Hithium, a Chinese language producer of lithium-ion stationary power storage methods, introduced a Sequence C funding spherical overlaying greater than CNY 4.5 billion ($622 million). It’ll primarily use the funds to increase manufacturing capability, purchase superior gear, and conduct R&D.
Xiamen-based battery producer Hithium is elevating funds and increasing manufacturing capacities at a fast tempo. In a Sequence C funding spherical introduced this week, the Chinese language unicorn (an unlisted firm valued at or above $1 billion) stated it had raised greater than CNY 4.5 billion.
The corporate will primarily use the funds to increase manufacturing capability, purchase superior gear, conduct tech R&D, and additional develop market alternatives.
The spherical was led by buyers China Life Personal Fairness Funding and BFS Capital, together with BOC Monetary Asset Funding, Goldstone Funding, CS Capital, China Enterprise Capital Fund (CVC), CICC Capital, CDH Investments, and China-US Inexperienced Fund.
Extra buyers embrace CDI New Power Funding (Shenzhen), Hefei Innovation Scitech Enterprise Capital, in addition to current shareholders Hainan Fenghe Personal Fairness Administration, Matrix, ABC Worldwide, and ZBGT.
Based simply 4 years in the past, the corporate is increasing from 15 GWh to 70 GWh by the tip of the 12 months, and as much as 135 GWh by 2025. It has attracted a protracted record of buyers, which aren’t accessible to the general public.
“Greater than 50% of them are institutional buyers and the remaining are from strategic buyers, similar to downstream utility and mining firms,” stated Hithium VP for Gross sales and Advertising Mizhi Zhang. pv journal at Intersolar 2023.
He stated Hithium, which doesn’t make EV batteries and specializes solely in continuous power storage methods, attracted the funding due to its progressive know-how. Its lithium iron phosphate (LFP) cathodes are designed to slowly launch lithium ions, leading to low cell degradation.
“Not like different LFP cells, Hithium’s 300 Ah battery cell reveals lower than 2% degradation within the first 1000 cycles,” stated Zhang.
This in flip can prolong the battery lifespan to greater than 12,000 cycles, and if operated effectively that may translate into 20 to 25 years of service.
Exterior of Xiamen, Hithium has a number of areas for manufacturing, analysis, and gross sales in Shenzhen, Chongqing, Munich, and California. Manufacturing in Europe can be on the playing cards, Zhang stated pv journal.
Reuters reported that Hithium has additionally approached officers and trade managers in Vietnam to doubtlessly make investments as much as $900 million to construct a plant on greater than 30 hectares of business land.
The corporate has shipped 9 GWh of battery capability so far, with 5 GWh delivered in 2022 alone. It says it hopes to deploy extra gigawatts, within the single digits, all over the world this 12 months.
Greater than 85% of its methods are deployed in China, together with a 220 MW/440 MWh system within the Ningxia area of China. It’s reported to be the nation’s largest standalone grid-connected battery power storage system so far.
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