Biden regime awards $200 million grant to China-based battery maker – zoohousenews.com
- December 10, 2022
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(Natural News) The Department of Energy (DoE) under fake President Joe Biden is boasting about a new $200 million grant awarded to a lithium battery company called Microvast, claiming it will help the domestic sources to expand green energy. The problem is that Microvast operates “mainly” in communist China.
Although Microvast claims to be based in Texas, Microvast conducts most of its business overseas in the world’s largest dictatorship. The Biden regime conveniently neglected to mention this when it touted the “bipartisan,” taxpayer-funded cash payout as an alleged boon to “green” energy expansion domestically.
Back in October, when the infrastructure bill subsidies were first announced, Energy Secretary Jennifer Granholm claimed all of those payouts were for “American-made” products. This was clearly a lie based on what has since been uncovered.
“This is truly a remarkable time for America’s manufacturing sector as President Biden’s agenda and historic investments overwhelm the private sector to ensure our clean energy future is American made,” Granholm read from a script.
“Producing advanced batteries and components here at home will accelerate the transition away from fossil fuels to meet strong demand for electric vehicles and create more high-paying jobs across the country. (Related: Biden’s climate agenda is entirely centered on China.)
Microvast was recently added to the SEC’s watch list of Chinese companies to be delisted from NASDAQ for failing to meet US audit requirements
In the announcement for this particular grant, the DoE claimed that Microvast is a “majority US-owned company traded on the NASDAQ” with “headquarters in Stafford, Texas” and additional locations in Tennessee, Florida and Colorado.
However, a closer look at Microvast’s financial records tells a very different story. We now know that the company operates largely out of China, and Microvast itself says that the Chinese Communist Party (CCP) “exerts significant influence over the way we must conduct our business and can intervene at any time without notice.” .”
We also now know that Microvast was recently placed on a Securities and Exchange Commission (SEC) watch list of Chinese companies to be delisted from NASDAQ for failing to meet United States audit requirements under the Holding Foreign Companies Accountable Act.
Additionally, the so-called “bipartisan” infrastructure law that the Biden regime has touted in connection with the Microvast grant specifically states that the DoE should avoid using grant money to fund projects that “use battery material produced by a Foreign-supplied or foreign-originated entity of concern.” This includes companies subject to “the jurisdiction or direction” of China.
In its 2021 SEC annual report, Microvast itself stated that it is merely a “holding company” that conducts its business “primarily through our subsidiary in China.”
“A significant part of our operations and manufacturing, and most of our current customers, are in the [People’s Republic of China]”, says this report.
It was later revealed that Microvast has received direct subsidies from the CCP and that most of its customers are affiliated with “state-owned enterprises in the PRC (People’s Republic of China)”.
According to Microvast spokeswoman Sarah Alexander, Yang Wu, the company’s CEO, is a US citizen. However, Arthur Wong, another director of the company, is a Hong Kong citizen living in Beijing and is the chairman of the audit committee of Daqo New Energy Corporation.
A subsidiary of Daqo had previously been sanctioned by the Biden regime for having links to slave labor, it said.
Another director of Microvast is a member of the CCP and helps oversee the Manufacturing Facility and R&D Center in Huzhou, China.
For more related news about Biden, visit Treason.news.
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