds stock trade, asset acquisition, stock invest in, reorganization or equivalent company blend with one particular or much more companies. Tuscan’s administration group is led by Stephen Vogel, Chairman and Main Executive Officer. Tuscan is outlined on Nasdaq below the ticker symbol “THCB.”

About InterPrivate

InterPrivate Money is a non-public financial investment agency that invests on behalf of a consortium of loved ones places of work. The firm’s exclusive independent co-sponsor structure provides its investors with the deep sector knowledge and transaction execution capabilities of veteran offer-makers from the world’s primary non-public equity and venture funds firms. Affiliates of InterPrivate Funds act as sponsors, co-sponsors and advisors of SPACs, and take care of a quantity of investment cars on behalf of its loved ones place of work co-buyers that participate in personal and public possibilities, like PIPE investments in guidance of the firm’s sponsored enterprise mixtures. For far more information relating to InterPrivate Money, you should go to www.interprivate.com. For more facts concerning InterPrivate’s SPAC technique, please go to www.ipvspac.com.

Added Details and Where to Discover It

In link with the proposed transaction (the “Proposed Transaction”) involving Tuscan Holdings Corp., a Delaware corporation (“Tuscan”) and Microvast, Inc. a Delaware company (“Microvast”), Tuscan intends to file related materials with the SEC, which includes a proxy statement. On February 16, 2021 Tuscan filed a preliminary proxy assertion with the SEC relating to the Proposed Transaction. This document is not a substitute for the proxy statement. Buyers AND Security HOLDERS AND OTHER Interested Get-togethers ARE URGED TO Read through THE PROXY Statement AND ANY OTHER Relevant Paperwork THAT ARE Submitted OR WILL BE Submitted WITH THE SEC, AS Effectively AS ANY AMENDMENTS OR Supplements TO THESE Paperwork, Very carefully AND IN THEIR ENTIRETY WHEN THEY Turn into Available Mainly because THEY WILL Include Critical Information ABOUT MICROVAST, TUSCAN, THE PROPOSED TRANSACTION AND Relevant Matters. The proxy assertion and other paperwork relating to the Proposed Transaction (when they are out there) can be obtained cost-free of demand from the SEC’s site at www.sec.gov. These paperwork (when they are offered) can also be obtained no cost of demand from Tuscan upon published ask for to Tuscan at Tuscan Holdings Corp., 135 E. 57th St., 17th Floor, New York, NY 10022.

No Present or Solicitation

This conversation is for informational functions only and is not supposed to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities in regard of the Proposed Transaction and shall not represent an provide to offer or the solicitation of an offer to obtain or subscribe for any securities or a solicitation of any vote of acceptance, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such supply, solicitation or sale would be illegal prior to registration or qualification below the securities rules of any these types of jurisdiction.

Contributors in Solicitation

This conversation is not a solicitation of a proxy from any trader or securityholder. Nonetheless, Tuscan, Microvast, and selected of their administrators and govt officers could be deemed to be individuals in the solicitation of proxies in connection with the Proposed Transaction less than the regulations of the SEC. Details about Tuscan’s directors and government officers and their ownership of Tuscan’s securities is established forth in Tuscan’s filings with the SEC, which includes Tuscan’s Yearly Report on Type 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 25, 2021. To the extent that holdings of Tuscan’s securities have transformed due to the fact the amounts included in Tuscan’s Annual Report, this kind of modifications have been or will be reflected on Statements of Transform in Possession on Kind 4 submitted with the SEC. More info regarding the members is also included in the preliminary proxy assertion submitted on February 16, 2021 and will be incorporated in the definitive proxy statement, when it results in being available. When accessible, these files can be obtained cost-free of charge from the resources indicated above.

Cautionary Assertion About Forward-On the lookout Statements

This interaction is made up of “forward-searching statements” inside the indicating of the Personal Securities Litigation Reform Act of 1995. These statements include, but are not minimal to, statements about foreseeable future economical and running final results, our plans, objectives, anticipations and intentions with respect to potential operations, products and solutions and products and services and other statements identified by text these types of as “will probable final result,” “are predicted to,” “will carry on,” “is expected,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words and phrases of very similar which means. These ahead-wanting statements consist of, but are not restricted to, statements relating to Microvast’s market and marketplace dimensions, foreseeable future alternatives for Tuscan, Microvast and the blended firm, Tuscan’s and Microvast’s approximated long term final results and the Proposed Transaction, together with the implied fairness benefit, the anticipated transaction and ownership structure and the chance and capability of the events to effectively consummate the Proposed Transaction. These kinds of ahead-wanting statements are dependent upon the present beliefs and expectations of our administration and are inherently subject to important company, financial and competitive uncertainties and contingencies, lots of of which are complicated to predict and usually outside of our regulate. True effects and the timing of activities could differ materially from the results predicted in these forward-wanting statements.

In addition to factors beforehand disclosed in Tuscan’s reports filed with the SEC and all those recognized elsewhere in this interaction, the subsequent things, amid other individuals, could cause true success and the timing of functions to vary materially from the predicted success or other expectations expressed in the forward-hunting statements: (1) incapacity to finish the Proposed Transaction or, if Tuscan does not entire the Proposed Transaction, any other organization mixture (2) the incapability to finish the Proposed Transaction thanks to the failure to fulfill the closing conditions to the Proposed Transaction, which include the incapability to receive approval of Tuscan’s stockholders, the incapacity to consummate the contemplated PIPE funding, the failure to accomplish the minimum amount amount of income readily available adhering to any redemptions by Tuscan stockholders, the failure to meet up with the Nasdaq listing benchmarks in connection with the consummation of the Proposed Transaction, or the event of any event, alter or other situations that could give increase to the termination of the definitive settlement (3) costs associated to the Proposed Transaction (4) a hold off or failure to know the expected gains from the Proposed Transaction (5) hazards similar to disruption of administration time from ongoing organization functions owing to the Proposed Transaction (6) the impact of the ongoing COVID-19 pandemic (7) adjustments in the really competitive current market in which Microvast competes, together with with respect to its aggressive landscape, know-how evolution or regulatory changes (8) variations in the markets that Microvast targets (9) danger that Microvast may possibly not be ready to execute its advancement tactics or achieve profitability (10) the threat that Microvast is unable to safe or defend its intellectual property (11) the hazard that Microvast’s consumers or third-occasion suppliers are unable to meet their obligations entirely or in a well timed fashion (12) the chance that Microvast’s consumers will regulate, terminate, or suspend their orders for Microvast’s goods (13) the threat that Microvast will require to elevate supplemental capital to execute its company plan, which could not be accessible on satisfactory terms or at all (14) the hazard of merchandise legal responsibility or regulatory lawsuits or proceedings relating to Microvast’s products or products and services (15) the possibility that Microvast may perhaps not be in a position to produce and maintain helpful interior controls (16) the consequence of any legal proceedings that could be instituted versus Tuscan, Microvast or any of their respective directors or officers next the announcement of the Proposed Mix (17) pitfalls of functions in the People’s Republic of China and (18) the failure to recognize anticipated professional forma effects and underlying assumptions, like with respect to estimated stockholder redemptions and obtain selling price and other changes.

Real success, overall performance or achievements may perhaps differ materially, and potentially adversely, from any projections and ahead-hunting statements and the assumptions on which individuals forward-on the lookout statements are centered. There can be no assurance that the details contained herein is reflective of long run overall performance to any diploma. You are cautioned not to spot undue reliance on forward-wanting statements as a predictor of future general performance as projected money data and other details are primarily based on estimates and assumptions that are inherently issue to numerous considerable dangers, uncertainties and other variables, numerous of which are beyond our management. All details established forth herein speaks only as of the day hereof in the case of facts about Tuscan and Microvast or the day of such information and facts in the situation of facts from people other than Tuscan or Microvast, and we disclaim any intention or obligation to update any ahead-looking statements as a end result of developments occurring after the day of this interaction. Forecasts and estimates pertaining to Microvast’s sector and finish markets are based on resources we feel to be trusted, nonetheless there can be no assurance these forecasts and estimates will verify correct in complete or in element. Annualized, professional forma, projected and estimated quantities are employed for illustrative intent only, are not forecasts and may not mirror real effects.