19.9 C
Supported byspot_img

China’s Hithium raises US$620 million in private capital

Member of Europium Groupspot_img
Supported byspot_img

China-based, energy storage-focused lithium-ion battery manufacturer Hithium has raised US$621 million from private investors in a Series C.

The company said it has raised more than 4.5 billion Yuan (US$622 million) on Wednesday (5 July), and that the funds would go towards capacity expansion, equipment purchases and R&D.

Hithium is a lithium-ion battery manufacturer which produces cells for the battery energy storage system (BESS) sector, whereas most manufacturers primarily cater the comparatively larger EV market.

Supported by

Participants in the capital raise was led by the private equity investment arm of state-owned China Life Insurance and Beijing Financial Street (BFS) Capital, also a state-backed vehicle. Other participating investors were BOC Financial Asset Investment, Goldstone Investment, CS Capital, China Venture Capital Fund (CVC), CICC Capital, CDH Investments, and China-U.S. Green Fund.

CDI New Energy Investment (Shenzhen) and Hefei Innovation Scitech Venture Capital also took part, while existing shareholders Hainan Fenghe Private Equity Management, Matrix, ABC International, and ZBGT put funds in too.

The firm says it has a leading position in the Chinese BESS market and plans to expand its manufacturing capacity from 70GWh at the end of this year to 135GWh by 2025, it recently wrote on our site announcing a push into the European market.


Source: Energy Storage

Supported byElevatePR Digital

Related News

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...

Critical materials and the path to resilience: Europe’s quest for technological independence

The sustainability and resilience of modern economies hinge critically on the availability and management of key raw materials, such as lithium, cobalt and nickel....

Elementos pursues acquisition of stake in Iberian smelting for European tin market expansion

Elementos, a tin exploration and development firm, has initiated a non-binding term sheet to potentially acquire up to a 50% interest in Iberian Smelting...

Innovative Scandium supply chain: Scandium Canada Ltd. advances in renewable energy and 3D printing

Scandium Canada Ltd. has announced significant strides in creating a comprehensive scandium supply chain, from extraction to diverse industrial applications. The company's flagship Crater...
Supported by
Supported by
Supported by
error: Content is protected !!