The Biden administration has opted to end contract talks with Microvast, a Chinese-affiliated energy technology business. In addition, it was disclosed that the $200 million grant would no longer be given to the corporation. The government’s determination to safeguard American interests and security is demonstrated by this audacious action.
Under Joe Biden’s Bipartisan Infrastructure Law, the U.S. Energy Department granted a $200M grant to Texas-based Microvast Holdings for their creative lithium battery solutions.
The DOE award was questioned by Republican members who claimed Microvast had ties to the Chinese government.
Rep. Frank Lucas (R-Oklahoma) expresses concern over Microvast’s failure to disclose its connection to CCP.
Lucas said in a letter to Jennifer Granholm, the American Secretary of Energy, saying “nearly 80% of Microvast’s assets are in China and 61% of its revenue [in 2021] originated in China.”
“Microvast is a leading battery manufacturer in China and the main battery supplier for China’s new energy bus makers,” added Lucas. “The company was also recently added to a Securities and Exchange Commission watchlist of foreign companies that are not in compliance with the Holding Foreign Companies Accountable Act. As such, Microvast faces delisting from U.S. exchanges for failing to comply with U.S. auditing requirements.”
69% of Microvast’s income was produced in China, according to a third-quarter financial disclosure report that was submitted to the Securities and Exchange Commission last month. In its report, the business also stated that the Chinese government “exerts substantial influence over the manner in which [they] must conduct [their] business activities and may intervene, at any time and with no notice.”
Learn more about Yang Wu, the CEO, Chairman, and Founder of Microvast, who studied in Chengdu, China’s famed Southwest Petroleum University.
Despite months of defense, DOE officials announced the cancellation of Microvast’s award on Monday.
“As responsible stewards of American taxpayer dollars, the Department of Energy maintains a rigorous review process prior to the release of any awarded funds, and it is not uncommon for entities selected to participate in award negotiations under a DOE competitive funding opportunity to not ultimately receive an award,” According to a statement to Fox News from a DOE official. “The Department can confirm that it has elected to cancel negotiations and not to award Microvast funds from this competitive funding opportunity.”
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Negotiations between Microvast and the DOE were halted, but the spokesman has not yet given any information as to why.
Residents of Michigan get together to oppose a company with CCP ties.
Gretchen Whitmer, the governor of Michigan, lost out on a significant chance to expand an electric vehicle manufacturing with Ford Motor Company. She did, however, just reveal that Gotion, a Chinese firm with connections to the CCP, will be constructing a battery facility in Michigan with over $1 billion in taxpayer assistance. Find out more about this significant breakthrough.
Big Rapids resident Lori Brock, proud owner of Majestic Friesians Horse Farm, is concerned about the negative impacts the area’s battery facility may have on her 150-acre ranch’s 20 horses. The factory, which has received over 750 million dollars in government subsidies, presents an unavoidable environmental risk.
Farm owner opposes Gotion facility because of its poor pay, lack of community support, and fabrication of its links to China.
