CATL Aims To Raise $2.85 Billion For EV Battery Projects: Report

• It will use this investment to fund its battery projects and increase working capital
• The fundraising will help CATL to expand its battery-making capacity in Fujian, Jiangsu, and Sichuan

As per a report by Reuters, Chinese EV maker CATL said that it aims to raise up to 20 billion yuan ($2.85 billion) in a private placement of shares. It will use this investment to fund its battery projects and increase working capital.

The report said that the company said in a filing to the Shenzhen stock exchange that the fundraising will help CATL to expand its battery-making capacity in Fujian, Jiangsu, and Sichuan and an energy storage research project.

Invest 10 billion yuan in a battery manufacturing base in Ningde

CATL has partnerships with Tesla, Volkswagen, and BMW. The report added that in a separate filing CATL said that it has plans to invest 10 billion yuan in a battery manufacturing base in Ningde.