China’s CATL to raise $9 bn to expand lithium-ion battery production

CATL EV battery

Battery giant CATL is planning to raise up to 58.2 billion yuan or $8.98 billion to fund six projects aimed at boosting its production capacity of lithium-ion batteries in China Germany.

CATL will also use funding to build battery factories in Fujian, Zhejiang and Guangdong provinces in China and to boost capital, CATL said in a statement. In addition, CATL will use the capital to develop battery technologies for energy storage facilities.

CATL is supplying electric vehicle batteries to automakers including Tesla, Volkswagen and Geely. It is competing with Japan’s Panasonic and South Korean LG Chem.