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The full picture in a fraction of the time. $MVST $OSK
investingbpd.substack.com/p/microvast-mv…
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Rerating Ledger
777 posts
Rerating Ledger
@ReratingLedger
Father of 2. Investor finding overlooked names. Fundamentals, visuals, real research: a hedge fund journal in public (not advice). $MVST $RKLB $NBIS $PLTR $HOOD
Atlanta, GA Inscrit le Ağustos 2025
122 Abonnements449 Abonnés
Microvast bought a six-story office building in Houston on May 22, all 140,000 square feet of it.
The building sits at 2929 Briarpark Drive, in Houston’s Westchase district off Beltway 8 and Westheimer. Built in 1981, renovated in 2012. Six floors, an atrium lobby, a 424-space garage.
A Harris County deed names Microvast as the buyer of the whole thing. They bought it outright from a Houston real estate family that had been trying to sell it.
The building was nearly empty when they closed, around 12% leased. Harris County values it at $5.8 million today, down from $10.5 million two years ago. A 1980s building, mostly vacant, in one of the worst office markets in the country. They bought it cheap.
Microvast’s headquarters today is 9,300 square feet of leased office space in Stafford, TX. That lease ends July 1. The Briarpark building they just bought is fifteen times the size, twelve miles up the road, and they own all of it.
A few tenants came with the building, all there before Microvast. One is a naval architecture firm that recently designed a 768 kWh hybrid-electric tour boat for the Port of Houston. Another is an engineering and environmental contractor with a $2.5 billion Air Force fuel-systems contract and a sideline building EV chargers for government fleets. There’s no known link between Microvast and either of them. They just share an address now.
You don’t buy a U.S. headquarters this size on the way down. $MVST
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Microvast's founder holds a lien on nearly everything $MVST owns in the US. Lake Mary, the patents, the Clarksville plant. That loan comes due Thursday.
Converting it clears the $25M debt, ends the fair-value swings that whipsaw the loss line, and frees those assets to move. The latest filing says the company expects him to convert.
I put the whole thing together, what comes due Thursday, why a fast dump is off the table, and what clearing the loan sets up:
reddit.com/r/Microvast/s/…
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Microvast and Kalmar extended their supply agreement through 2026, and the integrator that handles the battery side has the work documented on its own site.
Invertek Drives Far East is the Singapore systems integrator. Its energy storage page, headed "Microvast Battery," lists the Microvast MV-B and MV-C AGV packs. Its PSA Tuas project set is labeled "installation for commissioning of AGV battery, new container port in Singapore."
The photos show PSA-livery AGVs with Microvast cabinets on the frame. Microvast logo on the cabinet, PSA logo on the vehicle, one shot with the doors open and the modules wired in.
The same AGV shows up in Microvast's "Tough and Last" video wearing a Kalmar badge. So the PSA units Invertek commissioned are Kalmar AGVs running Microvast.
PSA Singapore is the world's largest container transshipment hub, 40.9 million containers in 2024. Microvast named PSA in its 2021 IPO filing alongside Kalmar, Kion, Konecranes and Linde. Kalmar's own extension release showed a reach stacker powered by Microvast batteries.
The agreement runs through 2026. The supply behind it reads like it continues past that.
$MVST
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Appreciate the clarification, and I'll correct the record. You just confirmed the part I actually care about as a shareholder: Microvast is on your boats.
On the defense side, fair. I carried a recreational import record over to a mission-critical platform, and those get evaluated on their own. That was a reach and I'll fix it.
No insult to the Navy was intended, and I don't think it reads as one. The point was the reverse, that serious buyers vet suppliers hard and pick what the mission needs. If the wording landed wrong, that's on me.
On the confusion: the N30 is presented across recreational, commercial, and defense as one platform with Microvast named, so from the outside the line between what powers which variant isn't visible. That's where the assumption came from.
Respect for what you're building. Updating the file now!
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You are so out of your mind it’s honestly impressive.
Microvast batteries are used on our recreational/luxury boats. Full stop.
First, don’t insult the U.S. Navy. They know exactly what goes into mission-critical platforms, and they are fully capable of evaluating technologies, architectures, suppliers, and operational requirements without random internet conspiracy theories.
Second, stop making up conclusions about things you clearly know nothing about. Import records for commercial recreational vessels do not magically define every technology stack, customer, program, or platform a company works on.
You found import records for batteries used in recreational boats. Congratulations.
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The @Microvast-@navierboat import records aren't new. I've posted them before. What's new is laying them against the timeline Navier just put on its own About page.
Two Microvast shipments, both from the China plant into Microvast Texas, both with Navier paying the freight. The first landed August 2022, a battery control box, 1,166 kg. Navier started building its first full-scale prototype that February and ran the N30's first sea trial that October. The Microvast box arrived right in between.
The second landed July 2024, batteries plus HV connectors and cabling, 4,369 kg, nearly four times the size. Navier began full-scale production in October 2023 and delivered its first boat to a customer that October. The Microvast shipment arrived as they were building those boats.
First shipment for the first prototype, second for the first deliveries. Microvast through the whole arc.
Navier's warranty page names Microvast outright, and it's the only battery maker anywhere on their public import record. Nobody else shows up.
Navier@navierboat
Before defense tech was cool on X, our CEO @sampriti_bh was building underwater drone swarms at @MIT. Her path: physics, aerospace, nuclear engineering, robotics. @navierboat wasn’t started to chase a trend. It was started to reinvent legacy maritime—starting with physics.
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Between those two shipments, August 2023, Navier signed its first defense contract. Same boat, same battery.
That Microvast-powered N30 is now Navier's defense platform, sold three ways: pleasure craft, commercial shuttle, and military. The defense page is the same N30, pitched as a stable deck for sensors and weapons, built for covert work close to shore, naval-tested and DoD-validated.
Founder Sampriti Bhattacharyya moved from India at 20 with $200, earned a mechanical engineering PhD at MIT, worked at NASA and Fermilab, and built underwater drones at her last company. She runs a maritime defense-tech firm, and its boats carry Microvast.
The defense pitch leads with acoustic stealth. No engine noise, low thermal signature. That comes from running electric instead of a combustion engine, and Microvast is the battery powering it. The quiet the Navy wants is the Microvast part.
The longer-range Quanta and Quanta-R add a generator to that same hull. Hybrids are Microvast's home turf. Same hull, same supplier. It's Microvast there too, Navier just hasn't put it on a spec sheet.
The standing knock on Microvast is its China ties, the claim that a battery with Chinese roots can't go near US defense. Microvast is headquartered in Texas, and a US company that holds defense contracts and sells boats to the Navy chose it anyway. A US-headquartered battery, made in China, inside a boat aimed at the US Navy. The bridge people say can't exist is already floating.
Every time you see one of these boats lift out of the water, that lift is running on Microvast.
$MVST
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MarketsandMarkets - companies page, title names only Toshiba + Microvast: marketsandmarkets.com/ResearchInsigh…
Polaris Market Research - names Microvast: polarismarketresearch.com/industry-analy…
KBV Research - profiles Microvast: kbvresearch.com/north-america-…
DataIntelo - names Microvast top tier: dataintelo.com/report/global-…
Allied Market Research - names Microvast; scopes small-format cells: alliedmarketresearch.com/lithium-titana…
GMG / Bob Galyen (former CATL CTO) - majors Toshiba, Gree, Microvast, CATL: newsfilecorp.com/release/292641
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Sources:
LTO reports naming Microvast:
Global Market Insights - top 3 = Toshiba, Leclanché, Microvast, ~30%: gminsights.com/industry-analy…
InsightAce Analytic - lists Microvast right after Toshiba: insightaceanalytic.com/report/lithium…
Business Research Insights - Toshiba, BTR, Microvast majors: businessresearchinsights.com/market-reports…
Valuates Reports - top 5 = 70%, Microvast among: reports.valuates.com/market-reports…
Verified Market Reports - Microvast fastest-growing: verifiedmarketreports.com/blog/top-10-co…
Mordor Intelligence - names Microvast: mordorintelligence.com/industry-repor…
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Happy Memorial Day weekend. Figured everyone wanted to think about lithium titanate oxide battery cells over the long weekend.
$MVST is one of a short list of companies making commercial LTO cells, and the brochure documents two of them.
The HpTO-14Ah is positioned "Ideal for ultra-heavy-duty vehicles." 2.26V, 14Ah, 10C charge and 6C discharge, ≥90 Wh/kg, more than 20,000 cycles, -20°C to 55°C operating, full charge in 12 minutes. Brochure applications: "first choice for heavy duty vehicles, such as pure electric and PHEV bus, HEV bus."
The HpTO-37Ah is positioned "For high energy density and long range" with "bespoke LTO technology with 16+ years field record." ≥105 Wh/kg, 6C continuous, more than 20,000 cycles, full charge in 12 minutes.
That "16+ years" claim checks out. The 2021 SPAC 8-K deck lists Ultra Fast Charge LTO as introduced in 2011 and currently in production. Fifteen plus years of continuous commercial LTO operations.
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IDTechEx Report 1155, "Li-ion Batteries and BMS for Electric Vehicles 2026-2036," Daniel Parr, April 30 2026: idtechex.com/en/research-re…
IDTechEx Report 1150, "Batteries for Construction, Agriculture, & Mining Machines 2026-2036," Pranav Jaswani, March 27 2026: idtechex.com/en/research-re…
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$MVST
Off-highway battery demand reaches 45 GWh by 2036 on a 21.6% CAGR. EV Li-ion battery demand hits $320B by 2036, up from $170B today. Heavy duty trucks alone $45.3B. IDTechEx is profiling Microvast in both segments.
Li-ion Batteries & BMS for EVs report by Daniel Parr, April 30. 464 slides, 23 profiles alphabetical. Microvast as "Cells and packs for automotive applications."
Of the 23 EV profiles, Microvast is the only independent battery pure-play on a US exchange. ABS is Komatsu's. BMZ and Webasto are private. Forsee, Leclanché, Impact are European listings. BorgWarner is diversified auto.
Off-highway report by Pranav Jaswani, March 27. 264 slides. Microvast in the turnkey manufacturer category with ABB, BYD, CALB, CATL, Accelera, ABS, Blue Solutions, Proventia.
They've been planning the funeral for three years. Still no body. Might want to check who it's for.
* Microvast is a top-three maker of lithium titanate (LTO) cells globally.
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LGAG isn't a new name. They're on Microvast's Q4 2024 earnings deck, Slide 9, paired with the MpCO-48Ah Gen 4 MV-B&C pack.
The tractor in that slide is the X6004-9E. Yuchai YCK16775 engine, 570 kW, hybrid architecture, 22.5 tonnes. Microvast's slide deck called it the world's largest extended-range heavy-duty agricultural tractor at the time. LGAG's product page backs the spec sheet: 570 kW Yuchai engine, hybrid architecture, 22.5 tonnes operating weight.
LGAG sits inside Lingong Group along with LGMG, SDLG, LGCE, and LGIM. Microvast supplies LGMG for mining trucks on HpCO-53.5Ah cells. LGAG runs MpCO-48Ah on the ag side. Two Lingong sub-brands under Microvast battery supply.
Case New Holland is a familiar name too. Customs records confirm Microvast shipments to CNH's Burlington Iowa and Racine Wisconsin plants in 2023 and 2024.
Two Microvast customers with booths in the same hall.
Three days before May 28.
it.sohu.com/a/1025250362_2…
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Xinhua ran a piece on April 13. Headline: "Xinjiang welcomes hybrid tractors to boost new energy transformation in agriculture." Xinhua is China's official state news agency. They don't cover segments in English by accident.
Six weeks later, the 2026 Xinjiang International Agricultural Machinery Expo opens in Urumqi. May 25-27 at the Xinjiang International Convention & Exhibition Center.
Sohu published the full exhibitor list this week. International names on the floor include John Deere, AGCO, Deutz-Fahr, Kubota, CLAAS, Grimme, Amazone, and Case New Holland. Domestic names include Weichai Lovol, YTO Group, Changzhou Dongfeng, Shandong Wuzheng, Liugong Agricultural, and Yingxuan Heavy Industry.
Microvast is exhibiting at Booth A309, Hall 3. LGAG is across the same hall in the New Energy Tractor section at F1 and F2. Case New Holland is also in Hall 3 at Booth A301.
Microvast is the only battery manufacturer in the Sohu exhibitor list for Hall 3.
First ag trade show for Microvast. They've exhibited at Bauma (construction), BICES (mining), and commercial vehicle expos before. Urumqi is the ag debut.
$MVST
What' s Xinjiang like@XinjiangTales
The 2026 Xinjiang International Agricultural Machinery Expo will be held in Urumqi from May 25 to 27. What you will see: • Over 700 global enterprises, and more than 13,000 pieces of agricultural machinery including cotton pickers, agricultural drones, intelligent irrigation systems, farming robots and new-energy equipment. What opportunities await you: • Connect directly with the agricultural machinery manufacturers at the event • Join international roundtable forums to learn about cross-border trade and technological cooperation in the sector. Agricultural enterprises, large-scale farmers and global traders aiming for market expansion, technical support and business orders are invited to follow this event.
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