Report: Biden Energy Department Touts $200M Grant to Battery Company Primarily Operating in China

The Department of Energy under President Joe Biden is touting a $200 million grant it gave to a lithium battery company that would help the United States  grow its domestic sources of green energy, even though it “primarily” operates in China, according to a report.

Microvast, a Texas-based company that “primarily” operates in China, according to the Washington Free Beacon, received $200 million in grant money provided by the U.S. government from the so-called “Bipartisan” Infrastructure Law to help shift the county to green energy.

When the grants were announced in October, Secretary of Energy Jennifer Granholm touted the investment in “American-made” products:

This is truly a remarkable time for manufacturing in America, as President Biden’s Agenda and historic investments supercharge the private sector to ensure our clean energy future is American-made. Producing advanced batteries and components here at home will accelerate the transition away from fossil fuels to meet the strong demand for electric vehicles, creating more good-paying jobs across the country. [Emphasis added.]

Additionally, in the grant’s announcement, the Department of Energy touted that Microvast is a “majority U.S.-owned company, traded on NASDAQ” that is “headquartered in Stafford, Texas,” with additional locations in Tennessee, Florida, and Colorado. However, the Free Beacon explained that financial records reveal the company primarily works out of China:

[F]inancial records show the company operates primarily out of China. Microvast itself says the Chinese government “exerts substantial influence over the manner in which we must conduct our business activities and may intervene, at any time and with no notice.” The company was also recently added to a Securities and Exchange Commission watchlist of Chinese companies that are on track to be delisted from NASDAQ for failing to comply with U.S. auditing requirements.

The report also noted that the so-called “Bipartisan” Infrastructure Law states that the Department of Energy should avoid using the grants money to fund any project that “use battery material supplied by or originating from a foreign entity of concern,” including companies “subject to the jurisdiction or direction” of China.

READ MORE

Join now!