Asks for information from the energy department pertaining to an award and cancellation that created stock market shifts.
Senator John Barrasso, a ranking member of the Senate Committee on Energy & Natural Resources, recently sent a letter to the Department of Energy (DOE) calling for transparency in their grant awarding process.
In 2022, the department distributed $2.8 billion in grants through the Bipartisan Infrastructure Law to 20 battery manufacturing companies, one of which was a company called Microvast. When the announcement was made, shares in Microvast increased by 40 percent. After legislators pointed out Microvast’s ties to Chinese manufacturing, the energy department rescinded its grant offer to Microvast, causing Microvast’s share price to drop 36 percent in one day.
While Microvast accepted the energy department’s decision, Senator Barrasso said that the department should be more forthcoming about the grant-awarding process to prevent such large spikes in the stock market.
“It is inappropriate if not unethical that the federal government has played such an outsized role in a single company’s stock price,” Senator Barrasso wrote. “I expect the complete cooperation of the Department as Congress works to gather information related to the Department’s award negotiations with Microvast, as well as award processes for other Department selectees.”
As the Lord Leads, Pray with Us…
- For Senator Barrasso as he heads the energy committee and seeks transparency from the department.
- For Secretary Granholm to comply with congressional oversight and requests for information.
- For the president and his administration as they award grants for energy programs.
Sources: Senate Committee on Energy & Natural Resources
