CATL plows 1 billion yuan into new battery tech subsidiary

Shanghai (Gasgoo)- Chinese power battery giant CATL founded on Jan. 14 a new battery tech company in Fuding, Fujian province.

Involving a registered capital of 1 billion yuan ($154.1 million), the new subsidiary is wholly controlled by CATL, according to the corporate data platform Tianyancha. Its business scope extends to cover the R&D of emerging energy technologies and new materials, and the manufacturing and sale of batteries.

Photo credit: CATL

This is the third company CATL established within half a month. Just one day prior to the launch of Fuding-located one, the battery titan set up a wholly-owned subsidiary in Jiaocheng district, Ningde. The registered capital also stands at 1 billion yuan.

Business scopes of the two subsidiaries are partly overlapped, such as the R&D of emerging energy technologies and new materials as well as the production and sale of batteries. In addition, the Jiaocheng-based company is also allowed to work on the R&D of dedicated electronic materials, energy recovery system and the systems used for wind power plant.

What's more, in Jiaocheng district, another battery tech company was registered on Dec. 30, 2020. It involves a registered capital of 500 million yuan ($77.05 million), 49% of which were pumped by CATL. According to Tianyancha, the subsidiary engages in the R&D of new material technologies, dedicated electronic materials and auto parts, the manufacturing and sale of batteries, the leasing of storage batteries, the recycle of decommissioned NEV batteries, as well as the sale of NEVs and charging piles.

According to the latest report by SNE Research, CATL held the first place in the global EV battery market with 34GWh shipped in 2020. The Ningde-based company seized 24.82% of global market share.