Inquiry into Biden Administration Grant
- The top Republican on the Senate energy committee launched an inquiry on Wednesday into a Biden administration grant to a China-based battery company under scrutiny from U.S. financial regulators.
- Sen. John Barrasso (R., Wyo.), the ranking member of the Senate Energy and Natural Resources Committee, said the Department of Energy's grant to Microvast Holding "endangers our national security" and "undermine[s] the United States' position in its race against China for technological supremacy."
The Bipartisan Infrastructure Law states that the DOE should avoid funding projects that "use battery material supplied by or originating from a foreign entity of concern," which includes a "foreign entity... subject to the jurisdiction or direction" of China.
- Earlier this year, the Securities and Exchange Commission added Microvast to a list of public companies with China-based auditors and whose financial records are subject to restrictions by the Chinese government, and will delist from U.S. stock exchanges under the Holding Foreign Companies Accountable Act.
Microvast spokeswoman Sarah Alexander told the Free Beacon that the company is majority U.S.-owned and primarily operates out of Huzhou, China, but has been expanding its manufacturing and research facilities to Germany and the United States.
- 'Endangering Our National Security': Senator Launches Inquiry Into Biden's $200M Grant to China-Based Battery Company
No comments:
Post a Comment