MVST - Microvast plunges as Energy Department said to cancel DoE contract
2023-05-22 22:10:34 ET
Microvast ( NASDAQ: MVST ) -24.1% post-market Monday after Reuters reported the U.S. Department of Energy canceled a $200M grant after lawmakers cited concerns over its alleged links to China's government.
The DoE had been in talks with Microvast ( MVST ) over the grant to help build a plant in Tennessee, but two D.C. lawmakers reportedly criticized the deal in a letter to Energy Secretary Jennifer Granholm, saying the company had ties to the Chinese Communist Party; details about the alleged ties are not known.
The grant had been set to support work by General Motors ( GM ) and Microvast ( MVST ) on developing specialized electric vehicle battery separator technology and building a new separator plant.
Texas-based Microvast ( MVST ) has manufacturing plants in Tennessee, Germany and China.
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Microvast plunges as Energy Department said to cancel DoE contract