Rerating Ledger

Father of 2. Investor finding overlooked names. Fundamentals, visuals, real research: a hedge fund journal in public (not advice). $MVST $RKLB $NBIS $PLTR $HOOD

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The full picture in a fraction of the time. $MVST $OSK

https://t.co/A5LhFL5m19

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$MVST
Harris County property record for the new HQ. A warranty deed. No mortgage, no lender, no lien. Bought without borrowing.

The Clenera payment is due July 15.
A company worried about its money in the U.S. doesn’t buy a six-story building outright. Definitely not without a loan.

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https://t.co/AMDJWYRFgF

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The International Meeting on Lithium Batteries (IMLB) is live at the Les Galeries du Palais in Montreal, Canada. IMLB serves as a premier platform for researchers, industry leaders, and policymakers to share their insights and findings.

In two days, Microvast CTO Wenjuan Mattis gives the closing keynote. The last talk before Argonne’s Khalil Amine wraps the conference.

Her topic is intelligent control as the core of next-generation battery systems.
Last keynote of the conference goes to a small-cap battery CTO.

$MVST

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https://t.co/MoVGXDblRG

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$MVST 🛥️
The Maldives basically runs on boats. Almost 3,000 gas vessels haul 2.2M tourists a year between islands. Navier just signed a deal to start replacing them with electric hydrofoils. Up to 100 of its N30s, five this year, the first standardized electric inter-island network anywhere. Works there, it scales to New York, Miami, the Hamptons.

Who makes the battery? “Microvast batteries are used on our recreational/luxury boats.” CEO’s words, not mine.

Same all-electric N30 whether it’s a rich guy’s toy or a water taxi, same hull, same 86/114 kWh pack. Recreational is confirmed. The commercial shuttle is the same boat doing a different job.

On the pack itself, the 86/114 kWh fingerprints to Mvst’s MV-I marine line and the HpCO-53.5Ah cell, same setup as Evoy’s boats (Mvst customer). Pieced together from the spec.

A battery company half the market left for dead, quietly powering foiling boats over Maldives reefs.

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https://t.co/OVZ5RoCDdw

https://t.co/RqJfLZ9hSr

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$MVST

https://t.co/Ar2CKt1OKZ

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https://t.co/D6EscC9gyZ

https://t.co/JCHrcpaE6F

https://t.co/3RAcp1EgQ2

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$MVST
Switch Mobility’s European bus carries a Microvast nameplate, named by an outside outlet.

Truck & Bus Builder toured Switch’s UK factory in March 2025 and wrote up the e1, its 12m European city bus. The detail is specific: powered by American company Microvast with packs from Europe, NMC, 400 kWh, up to 400 km. Supplier named, chemistry named.

Switch is the old Optare, now Ashok Leyland’s electric arm (Ashok Leyland is also a Microvast customer from 2022). Microvast booked Switch as an e-bus order twice (~$8M Q2 2022, ~$6M Q4 2022). The 2025 interview shows a current European platform, externally confirmed.

One caveat, Switch runs both too. Its Indian EiV12 uses 423 kWh LFP (CATL?), its European e1 still names Microvast NMC. Two chemistries, sorted by what each market pays for.

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https://t.co/YdtnRzBOYc

https://t.co/u2IRdn5Hz2

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$MVST
JBM Group sells Microvast lithium under its own brand, ECOBOLT. The badge cuts both ways, so I’ll be straight.

The relationship is documented and deep. Microvast names JBM in the 2021 S-1. CEO Yang Wu called it JBM’s main lithium supplier in 2023, with a purchase agreement for 1,000 units and ~100 MWh delivered in Q3. JBM’s ECOBOLT line runs 21Ah and 53.5Ah cells, Microvast formats, and the 53.5Ah pack is the exact MV-C footprint and energy.

The ECOBOLT brand is JBM’s, and it assembles the packs itself. They slap their logo on Microvast product.
JBM took 49% of India’s e-bus registrations in May 2026, and Microvast’s Q1 2026 APAC revenue fell on a shift to lower cost products in India and Korea. JBM is now in Europe, launching the Ecolife e12 without naming the battery supplier. One outlet claims it runs a commodity LFP battery. CATL? Another multi-sourced platform.

Whether JBM’s growing volume stays on Microvast NMC chemistry is the open question.

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https://t.co/dh7HOJlu8H

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Microvast is back at IAA Transportation in Hannover with its own booth. Hall 21, Stand C45, Sept 15-20.

2024 in Munich, the year Microvast used its IAA stand to roll out the silicon HnSO cell (300 Wh/kg), an LTO cell good for 20,000 cycles, and the MV-I pack at 200 Wh/kg with the new BMS 5.0. It ran the show as a product launch. Back in the same hall.

The neighbor list is the fun part. Hall 21 is the cell-maker section — BYD, CALB, EVE Energy, REPT, Verkor. With CATL right next door in 19/20. No quiet corner. It booked in with the majors.

The customers are right there too. Dongfeng, SANY, ConMet, ZF, BAIC Foton, Trailer Dynamics, Weichai (parent to Lovol).
Cummins, Ballard Power among 900+ exhibitors.

Tatjana and Maryna from $MVST GmbH on the sales.

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Microvast 86 kWh on the Chenglong H7 PRO Hydrogen
https://t.co/LgT0s0z2or

T1 launch + 9,200 vehicles + 400kW stack
https://t.co/T5mVA6H6V0

China hydrogen market scale
https://t.co/zLajOlLVlc

H7 Electric runs CATL (the duty-cycle split)
https://t.co/HFzOxeML0J

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Microvast is named on a Dongfeng hydrogen truck in Chinese trade press, on the same platform it told investors it supplies. The sourcing lines up three ways.

Who Dongfeng is. It’s one of China’s big state-backed automakers, and China is the only country running hydrogen trucks at real scale, near 40,000 fuel-cell vehicles sold by end 2025. Of the dozen-plus Chinese makers building hydrogen heavy trucks, most sit in the 100 to 200kW range. Only two, Dongfeng and Foton, are in the 400kW long-haul tier. Dongfeng builds its hydrogen trucks under the Chenglong brand, through its Liuzhou arm.

The truck here is the Chenglong H7 PRO Hydrogen. It debuted November 2024, led the hydrogen heavy-truck market with 1,800+ units in 2025, and last week moved onto Dongfeng’s new T1 platform with a 400kW fuel cell stack and a Microvast 86 kWh pack. Truck Home, China’s main commercial vehicle outlet, named the battery.

That matches what Microvast already disclosed. Its Q4 2024 deck names Dongfeng Liuzhou as a customer, with Microvast as preferred battery supplier for hydrogen fuel cell vehicles, using the HpCO-53.5Ah (NCM) cell and Gen 4 MV-B & C pack. The truck’s 86 kWh is two of those MV-C packs. The article, the slide, and the math agree.

And it’s not the only one. The Chenglong H5 hydrogen tractor runs a Microvast NCM battery too, behind a different fuel cell stack. Same battery on both trucks, whoever makes the cell. Management talked the talk in 2024. The trucks are walking it in 2026.

They split the truck by job: the battery-electric H7 runs CATL, the hydrogen version runs Microvast. Same split Microvast has at Iveco S-eway, SAFRA and a few others.

Worth sitting with who it’s next to. CATL is a ~$280B company. Microvast is ~$375M, roughly 750x smaller, and it keeps winning the seat beside it.

So the picture is a top-tier hydrogen truckmaker, in the thinnest part of the market, with Microvast on its flagship and a platform Dongfeng is scaling across 20+ models.

$MVST

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Microvast named on SAFRA’s H2-PACK
https://t.co/JqrSCp8cem

H2-PACK kit detail
https://t.co/C5MNoo3sR8

Microvast battery confirmed (independent)
https://t.co/u5Q2AKvFMI

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Some bus makers print Microvast on the spec. Iveco does it on the Crossway, Wrightbus on the Kite. SAFRA just joined them, and it’s one of the cleanest yet.

SAFRA (based in Albi, France) is one of the only French manufacturers of hydrogen-powered buses.

$MVST shows up by name on SAFRA’s H2-PACK brochure, the kit that converts Mercedes Intouro coaches to hydrogen: Microvast battery, NMC, 71 kWh. The customer printing the supplier on its own document. The two go back to a 2021 framework deal, disclosed in Microvast’s filings at the time.

And it held through trouble. SAFRA went bankrupt and got bought by a Chinese group, Wanrun. Rebranded to SAFRA New Mobility. I figured Microvast might get swapped out. The new owner kept it on the kit.

The HYCITY city bus lines up too. NMC, 130 kWh nominal, which is three Microvast MV-C packs almost exactly. The tech sheet lists 80 kWh usable, a normal nominal to usable gap on a fuel cell bus.

One caveat so nobody over-reads it. SAFRA’s battery-electric models run LFP from China. Commodity cells, no MVST supply there. Multi-sourced.

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Otokar Diamond sponsor
https://t.co/P36ESFb0ip

Exhibitors @ Busworld Türkiye
https://t.co/LNsnUjB3it

Otokar product pages (NMC chemistry, capacities)
https://t.co/RMenRwdged

https://t.co/FZTa1NKk53

Iveco Streetway Elec, Voith motor, FPT NMC packs, built at Otokar Sakarya
https://t.co/oEoaDOktQP

Voith VEDS, same drivetrain across Wrightbus + Iveco + Otokar e-Kent
https://t.co/YJv4gs2Czv

https://t.co/hCEUm51GDG

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Busworld Türkiye opens in Istanbul June 17. Iveco Bus is exhibiting, one of Microvast’s top customers. Otokar is there too, as the show’s Diamond Sponsor.

Otokar is a major Turkish automotive and defense manufacturer. They are a primary supplier of land systems for the Turkish Armed Forces, NATO, and the United Nations.

Otokar has two Microvast angles.

The e-Kent is Otokar’s electric bus, on the market since its 2021 IAA launch and still adding variants. Microvast’s 2023 disclosures show a prototype order on it with the HpCO-53.5Ah NMC cell. Otokar offers the e-Kent in NMC, and its 12-metre capacities, 210, 280 and 350 kWh, sit near 3, 4 and 5 steps of a Microvast MV-I pack on that same cell, within about 2 percent.

Otokar also offers an LFP option, which wouldn’t be Microvast, so the NMC variant is the one that matters. Suggestive, not proof. The current supplier is undisclosed, dropped from the brochure after the 2021 Webasto launch.

The e-Kent also runs the same Voith drivetrain as our friends at Wrightbus and Iveco, both confirmed Microvast customers.

Second angle is Otokar’s Sakarya plant in Türkiye. Iveco builds its Streetway Elec there on FPT packs. Same FPT family as the Crossway, where Microvast is named as the cell supplier. So Microvast cells, FPT packs, Iveco bus, built at Otokar. An inference, but a tight one.

Not a confirmed win yet. Battery supply runs on long cycles, often two to three years from nomination to a public name, so a 2023 prototype and a quiet 2024-2026 is the normal shape. Curious to see what rolls onto the floor next week.

$MVST

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A US incorporated, Nasdaq listed company, somehow missing from this list. And it just set up a Hong Kong holding company? Some say that’s what one does to clear FOCI and get into US defense work. $MVST

[Mike @Mike__421]

CATL, EVE Energy, BYD, and CALB support China’s military-industrial complex.

Microvast is a U.S. company with significant American assets. Wall Street should back Microvast and help build a stronger U.S. battery supply chain. $MVST $SPY @ENERGY @DeptofWar @StateDept