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Biden To Give $850 Million to a Chinese-Owned Battery Company

Last summer, the Biden administration announced an $850 million conditional loan to a company called KORE Power to build a battery production plant in Arizona.

The purpose was to decrease the United States' reliance on China's batteries, but KORE Power has enlisted its co-owner, a Chinese battery maker, to help build the taxpayer-funded facility, according to court filings.

The records reveal that KORE is 14 percent co-owned by Do-Fluoride New Materials, a Chinese battery manufacturer led by Chinese Communist Party official Li Shijiang.

The department said it conducted "Extensive due diligence" of the arrangement, adding that KORE has been working to reduce its Chinese ownership, with the goal of eventually becoming completely independent of Chinese technology.

KORE's relationship with the Chinese battery maker is at the center of a legal dispute in Idaho.

Chinese financial records show that KORE has paid DFD at least $70 million over the past four years.

"KORE relies 100 percent on DFD New Energy battery and module production as product for its worldwide business," said KORE in a court filing.

https://freebeacon.com/energy/biden-to-give-850-million-to-a-chinese-owned-battery-company/ 

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