President Joe Biden’s administration canceled a $200 million grant it previously planned to award to a Chinese Communist Party-linked lithium-ion battery maker after Republican lawmakers criticized the deal.
Last year, Biden’s Department of Energy (DOE) selected Microvast to receive a $200 million federal grant from a fund created under the Infrastructure Investment and Jobs Act of 2021. Those funds were intended to help America become less reliant on China for critical supplies like lithium-ion batteries.
Microvast was one of 20 companies chosen, despite maintaining a “substantial portion” of its operations in China.
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