Kentucky officials say they won't start paying out $21 million in economic incentives for a proposed electric vehicle battery facility until the company further explains why the U.S. Department of Energy abruptly rejected a $200 million loan for the project after some congressional Republicans argued the firm has improper ties to China.
Texas-based Microvast was one of 20 companies to win preliminary grants totaling $2.8 billion to boost the domestic manufacturing of batteries for electric vehicles. The company is building battery plants in Kentucky and Tennessee and was in talks with the Energy Department for a $200 million grant funded through the 2021 infrastructure law.
