Founded in 2006, Microvast is a fast-growing market leader in design, development, and manufacturing of ultra-fast charging, long-life battery power systems for electric vehicles.
Microvast currently has a small Research and Development team in the UCF Technology Incubator in Orange County and production facilities in Texas and Tennessee, which were also options for their R&D expansion.
A Jobs Growth Incentive (JGI) for Microvast, Inc was approved at the May 11, 2021 Board of County Commissioners meeting.
Microvast, Inc. wishes to establish and grow its United States R&D program in Seminole County. At the time of the application, a facility located at 1097 Sand Pond Road, Lake Mary, was selected for this expansion. However, due to delays related to the purchase process, Microvast has selected an alternate location at 1080 Greenwood Boulevard in Lake Mary.
The overall jobs, wages, and capital investment have not changed from the original agreement approved on May 11, 2021. However, due to the change in facility location, the job creation schedule has been delayed. Additionally, although the new building is larger, the renovation requirements have decreased; therefore the capital investment schedule has also changed.
The job creation numbers and salary requirements remain unchanged. This project involved one hundred (100) new, high-value jobs with an average annual wage of $80,150, which is 159% of the County's average annual wage of $50,314, as listed in the State of Florida Incentive Average Wage Requirements which became effective on January 1, 2021.
The amended job creation schedule is as follows:
3 new jobs by December 31, 2021
20 new jobs by December 31, 2022
30 new jobs by December 31, 2023
25 new jobs by December 31, 2024
22 new jobs by December 31, 2025
This project also involves a capital investment of $25,000,000, which includes purchasing a 75,000 SF vacant building on Greenwood Blvd in Lake Mary, building construction and renovations, and the purchase of R&D and lab equipment.
The conditions that will apply for this award are as follows:
- The creation of one hundred (100) new jobs by December 31, 2025;
- An average annual wage of $80,150 for the new positions created;
- Payments will not be initiated until jobs have been vested a period of two years
for each phase; and
- A capital investment of at least $25,000,000.