China CATL Times Intends To Raise 9 Billion U.S. Dollars To Expand Lithium-Ion Battery Production.
On the occasion of this large-scale fundraising, the Ningdo-based company (officially known as Contemporary Ampere Technology Co., Ltd.) has expanded its battery manufacturing capabilities in China and Germany.
Chinese battery giant Ningde Times said it is planning a private equity placement to raise up to 58.2 billion yuan ($8.98 billion) to fund six projects aimed at increasing its lithium-ion battery production capacity.
CATL stated in a report released on Thursday evening that it will formally establish Modern Ampere Technology Co., Ltd. to expand battery manufacturing capacity in China and Germany.
It will also be used to build various battery factories in Fujian, Zhejiang and Guangdong provinces in China and increase capital. In addition, it will use the funds to develop battery technology for energy storage facilities.
As the worldwide car industry speeds up change towards charge, CATL is providing electric vehicle batteries to a wrap of automakers including Tesla Inc, Volkswagen AG and Geely. It is contending with Japan’s Panasonic and South Korean LG Chem.
CATL’s offers rose over 5% at one point on Friday after the private situation declaration. It presently has a market capitalisation of more than 1.1 trillion yuan ($169.85 billion).
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