The Biden administration unexpectedly pulled a massive grant it awarded last year to a Chinese-linked electric vehicle battery technology firm.
Microvast Power Systems also signed an agreement in December 2018 with local government entity Huzhou Saiyuan to issue convertible bonds. As part of the arrangement, Microvast pledged its 12.39% equity holding of Microvast Power Systems to Huzhou Saiyuan to facilitate the issuance of convertible bonds.
President Biden previously set a goal of ensuring 50% of car purchases are electric by 2030. His administration has since scrambled to boost domestic electric vehicle battery production, the vast majority of which currently takes place in China. Yang Wu, Microvast's CEO, chairman and founder, attended Southwest Petroleum University in Chengdu, China., through which Microvast received the grant, implores the DOE not to issue grants to companies that"use battery material supplied by or originating from a foreign entity of concern" or companies"subject to the jurisdiction or direction" of China.
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