China’s CATL aims to raise $2.85 bln for EV battery projects

CATL, China’s top electric vehicle battery maker, said it aims to raise up to 20 billion yuan ($2.85 billion) in a private placement of shares to fund its battery projects and boost working capital. The fundraising will help CATL to expand its battery-making capacity in Fujian, Jiangsu and Sichuan, as well as an energy storage research project, the company said in a filing to the Shenzhen stock exchange late Wednesday. In a separate filing on Wednesday, the battery maker said it plans to invest 10 billion yuan in a battery manufacturing base in Ningde, where it is headquartered.