Energy Secretary Granholm Ducks Questions on Biden Admin Grants to Companies with ‘Material Operations in China’
Lithium Battery Company Microvast to Receive $200 Million from Biden Administration
The Biden administration is set to provide a $200 million grant to Microvast, a lithium battery company. However, the company operates primarily out of China, which has raised concerns among lawmakers. Energy Secretary Jennifer Granholm was questioned about the grant and whether it would be given to companies with “material operations in China.” While she did not provide a direct answer, she stated that the Department of Energy is using a vetting program to ensure that the technology is controlled by the United States and not other countries.
Lawmakers Criticize the Grant
- Microvast’s extensive business in China has raised concerns among lawmakers.
- The company’s financial report revealed that it operates primarily in China and that the Chinese government exerts substantial influence over its business activities.
- Senator Eric Schmitt called the grant “concerning.”
Despite the Department of Energy’s announcement last October, the grant is still going through a vetting process to ensure that no money flows to countries of concern. The DOE has defended the proposed grant, stating that Microvast is an American company headquartered in Texas.
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