CATL taps investors as world’s No 1 EV battery maker raises funds for global supply chain

The fundraising is in line with CATL’s global strategy to promote the use of green energy, said the company, based in the Fujian provincial city of Ningde in eastern China.

“The purpose of the fund is to facilitate global energy transition, with the support of like-minded partners from all over the world,” CATL said in a statement to the Post, without divulging the amount it is raising. “The fund [aims] to raise capital mainly overseas, and has been in discussions with a number of potential investors.”

The fund may raise US$1.5 billion from several sovereign wealth funds, the families behind global marques, oil and gas refiners and other manufacturers, the Financial Times reported, citing a person with knowledge of the plans. The fundraising underscores CATL’s ambition to expand its worldwide footprint, as global demand for EVs outpaces petrol-gurgling cars that run on internal combustion engines.

One such investor could be Porsche Ventures, the investment unit of the namesake German maker of luxury cars, which launched its first renminbi-denominated fund with China International Capital Corp to invest in Chinese EVs and companies involved in smart mobility.