China’s CATL to raise $2.85 billion to fund battery projects
China’s leading vehicle battery manufacturer CATL said that it would be raising over 20 billion Yuan ($2.85 billion) in order to fund its battery production and storage projects.
According to a Wednesday filing to the Shenzhen stock exchange, the company will aid in expanding its battery-making capacity in factories located in Fujian, Jiangsu, and Sichuan including a separate energy storage research project.
In another filing on Wednesday, the battery maker unveiled plans to invest 10 billion Yuan in its headquarters in Ningde.
Despite disruptions of economic growth with sales plummeting by 51.6% due to the virus outbreak, China has set an ambitious plan for new energy vehicles including battery-only, plug-in hybrid, and fuel-cell vehicles.