Microvast (NASDAQ:MVST) -24.1% post-market Monday after Reuters reported the U.S. Division of Power canceled a $200M grant after lawmakers cited issues over its alleged hyperlinks to China’s authorities.
The DoE had been in talks with Microvast (MVST) over the grant to assist construct a plant in Tennessee, however two D.C. lawmakers reportedly criticized the deal in a letter to Power Secretary Jennifer Granholm, saying the corporate had ties to the Chinese language Communist Get together; particulars concerning the alleged ties usually are not identified.
The grant had been set to assist work by Normal Motors (GM) and Microvast (MVST) on creating specialised electrical car battery separator expertise and constructing a brand new separator plant.
Texas-based Microvast (MVST) has manufacturing crops in Tennessee, Germany and China.
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