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Microvast

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business2 years ago•4 min saved

Kentucky halts incentives for battery maker over alleged China ties.

Kentucky officials have paused $21 million in economic incentives for Microvast, a battery maker building plants in Kentucky and Tennessee, until the company explains why the US Department of Energy rejected a $200 million loan for the project after some congressional Republicans argued the firm has improper ties to China. Microvast has sought to fight back against claims of inappropriate Chinese influence. It’s unclear if the company will still try to build out the project in Kentucky.

via AOL|

#business #china #electric-vehicles

politics2 years ago•3 min saved

"DOE pulls $200M grant from Chinese-linked battery company after GOP criticism"

The Biden administration has canceled a $200 million grant to Microvast, a US battery manufacturer, due to criticism from Republican lawmakers over the company's alleged ties to China. Microvast was one of 20 companies to win preliminary grants totaling $2.8 billion to boost domestic manufacturing of batteries for electric vehicles. The Energy Department said it "maintains a rigorous review process" and it is not uncommon for entities selected to participate in award negotiations to ultimately be denied a federal grant. Both Republicans and Democrats praised the department's decision.

via The Associated Press|

#biden-administration #china-ties #energy-department

energy2 years ago•3 min saved

DOE withholds $200M from battery company amid GOP criticism of China ties.

The US Department of Energy (DOE) has cancelled a proposed $200m grant to Texas-based battery company Microvast, whose connections to China had drawn criticism from lawmakers. The grant would have helped fund a factory for battery technology in Tennessee. Microvast is a publicly traded US company but has a subsidiary in China. The money for Microvast would have come from the bipartisan 2021 infrastructure law. DOE had assured lawmakers it was conducting a due diligence review before any money went to the company.

via POLITICO|

#battery-technology #china #clean-energy

business2 years ago•2 min saved

"Microvast loses $200M grant from US DOE, stock plummets"

The US Energy Department has informed Microvast Holdings that it will not award the company a $200m grant to help build a plant in Tennessee, after lawmakers raised concerns over its alleged links to China's government. Two Republican lawmakers criticized the decision to grant the funding in a letter last December to Energy Secretary Jennifer Granholm, saying Microvast had ties to the Chinese Communist Party that raised "serious concerns about the department’s ability to protect US taxpayer dollars." The grant had been set to support work by General Motors and Microvast on developing specialized EV battery separator technology and building a new separator plant.

via Reuters|

#business #china-ties #general-motors