SVOLT has raised 6 billion yuan in a financing round, the equivalent of around 833 million euros. The battery cell manufacturer plans to invest the fresh capital mainly in the development of new technologies and the construction of new production facilities and R&D centres. This is already the third financing round this year.
According to SVOLT, investors such as Sichuan Energy Investment, Han’s Laser Technology, Changzhou Xingyu and CDH Investments participated in the B+ financing round. However, some state-controlled investors, as well as existing investors, have also participated in the round.
The B+ is already the third financing round this year: at the end of February 2021, SVOLT had already closed an A financing round of 3.5 billion yuan (around 450 million euros). In August, the B financing round was then completed, at which time SVOLT had raised 10.28 billion yuan (around 1.33 billion euros).
SVOLT had only recently increased its production capacities planned for 2025 from the previously announced 320 GWh to 600 GWh annually. For context, SVOLT recorded 2.61 GWh of installed capacity in the first 11 months of 2021, according to the China Automotive Power Battery Industry Innovation Alliance (CAPBIIA). “The company will consistently strengthen its R&D efforts, build a global technology-innovative brand image and consistently implement its global production capacity plan of 600 GWh in 2025,” said Hongxin Yang, chairman and CEO of SVOLT.
The company is...
Read Full Story: https://www.electrive.com/2021/12/13/svolt-raises-e833-million-in-financing-round/
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