In this list
Electric Power | Metals

CATL raises $9 billion to fund increased battery production

Agriculture | Biofuels | Grains | Electricity | Energy | Coal | Coking Coal | Emissions | Thermal Coal | Electric Power | Energy Transition | Emissions | Renewables | LNG | Natural Gas | Oil | Crude Oil | Refined Products | Fuel Oil | Metals | Petrochemicals

China power crisis

Metals | Steel

Platts Steel Raw Materials Monthly

Natural Gas | Energy | Electric Power | Renewables | Oil | Coal | Emissions | Energy Transition

COP26

Energy | Oil | Crude Oil

Saudi Aramco raises Jan OSP crude prices to Asia, US

Metals | Non-Ferrous | Steel

Steel, aluminum demand to see boost on passage of long-awaited US infrastructure package

CATL raises $9 billion to fund increased battery production

Highlights

Private placement of 232.9 million shares

Six projects to increase battery output

Develop battery technologies for energy storage

Chinese electric vehicle battery giant CATL has announced plans to raise Yuan 58.2 billion ($9 billion) via a private placement to fund six projects to increase the production of lithium-ion batteries.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The company said in a translated filing to the Shenzhen Stock Exchange late Aug. 12 that the funds, which would be raised by placing 232.9 million shares with institutional investors, would also be used to develop battery technologies for energy storage facilities and as working capital.

The six projects will include the construction of new gigafactories in China's Fujian, Zhejiang and Guangdong provinces, as well as the expansion of existing plants, CATL said.

The need for more gigafactories globally is being driven by greater demand for EVs.

According to S&P Global Platts Analytics, in China alone, plug-in light duty EV sales are expected to rise to 4.4 million units in 2025, up from 1.2 million in 2020, and up to 9.7 million vehicles in 2030.

In July, CATL revealed its first-generation sodium-ion battery, which it said would "provide a new solution for the use of clean energy and transportation electrification, thus promoting the early realization of the goal of carbon neutrality."