Look What They’ve Done Now, You Won’t Believe It

The recent withdrawal of a $200 million grant awarded to Microvast, an electric vehicle battery component firm, by the Department of Energy has sent shockwaves through the markets and raised serious concerns among Republicans. Sen. John Barrasso, a leading Republican on the Energy and Natural Resources Committee, is demanding answers and accountability from Energy Secretary Jennifer Granholm.

The sudden reversal of the grant decision has resulted in significant market fluctuations, causing distress for investors. Microvast’s stock price experienced a staggering surge of over 40% when the grant was initially announced, only to plummet by 36% when it was abruptly withdrawn.

Sen. Barrasso strongly believes that it is inappropriate and possibly unethical for the federal government to play such a prominent role in a single company’s stock price. He argues that the Department’s actions, fueled by funds from the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, have created chaotic market fluctuations due to government misinformation.

Congress is now determined to investigate the Department’s award negotiations with Microvast, as well as its processes for other selectees. Sen. Barrasso expects complete cooperation to shed light on the criteria used during award announcements and cancellations.

Transparency and accountability are of utmost importance when it comes to the Department’s award processes. The lack of clarity surrounding these procedures has left investors bewildered and uncertain. American taxpayers deserve to understand how the Department makes these crucial decisions.

The impact of deceptive press releases by the White House and the Department of Energy on Microvast investors cannot be ignored. Sen. Barrasso has pointed out the alarming influence these releases had on investor sentiment, as evident in the online message board posts.

Furthermore, concerns have been raised regarding Microvast’s ties to China. The company generates a substantial portion of its revenue—69%—in China, while only 3% comes from the United States. In a recent filing with the Securities and Exchange Commission, Microvast acknowledged the Chinese government’s ability to exert significant influence over its business activities.

Sen. Barrasso is determined to hold Energy Secretary Granholm accountable for the Department’s actions. The sudden withdrawal of the grant has caused confusion and uncertainty, underscoring the need for transparent and responsible decision-making.

It is crucial that the Department of Energy provides clear explanations for the withdrawal and clarifies the criteria used in award processes. Transparency will prevent future market disruptions and protect the interests of American taxpayers and investors.

Source Fox News