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FPT Industrial, the global powertrain brand of Iveco Group (MI: IVG), with its partner Microvast Holdings, Inc. (NASDAQ: MVST), a leading global provider of next-generation battery technologies for commercial and specialty vehicles, will provide the complete battery system for the new Crossway Low Entry city and intercity bus produced by IVECO BUS, also a brand of Iveco Group and a leading manufacturer of buses and coaches.

The contract award was achieved based on the 2019 agreement that encompasses an industrial and commercial cooperation between Microvast and FPT Industrial, with the latter leading the development of mechanical and thermal integration and industrialisation of high-voltage battery packs for commercial vehicles. For the IVECO BUS Crossway Low Entry (LE) Electric, Microvast designed and FPT Industrial industrialised, validated, and certified a high energy density battery pack that ranges from 400 to 466 kWh, depending on operative mission requirements. This new generation battery pack will set an industry standard in terms of energy density and charging capacity and will provide the Crossway LE Electric with up to ten years of battery life.

This marks an important step forward in a shared “electrification journey”. The IVECO BUS Crossway LE Electric project complements that of the new IVECO e-Daily, which will be launched at the end of 2022. The new electric Daily will be equipped with a modular battery concept with 1 to 3 batteries ranging from 37 to 111 kWh, pioneering the cooperation between Microvast and FPT Industrial in this first application that aims to set the zero-emission standard in the cab-chassis segment.

“In this fast-evolving sector, FPT Industrial is committed to entering into targeted partnerships to deliver advanced alternatives to traditional fuels, so as to accelerate our journey towards a sustainable CO2-neutral tomorrow,” said Sylvain Blaise, President, Powertrain Business Unit of Iveco Group. “This collaboration with Microvast underlines our commitment to become a multi-power technological leader and provides us with competitive advantages in the market.”

“Our new generation battery pack design with high energy cells sets a new benchmark for energy density at pack level,” said Sascha Kelterborn, Chief Revenue Officer, Microvast Holdings, Inc. “Microvast closely collaborates with partners in the commercial vehicle industry and is dedicated to propelling the electrification of commercial vehicles with market-leading battery technologies. Our successful cooperation with FPT Industrial clearly shows that we are on the right track.”

Microvast will deliver battery cells and modules from its production plants across the globe based on the FPT Industrial project requirements. Subsequently, FPT Industrial will assemble the battery packs in its factory in Turin, Italy. The IVECO BUS Crossway LE Electric will be presented for tenders in 2022, with potential first deliveries starting from mid-2023.

Microvast Holdings, Inc. is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Founded in 2006 and headquartered in Houston, TX, Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, lectrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a broad breadth of market applications.
FPT Industrial is a brand of IVECO Group, dedicated to the design, production and sales of drives systems for On-Road and Off-Road vehicles, as well as marine and Power Generation applications. The company has more than 8,000 employees around the world, ten production plants and seven R&D centers. The FPT Industrial sales network is made up of 73 dealerships and about 800 service centers in almost 100 countries. The brand boasts an extremely vast range of products that includes six engine families with power that goes from 42 HP to 1,006 HP, transmissions with maximum torque from 200 Nm to 500 Nm and 2 to 32 ton gross axle weight (GAW) front and rear axles. FPT Industrial offers the most complete line-up of natural gas engines on the market for industrial applications, with power that goes from 50 to 460 HP. This vast range of products and the great attention dedicated to R&D make FPT Industrial a global leader in the industrial engines segment.