Microvast halts $500m Kentucky plant after grant dollars dry up
One of the large-scale projects linked to Kentucky's burgeoning electric vehicle battery market is pulling the plug on a $504 million plant in the commonwealth — at least for now.
"What they're going to do here is the first of its kind in the United States," Gov. Andy Beshear said back in April, , touting plans by EV battery tech maker Microvast to locate a plant in Hopkinsville that was expected to generate more than 500 jobs in the region.
That was before the U.S. Department of Energy yanked a $200 million grant to the company and Kentucky officials followed suit, pausing $21 million in state incentives.
The moves came after GOP lawmakers raised concerns about the Texas-based company's connections to China. Microvast's CEO, Yang Wu, has said he is a U.S. citizen and has sought to reassure skeptical lawmakers that the company does not have any improper ties to China.
Wu said Microvast is continuing with its plans for a large-scale operation in Clarksville, TN.