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.

Turin, 10 January 2022