CATL Looks To Raise $9 Billion To Expand Lithium-Ion Battery Production: Report

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  • The report added that the fundraising comes as the Ningdo-based firm – formally Contemporary Amperex Technology Co Ltd expands battery manufacturing capacity around China and in Germany
  • It will also be used to build several battery factories in Fujian, Zhejiang and Guangdong provinces in China and to boost capital, CATL said

As per a report by Reuters, CATL said it is planning a private share placement to raise up to 58.2 billion yuan ($8.98 billion) to fund six projects aimed at boosting its production capacity of lithium-ion batteries. The report added that the fundraising comes as the Ningdo-based firm – formally Contemporary Amperex Technology Co Ltd expands battery manufacturing capacity around China and in Germany.

It will also be used to build several battery factories in Fujian, Zhejiang and Guangdong provinces in China and to boost capital, CATL said. It will use the capital to develop battery technologies for energy storage facilities.

Recently, CATL became the first major automotive battery maker to unveil a sodium-ion battery, saying it planned to set up a supply chain for the new technology in 2023. As electric vehicles become increasingly popular, demand for key battery ingredients, particularly cobalt, has increased.

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The sodium-ion batteries do not contain lithium, cobalt or nickel. It did not disclose cost details of the new batteries. CATL, China’s top car battery maker with a market value of almost $200 billion, also unveiled a battery pack that integrates sodium-ion and lithium-ion batteries.

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