Texas-based Microvast was one of 20 companies to win preliminary grants totaling $2.8 billion to boost domestic manufacturing of batteries for electric vehicles. The company is building a battery plant in Tennessee and was in talks with the Energy Department for a $200 million grant funded through the 2021 infrastructure law.
A spokeswoman for Energy Secretary Jennifer Granholm confirmed that negotiations with Microvast were canceled, but did not offer a specific reason.
The Energy Department said in a statement that it “maintains a rigorous review process prior to the release of any awarded funds, and it is not uncommon for entities selected to participate in award negotiations” to ultimately be denied a federal grant.
“The department can confirm that it has elected to cancel negotiations and not to award Microvast funds from this competitive funding opportunity,” spokeswoman Charisma Troiano said.
The company did not return a request for comment.
Republicans and Democrats praised the department’s decision.
Esta historia es de la edición AppleMagazine #604 de AppleMagazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición AppleMagazine #604 de AppleMagazine.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
AMAZON REPORTS BOOST IN QUARTERLY PROFITS.EXCEEDS REVENUE ESTIMATES AS IT INVESTS IN AI
Amazon reported a boost in its quarterly profits and exceeded revenue estimates, sending the company’s stock up in after-hours trading.
SOUTH KOREA FINES META $15 MILLION FOR ILLEGALLY COLLECTING INFORMATION ON FACEBOOK USERS
South Korea’s privacy watchdog this week fined social media company Meta 21.6 billion won ($15 million) for illegally collecting sensitive personal information from Facebook users, including data about their political views and sexual orientation, and sharing it with thousands of advertisers.
CHINESE ONLINE RETAILER TEMU FACES EUROPEAN UNION INVESTIGATION INTO ROGUE TRADERS AND ILLEGAL GOODS
Chinese online retailer Temu is facing a European Union investigation over suspicions it’s failing to prevent the sale of illegal products, the 27-nation bloc’s executive arm said.
CORNING FACES EU ANTITRUST SCRUTINY OVER GORILLA GLASS DEALS WITH PHONE MAKERS
Corning is facing European Union antitrust scrutiny after the bloc’s watchdog said this week it’s investigating the speciality glass maker’s exclusive deals for its Gorilla Glass used in cellphones.
NEW CEO AT CVS BEGINS TO BUILD HIS TEAM WITH A GOAL OF REVIVING THE STRUGGLING HEALTH CARE GIANT
CVS Health fell short on third-quarter profit, but it posted strong sales and the health care giant shook up leadership under new CEO David Joyner after a rough year that has sent shares plunging.
AS THE DATA CENTER INDUSTRY BOOMS. AN ENGLISH VILLAGE BECOMES A BATTLEGROUND
Originally built to store crops from peasant farmers, the Tithe Barn on the edge of the English village of Abbots Langley was converted into homes that preserve its centuries of history.
YOU MAY HAVE BLOCKED SOMEONE ON X BUT NOW THEY CAN SEE YOUR PUBLIC POSTS ANYWAY
Elon Musk’s X has been modified so that accounts you’ve blocked on the social media platform can still see your public posts.
NINTENDO REPORTS LOWER PROFITS AS DEMAND DROPS FOR ITS AGING SWITCH CONSOLE
Nintendo, the Japanese video game maker behind the Super Mario franchise, said Tuesday that its profit fell 60% in the first half of the fiscal year, as demand waned for its Switch console, now in its eighth year since going on sale.
THE BEST SMALL SUVS FOR CITY DRIVING
SUVs are popular in part due to their elevated ride height, commanding view of the road, and roomy interiors.
MANY RETAILERS OFFER 'RETURNLESS REFUNDS.' JUST DON'T EXPECT THEM TO TALK MUCH ABOUT IT
It’s one of the most under-publicized policies of some of the biggest U.S. retailers: sometimes they give customers full refunds and let them keep unwanted items too.
