Biden admin defends handing lucrative grant to energy firm with deep China ties
Story by Thomas Catenacci • 4h ago
The Biden administration defended giving a $200 million grant to a battery component manufacturing company with ties to the Chinese government.
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In October, the Department of Energy (DOE) awarded the grant to Microvast, a Texas-based maker of technology for electric vehicle batteries, under the $1 trillion infrastructure package President Biden signed into law in November 2021. Microvast was one of just 20 American companies to receive a portion of the nearly $3 billion appropriated for a program designed to boost domestic battery manufacturing capabilities.
However, 69% of Microvast's revenue was generated in China and just 3% came from the U.S., according to a third quarter financial disclosure it filed with the Securities and Exchange Commission (SEC) last month. In the same filing, the company acknowledged that the Chinese government "exerts substantial influence" over its business activities and "may intervene at any time and with no notice."
https://www.msn.com/en-us/money/companies/biden-admin-defends-handing-lucrative-grant-to-energy-firm-with-deep-china-ties/ar-AA1596xt?ocid=msedgntp&cvid=148311b27aa44460864984c1cb973b74
