Despite claiming to be based in Texas, Microvast conducts most of its business overseas in the world's largest dictatorship. The Biden regime conveniently failed to mention this in touting the "bipartisan," taxpayer-funded cash payout as a supposed boon for domestic "green" energy expansion.
Back in October when the Infrastructure Law grants were first announced, Secretary of Energy Jennifer Granholm claimed that all such 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 manufacturing in America, as President Biden's agenda and historic investments supercharge 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 the strong demand for electric vehicles, creating more good-paying jobs across the country. (Related: Biden's climate agenda is entirely China-centric.)
Microvast recently added to SEC watchlist of Chinese companies slated for delisting from NASDAQ for failing to comply with U.S. auditing requirements
In the announcement for this specific grant, the DoE claimed that Microvast is a "majority U.S.-owned company, traded on NASDAQ" that is "headquartered in Stafford, Texas," with additional locations in Tennessee, Florida, and Colorado.
A closer look at the financial records of Microvast tells quite a different story, though. We now know that the company operates mostly out of China, and Microvast itself says that the Chinese Communist Party (CCP) "exerts substantial influence over the manner in which we must conduct our business activities and may intervene, at any time and with no notice."
We also now know that Microvast was recently added to a Securities and Exchange Commission (SEC) watchlist of Chinese companies that are scheduled to be delisted from NASDAQ due to their failure to comply with United States auditing requirements under the Holding Foreign Companies Accountable Act.
Additionally, the so-called "bipartisan" Infrastructure Law that the Biden regime has been touting in conjunction with the Microvast grant specifically states that the DoE should avoid using grant money to fund any projects that "use battery material supplied by or originating from a foreign entity of concern." This includes companies "subject to the jurisdiction or direction" of China.
In its 2021 annual SEC report, Microvast itself indicated that it is merely a "holding company" that conducts its business "principally through our subsidiary in China."
"A substantial portion of our operations and manufacturing and most of our current customers are in the [People’s Republic of China]," that report states.
It was later revealed that Microvast has received direct subsidies from the CCP, and that most of its customers are associated with "state-owned companies in the PRC (People's Republic of China)."
According to Microvast spokesperson Sarah Alexander, Yang Wu, the company's CEO, is a U.S. citizen. However, Arthur Wong, another director at the company, is a Hong Kong citizen based in Beijing, as well as the chairman of the audit committee at Daqo New Energy Corporation.
A subsidiary of Daqo had previously been sanctioned by the Biden regime for having connections to slave labor, we are told.
Another of Microvast's directors is a member of the CCP who helps oversee its "Manufacturing Facility and R&D Center," which is located in Huzhou, China.
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