Republican Senator John Barrasso has raised concerns over the Department of Energy’s (DOE) decision to withdraw a $200 million grant from Microvast, an electric vehicle battery component firm.
The grant announcement in October led to a surge in Microvast’s stock price, followed by a sharp decline when the grant was unexpectedly rescinded in May.
Barrasso has called for transparency and accountability from the DOE, expressing worries about the government’s role in manipulating a company’s stock price.
- Microvast’s stock price experienced significant fluctuations after the grant was announced and withdrawn, causing financial losses for investors.
- Senator Barrasso criticized the DOE’s actions, fueled by funds from the Infrastructure Investment and Jobs Act and the Inflation
- Reduction Act, which he believes have created market instability due to government misinformation.
- Concerns were raised about Microvast’s ties to China, as the majority of its revenue comes from China, and the Chinese government has substantial influence over its business activities.
- Barrasso called for the DOE’s cooperation in providing information about the award negotiations with Microvast and other grant processes.
- Transparency and clarity regarding the DOE’s award criteria and processes are crucial to avoid confusion and uncertainty for investors.
The DOE’s decision to withdraw the grant from Microvast raises serious concerns about the government’s involvement in the stock market and its handling of grant announcements.
Republican Senator Barrasso rightly demands transparency and accountability, emphasizing the need for clear criteria in awarding and canceling grants. This incident highlights the importance of protecting investors and ensuring that government actions do not unduly influence market dynamics.
The ties between Microvast and China also raise questions about the security and independence of domestic manufacturing. Republicans must continue pushing for answers and holding the DOE accountable for its actions.
Source Fox News