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Biden's Energy Department Funnels Millions to Beijing-Backed Green Energy Company
[Free Beacon] President Joe Biden's Energy Department funneled millions of dollars to a green energy company in the months after the company partnered with a Chinese state-owned entity that it acknowledges could face business-crippling sanctions.
less 10% for the Big Guy?
Carbon capture company LanzaTech, federal spending disclosures show, has received more than $10 million in grant payments from the Biden administration since April 2021, when the company announced a partnership with Sinopec Capital—the clean energy investment arm of the Sinopec Group, a Chinese state-owned oil conglomerate also known as the China Petrochemical Corporation—to "debut an international market of new energy and new materials."

LanzaTech has acknowledged in SEC disclosures that its association with Sinopec, which China has used to purchase oil from U.S.-sanctioned nations such as Russia and Iran, could jeopardize its bottom line. The company's financial interactions with Sinopec and other Beijing-run entities, LanzaTech wrote in a November filing, could bring "complications" and "restrictions" should the United States or other nations implement "sanctions on certain Chinese individuals."

That filing also notes "that the Chinese government may intervene or influence our operations at any time" and that LanzaTech may be unable to "protect our interests" in Chinese joint ventures "by nominating a non-Chinese director to the board of directors of any such joint venture."

Sinopec Capital managing director Bo Ren, who worked for CITIC's brokerage arm prior to joining Sinopec and who graduated from a Chinese university that sits on a U.S. trade blacklist for stealing American trade secrets, is a LanzaTech board member.
Posted by: Besoeker 2022-12-16
http://www.rantburg.com/poparticle.php?ID=652597