Why Shares of Microvast Holdings Skyrocketed This Week
Shares of Microvast Holdings (NASDAQ: MVST) plunged more than 13% through the first two weeks of October, according to data provided by S&P Global Market Intelligence, underperforming the S&P 500, which nudged 0.07% lower. The stock's trajectory reversed course this week, though -- and in a big way -- after the White House announced that the Department of Energy had awarded Microvast a $200 million grant.
Shares of Microvast, a manufacturer of lithium-ion batteries, ended this week 59.2% higher from where they closed last Friday.
Thanks to the funding provided by the Bipartisan Infrastructure Law, the Department of Energy awarded Microvast $200 million for its thermally stable polyaramid separator manufacturing plant proposal. Microvast's project was one of 21 the Department of Energy provided funding to with regard to the Battery Materials Processing and Battery Manufacturing section of the legislation.
Source Fool.com
