Microvast Nixes Battery Plant After China Ties Doom US Loan

A lithium-ion battery maker announced it was cancelling plans for the construction of a $504 million battery production plant slated for Kentucky following a decision by the Biden administration to rescind a $200 million grant.

Microvast Holdings Inc. said plans for its polyaramid separator production facility, which would be the first in the world and was expected to employ more than 550 people in southern Kentucky, were put on hold “due to recent developments,” according to a statement Friday.

Read More: Energy Department Cancels $200 Million Grant to Microvast

The Energy Department announced in May it had cancelled plans to ...