SHANGHAI — Chinese language battery big CATL stated it was planning a personal share placement to lift as much as 58.2 billion yuan ($8.98 billion) to fund six initiatives geared toward boosting its manufacturing capability of lithium-ion batteries.
The huge fundraising comes because the Ningdo-based firm, formally Modern Amperex Expertise Co Ltd, expands battery manufacturing capability round China and in Germany.
It can even be used to construct a number of battery factories in Fujian, Zhejiang and Guangdong provinces in China and to spice up capital, CATL stated in a press release on Thursday.
As well as, it’s going to use the capital to develop battery applied sciences for vitality storage amenities.
As the worldwide auto trade accelerates transformation in the direction of electrification, CATL is supplying electrical automobile batteries to automakers together with Tesla, Volkswagen and Geely. It’s competing with Japan’s Panasonic and South Korea’s LG Chem.
CATL’s shares rose greater than 5 % at one level on Friday after the personal placement announcement. It at the moment has a market capitalization of over 1.1 trillion yuan ($170 billion).
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