One of the largest lithium-ion battery manufactures in the world has made their debut on the Hong Kong Stock Exchange. And investors are pouring in billions of dollars of new capital.
What’s happening:
- Battery manufacturing company CATL has raised $4.6B USD in an IPO round and began trading on the Hong Kong Stock Exchange
- The IPO round was led by Sinopec, Kuwait Investment Authority and Hillhouse Capital
Why it matters:
- CATL’s new financing round is the single largest IPO this year on any major stock exchange in the world
Going deeper:
- CATL produces lithium-ion batteries for many of the world’s largest electric vehicle companies, including Tesla (NASDAQ: TSLA), BMW and Mercedes-Benz
- CATL also produces batteries for large scale energy storage projects for major Chinese energy companies including China Energy Investment and State Power Investment Corporation
The intrigue:
- Lithium-ion batteries produced by CATL are now in more than 17M electric vehicles globally, representing roughly a third of all electric vehicles in the entire world
