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Next leg up for $THCB? EV mania!

Long
NASDAQ:THCB   Tuscan Holdings Corp
Founded in 2006, Microvast is a technology leader that designs, develops and manufactures Li-ion batteries. The company is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs.

in November, Tuscan Holdings Corp . (Nasdaq: THCB ) ("Tuscan") today confirmed that it has signed a letter of intent ("LOI") related to a business combination with Microvast Inc.

Their batteries are in buses, heavy duty trucks, commercial trucks, cranes, taxies, etc. They specialize in "fast charging, long life, high safety". They have their batteries in 200 cities and over 37,000 vehicles. Their battery charges to 100% in 10 minutes.

As of today, microvast batteries has been deployed in 1,758 vehicles(inclu. EV , HEV, PHEV, and special purpose vehicles) in Chongqing, accounting for 60% of all green energy buses in city of Chongqing. Electric buses featuring Microvast battery systems made their debut during the 2018 Olympic Games in South Korea.

Their primary production facility is in China, and their facility in Ludswigfelde will start production in Q1 21

In June 2020, The United States Advanced Battery Consortium LLC (USABC) has awarded a $4.5 million contract to Microvast Inc. to lead a program to develop low-cost/fast-charge batteries for electric vehicle applications.

Microvast is actively cooperating with US Department of Energy on developing next gen battery technologies

From a technical perspective, $THCB is down 25% from its all ATH . It has been trading in a bullish price channel . Price recently found support ata round $15.50 which happened to be the support of the price channel , a key resistance turn support zone , the 100 MA line on the 1H chart AND the 0.618 Fibonacci retracement zone. A return to the top of the price channel and breaking ATH would see 25% upside.

This is not financial advice, please always do your own research and due diligence.

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