Microvast Holdings, Inc. reported a "significant milestone" in the development of its true all-solid-state battery technology.

U.S.-listed shares of the company rose 47% in premarket trading.

Yang Wu, CEO of Microvast, stated: “Our solid-state battery innovation represents a significant leap forward in addressing real-world safety and efficiency challenges. By developing a technology that eliminates liquid electrolytes and prioritizes scalability, we are well-positioned to meet the evolving needs of industries requiring reliable and safe energy storage solutions.” Dr. Wenjuan Mattis, CTO of Microvast, said: “Our bipolar architecture, combined with our proprietary all-solid separator, not only simplifies battery design, but also enhances energy density and operational safety. Further, the absence of liquid electrolytes ensures our batteries can operate at voltages unattainable by conventional designs, underscoring the transformative potential of our technology. This flexibility in cell design empowers us to address emerging applications in fields such as advanced robotics and compact energy systems.”

The move will improve "safety, energy density, and efficiency for critical applications such as data center backup power systems and electric school buses," the company said Thursday in a statement.

The solid-state batteries can also be used for robotic systems, the company said.