Microvast pauses plan to build battery separator plant in Kentucky
By Bradley Osborne - 17th July 2023
USA – Microvast Holdings Inc of Stafford, Texas has announced that it has put a halt to its plans to build an EV battery components facility in Kentucky, over a month after the U.S. Department of Energy withdrew a USD200m grant to support its construction.
The federal grant represented approximately two-fifths of the total investment committed by Microvast to the project. In its press release announcing the decision to halt construction, however, Microvast made no mention of the grant withdrawal. Instead, Chief Financial Officer Craig Webster cited unfavourable market conditions, “including interest rates doubling in the last year”, as the motivating factor behind the decision.
