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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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