Microvast Holdings, Inc. (NASDAQ: MVST), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, today announced its participation in a mining industry electrification consortium led by Shell.
The consortium’s pilot offering of electrification solutions for off-road mining vehicles aims to advance the electrification of mining sites and reduce emissions by shifting away from a long-standing reliance on diesel – without compromising on safety or operational efficiency. Shell, together with the consortium members, wants to offer an end-to end, interoperable and modular solution for the mining industry, including power provisioning and microgrids, ultra-fast charging and in-vehicle energy storage.
Within the consortium, Microvast has been tasked with delivering a custom high-powered battery solution with ultrafast charging capabilities. The ultra-high voltage (>1000 VDC) lithium titanium oxide (LTO) lithium-ion battery system to be developed by Microvast, with extremely high C-rate capability and long cycle life of up to 20,000 cycles under normal operating conditions, will be critical to enable the high-power, ultrafast charging and heavy duty use solution that the consortium is chartered to deliver. Microvast’s LTO battery system is expected to achieve best-in-class energy density, ensuring that sufficient energy is delivered for the application, while meeting space and weight restrictions.
Microvast delivered its first LTO battery for electric vehicle applications in 2011 and has more than a decade of experience in LTO lithium-ion battery development, manufacturing and deployment. High voltage LTO batteries are also suitable for applications in other industries such as engineering equipment, rail transportation, marine, and energy storage.
“We are proud to partner with Shell and the consortium, working together to accelerate industrial decarbonisation efforts,” said Sascha Kelterborn, President and Chief Revenue Officer at Microvast. “Shell’s commitment to sustainable initiatives and net-zero emissions is inspiring and we are excited for our innovative battery solutions to become a part of their electrification journey.”
“The challenge of decarbonisation is immense, but not impossible – providing collaboration and innovation go hand in hand,” said Grischa Sauerberg, Vice President, Sectoral Decarbonisation & Innovation at Shell. “To overcome these challenges and unlock these opportunities, Shell is helping to bring together some of the sector’s most innovative companies – with electrification proving an important first step towards the shaping of a clear decarbonisation pathway.”
