Microvast Holdings, Inc. (MVST) stock soared 76.47% in pre-market trading on Friday, following the company's announcement of a significant milestone in developing its true all-solid-state battery technology.

The breakthrough involves the elimination of liquid electrolytes and prioritizes scalability, addressing real-world safety and efficiency challenges in energy storage solutions. Microvast's CEO, Yang Wu, stated that this innovation represents a "significant leap forward" and positions the company to meet the evolving needs of industries requiring reliable and safe energy storage solutions.

The solid-state batteries can be used for critical applications such as data center backup power systems, electric school buses, and robotic systems. Microvast's CTO, Dr. Wenjuan Mattis, highlighted that the proprietary all-solid separator enhances energy density and operational safety, while the absence of liquid electrolytes enables the batteries to operate at voltages unattainable by conventional designs.