Chinese energy storage firm Xiamen Hithium Energy Storage Technology on Wednesday said it has raised more than $621.47m that will be used for capacity expansion, equipment purchases and technology research and development.
Hithium manufactures cells and larger containers that help to manage the intermittent supply of energy from solar or wind farms.
It has previously approached officials and industry managers in Vietnam for the possible investment of hundreds of millions of dollars to build a factory there, according to two sources with direct knowledge of the matter.
The company statement on Wednesday said those providing the latest funding include the private equity investment arm of the state-owned China Life Insurance and Beijing Financial Street Capital, a fund backed by the state asset regulating authority in the Xicheng district of Beijing.
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The private equity units of leading Chinese investment banks CICC and CITIC, and the financial asset investment unit of Bank of China, were also among its new investors.
Hithium’s major projects are based in China but it aims to expand overseas, with subsidiaries in Fremont, U.S and the German city of Munich, according to the company’s website.
Source: Market Scanner
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