{"id":1857718,"date":"2023-02-23T11:25:16","date_gmt":"2023-02-23T16:25:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1857718"},"modified":"2023-02-23T11:26:56","modified_gmt":"2023-02-23T16:26:56","slug":"senator-demands-answers-on-whether-bidens-announcement-of-3-billion-green-energy-grants-misled-investors","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/senator-demands-answers-on-whether-bidens-announcement-of-3-billion-green-energy-grants-misled-investors\/","title":{"rendered":"Senator Demands Answers on Whether Biden&#8217;s Announcement of $3 Billion Green Energy Grants Misled Investors"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsenator-demands-answers-on-whether-bidens-announcement-of-3-billion-green-energy-grants-misled-investors%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1857718&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<\/p>\n<p>Stock prices for grantees rose after the announcement was made before the election. Biden later stated that they were not final.     <\/p>\n<p>Just before the midterm elections, the Biden Administration announced almost $3 billion in federal grants for a group energy companies. Democratic senators cheered and stock prices rose: Microvast Holdings shares, one of the selected companies, shot up 40%<\/p>\n<p>Now, one Republican senator is charging that the Biden administration misled investors because, in fact, those grants weren&#8217;t a done deal\u2014they were held up, it appears, after the <em>Washington Free Beacon <\/em><a href=\"https:\/\/freebeacon.com\/biden-administration\/doe-touts-200m-grant-to-lithium-battery-company-as-boon-to-american-made-clean-energy-the-company-operates-primarily-from-china\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> That the Chinese government &#8220;exerts substantial influence&#8221; over Microvast.<\/p>\n<p>Sen. John Barrasso\u00a0 (R., Wyo.Senator John Barrasso (R., Wyo.), who is the Senate Energy Committee&#8217;s lead Republican, stated in a <a href=\"https:\/\/www.energy.senate.gov\/2023\/2\/barrasso-presses-doe-on-misleading-claims-regarding-funding-announcements\" target=\"_blank\" rel=\"noopener\">Let me know<\/a> This week&#8217;s letter to the Department of Energy stated that the failure of the administration to exercise due diligence does not excuse the dissemination of false financial information to shareholders.<\/p>\n<p>After the election, Congress began to scrutinize Microvast Holdings. <em>Free Beacon<\/em> <a href=\"https:\/\/freebeacon.com\/biden-administration\/doe-touts-200m-grant-to-lithium-battery-company-as-boon-to-american-made-clean-energy-the-company-operates-primarily-from-china\/\">reported<\/a>\u00a0The financial disclosure report of the company indicated that the Chinese government was included in the financial statements. &#8220;exerts substantial influence over the manner in which we must conduct our business activities and may intervene, at any time and with no notice.&#8221; Republicans have warned that President Joe Biden&#8217;s aggressive green-energy push could benefit China. China holds a dominant position in the global solar and electric vehicle battery industries.<\/p>\n<p>These concerns led David Turk (Deputy Energy Secretary) to tell a Senate panel earlier in the month that the administration is currently conducting an investigation &#8220;a due diligence process&#8221; That of the grantees &#8220;no taxpayer funding is going to any of these companies yet.&#8221; Bloomberg reports that the department also sent letters to concerned lawmakers stating that the grants were being reviewed. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-16\/us-reviews-200-million-grant-awarded-to-battery-maker-microvast?cmpid=socialflow-twitter-business&#038;utm_content=business&#038;utm_source=twitter&#038;utm_medium=social&#038;utm_campaign=socialflow-organic\">reported<\/a> Last week.<\/p>\n<p>However, these statements contradict statements made by DOE in the past that indicated grants were final. DOE issued a <a href=\"https:\/\/www.energy.gov\/articles\/biden-harris-administration-awards-28-billion-supercharge-us-manufacturing-batteries\">Press release<\/a> It listed 20 companies in October &#8220;will receive a combined $2.8 billion&#8221; In energy grants &#8220;expand domestic manufacturing&#8221; Biden&#8217;s infrastructure law. It resulted in a significant rise in share prices for publicly traded companies named DOE.<\/p>\n<p>Microvast received a grant of $200 million to create a battery separator plant. Its share price soared 40 percent within hours after the DOE announcement. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-16\/us-reviews-200-million-grant-awarded-to-battery-maker-microvast?cmpid=socialflow-twitter-business&#038;utm_content=business&#038;utm_source=twitter&#038;utm_medium=social&#038;utm_campaign=socialflow-organic\">According<\/a> Bloomberg. Its shares dropped 13 percent following the revelation that the grants had been canceled.<\/p>\n<p>In another<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the cusp of the midterm elections, the Biden administration announced nearly $3 billion in federal grants to a group of energy companies. Democratic senators cheered, and the companies\u2019 stock prices surged: shares of Microvast Holdings, one of the chosen companies, shot up 40 percent.\u00a0<br \/>\nThe post Senator Demands Answers on Whether Biden&#8217;s Announcement of $3 Billion Green Energy Grants Misled Investors appeared first on Washington Free Beacon.<\/p>\n","protected":false},"author":120,"featured_media":1805282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[7906,6815,3706,4201,4486,5876,5812,5311,17033,4012],"class_list":["post-1857718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon","tag-announcement","tag-answers","tag-bidens","tag-demands","tag-energy","tag-grants","tag-green","tag-investors","tag-misled","tag-senator"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1857718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/120"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1857718"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1857718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1805282"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1857718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1857718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1857718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}