Hithium, a Chinese language producer of lithium-ion stationary power storage techniques, introduced a Collection C funding spherical masking greater than CNY 4.5 billion ($622 million). It should primarily use the funds to broaden manufacturing capability, purchase superior tools, and conduct R&D.
Xiamen-based battery producer Hithium is elevating funds and increasing manufacturing capacities at a fast tempo. In a Collection 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 broaden manufacturing capability, purchase superior tools, conduct tech R&D, and additional develop market alternatives.
The spherical was led by traders 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 traders embody CDI New Vitality Funding (Shenzhen), Hefei Innovation Scitech Enterprise Capital, in addition to present 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 top of the 12 months, and as much as 135 GWh by 2025. It has attracted an extended checklist of traders, which aren’t obtainable to the general public.
“Greater than 50% of them are institutional traders and the remaining are from strategic traders, reminiscent of downstream utility and mining corporations,” stated Hithium VP for Gross sales and Advertising and marketing Mizhi Zhang. pv journal at Intersolar 2023.
He stated Hithium, which doesn’t make EV batteries and specializes solely in continuous power storage techniques, attracted the funding due to its modern expertise. Its lithium iron phosphate (LFP) cathodes are designed to slowly launch lithium ions, leading to low cell degradation.
“In contrast to different LFP cells, Hithium’s 300 Ah battery cell exhibits 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 properly 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 Vietnamese trade officers and managers to probably make investments as much as $900 million to construct a plant on greater than 30 hectares of commercial 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 a number of gigawatts, within the single digits, around the globe this 12 months.
Greater than 85% of its techniques 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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