The Biden administration is giving away $200 million of taxpayers’ money to a lithium battery company that is based in China, the latest move from Biden to promote “green energy” at the expense of America’s own supply chains and infrastructure.
The Washington Free Beacon reports that the battery company Microvast Holdings, which is receiving a $200 million Energy Department grant, is “primarily” based in China and is closely supervised by the nation’s ruling communist party.
Biden giving away tax money
Microvast is one of the 20 companies that received money from a pot of $2.8 billion in Energy Department grants that were set aside by Biden’s infrastructure bill.
The Biden administration touts China-based Microvast as a “majority U.S.-owned company, traded on NASDAQ” that is “headquartered in Stafford, Texas.”
While the administration has spun the grant as an investment in America’s infrastructure that will “supercharge the private sector to ensure our clean energy future is American-made,” nothing could be further from the truth.
In reality, Microvast may be removed from NASDAQ after it was blacklisted this year by the Securities Exchange Commission (SEC) for failing to comply with financial reporting laws, the Free Beacon reported.
Microvast admits they are closely controlled by China, saying the communist party “exerts substantial influence over the manner in which we must conduct our business activities and may intervene, at any time and with no notice.”
More cronyism and lies
The company admits they receive state subsidies from the Chinese government and that “a substantial portion of our operations and manufacturing and most of our current customers are in the [People’s Republic of China].”
But the Biden administration claims that Microvast “no longer needs to look to China to establish its manufacturing facilities” because of the grant, which Microvast will use to build a battery separator plant in Tennessee.
Promoting “green energy” through blatant cronyism happens to be a longtime priority of Biden’s Energy Secretary Jennifer Granholm. As governor of Michigan, Granholm steered hundreds of millions in tax credits to “green energy” companies, a number of which went belly-up. One of those companies, electric battery company A123 Systems, was later bought out by China.
Biden’s $200 million grant for Chinese lithium battery makers is more taxpayer-funded, America Last, “sustainable” cronyism that is being covered up with the usual lies and spin.
Republican Senator John Barrasso (WY) ranking member of the Senate Committee on Energy and Natural Resources, chastised Biden for deceitfully using money from his “infrastructure” bill to outsource America’s supply chains to China.
“DOE distributing $200 million in taxpayer funds to a company joined at the hip with China is demonstrably antithetical to the Bipartisan Infrastructure Law’s intent,” he wrote in a letter to Granholm.
Is this Biden’s idea of “buy American?”