Reuters was first to report that the U.S. Department of Energy had scrapped a proposed $200 million grant to lithium battery company Microvast Holdings after lawmakers cited concerns over its alleged links to China’s government. Microvast shares lost nearly a quarter of their value after the story was published. The Energy Department had been in talks with Microvast over the grant to help build a plant in Tennessee using funds from the $1 trillion 2021 bipartisan infrastructure law.

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