Microvast to go ahead with more than $300 mln battery investment in Tennessee (updated)

Microvast Holdings

20/06/2023 19:51

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paragraphs 3 & 4)
       June 20 (Reuters) - Microvast Holdings  MVST.O  said on
Tuesday it was progressing with the more than $300 million
investment at its Clarksville, Tennessee facility, even though
the U.S. Energy Department did not award the lithium battery
maker a $200 million grant.
    The company had said in May it was considering all of its
options, after the grant was canceled following lawmakers'
concerns over its alleged links to China.
    "This (investment) is going to create more than 250 jobs,
and many more will follow as we expect our business to continue
growing rapidly," said Microvast's chief executive Yang Wu.
    The Texas-based company, whose shares were down about 6% in
afternoon trade, added orders at the facility were already close
to being sold out for the first year. 
    The grant, which stemmed from a U.S. $1 trillion 2021
bipartisan infrastructure law, was to help Microvast build a
plant in Tennessee.   

 (Reporting by Nathan Gomes in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Nathan.Gomes@thomsonreuters.com;))