Former UCF Business Incubator tenant is growing quickly, renovating an existing facility in Lake Mary for its new R&D operations
Orlando, Fla. – Fast-growing manufacturer of battery power systems for electric vehicles (EV), Microvast, announced plans to establish a new research and development (R&D) facility and create a projected 100 new, high-wage jobs in the Orlando region. These jobs will pay 60 percent more than the average wage in Seminole County. The operation presents an expected investment of $25 million for its 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.
“Microvast chose to partner with UCF because of the university’s excellent programs for materials science and engineering research,” said Carol Ann Dykes Logue, Director, Programs & Operations Innovation Districts & Incubation Program at UCF. “Microvast is a great success story for the UCF Business Incubator’s Soft Landing Program. We are proud to have supported the company’s R&D and are thrilled they have decided to expand those activities here in our region.”
The company’s expansion comes on the heels of other EV and autonomous vehicle (AV) investments in Orlando including AV sensor tech company Luminar ($LAZR), autonomous mobility service provider Beep Inc.’s electric, driverless shuttle system and electric vertical landing and takeoff (eVTOL) company Lilium’s new U.S. vertiport in Lake Nona. In fact, the region serves as a global hub, test bed and implementation proving grounds for electric and autonomous vehicle technology with some of the nation’s friendliest legislation, competencies in simulation, aviation and defense, history in space exploration combined with specialized university programs and testing assets like SunTrax and NASA Kennedy Space Center.
“Orlando has become a hub and test bed for driverless cars and electric vehicles, and we are excited to grow Microvast’s presence in the region,” said Microvast’s Chief Technology Officer Wenjuan Mattis.
Microvast considered its headquarters location of Houston, Texas, as well as the site of its manufacturing operations in Tennessee as options for its R&D operation. The company choose Orlando due to its innovation ecosystem and specialized tech workforce. The company was awarded a Jobs Growth Incentive (JGI) from Seminole County to compete with the other locations in consideration.
The Orlando Economic Partnership (the Partnership) assisted Microvast in its site search and assembled information comparing Orlando to other markets with factors including workforce, cost of doing business and available real estate. The Partnership worked closely with the City of Lake Mary, Duke Energy, Seminole County, Enterprise Florida and UCF to support the company’s decision to locate in the Orlando region. The Partnership also worked closely with Cushman & Wakefield and Shining Oak Realty to secure the perfect location for the company’s new R&D facility.
“Remaining competitive is critical for our region to win important investments like Microvast’s new R&D facility,” said Partnership President and CEO Tim Giuliani. “It’s thanks to the hard work of our partners that we can count this as a win for our region. We look forward to supporting Microvast’s growth here in Orlando.”
About Microvast, Inc.
Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com.
About the Orlando Economic Partnership
The Orlando Economic Partnership (the Partnership) is a public-private, not-for-profit economic and community development organization that works to advance broad-based prosperity by strengthening Orlando’s economy, amplifying Orlando’s story, championing regional priorities, empowering community leaders and building a brilliant region. These five foundational objectives serve to improve the region’s competitiveness while responding to the needs of communities, residents and businesses.