Battery company appoints new CFO

Microvast has appointed Yaser Ali as its new CFO. He replaces Craig Webster, who resigned in April after one year in the role.

Microvast manufactures lithium-ion batteries for commercial electric vehicles. It has a 1,400,000 sq.ft. factory in Huzhou, China and it is in the process of building a 577,000 sq. ft. facility in Clarksville, Tennessee. It has its corporate office in Stafford, TX with other facilities in Florida,  Colorado and Germany.

The company went public via a SPAC in July 2021. Like many companies taken public in this way, its shares are under water and now trade at 42 cents. For 2023, it had revenue of $307 million and a net loss of $106 million. Building of the new facility in Tennessee has been put on hold while they seek financing.

Prior to joining Microvast, Mr. Ali was the CFO of Vision Technologies between August 2022 and March 2024. That company is an IT consulting business, based in Baltimore. He has also worked at Sun Edison and Amazon.

Mr. Ali will receive a base salary of $325,000.

SEC filing – 8-K Microvast CFO 24-07

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