China cobalt-free lithium-ion battery firm Svolt Energy Technology has closed a B-financing round of 10.28 billion Yuan ($1.5 billion) as it moves to its goal of 200GWh production capacity by 2025.
The financing round will be used for the research and development of new technologies, and the construction of new production facilities in the Chinese cities of Changzhou, Suining, Huzhou, Ma’anshan and Nanjing, as well as in Europe.
This financing round was led by Bank of China Group Investment (BOCGI).
Other investors include the National Fund for Technology Transfer and Commercialization, Country Garden Venture Capital, Shenzhen Capital Group (SCGC), CCB Investment, IDG Capital, Sany, Xiaomi Corporation, Oceanpine Capital and China Renaissance.
Original shareholders, including SDIC and JZ Capital, significantly increased their holdings.
The firm closed a 3.5 billion Yuan ($540 million) A-financing round at the end of February.
Svolt has announced orders from Chinese and international automobile manufacturers, including: Great Wall Motors, Geely Automobile, Dongfeng Motor, Stellantis, SF Motors, ENnovate, Leap Motor and Hozon Auto.
In July, Svolt announced the start of series production of its cobalt-free nickel-manganese (NMX) battery cells at a ceremony in Jintan, China.
The firm is initially producing two sizes of its NMX batteries (115 Ah and 226 Ah), which are 75% nickel and 25% manganese.
Series production of the new NMX batteries followed the successful production of ten tons of cobalt-free cathode material at the battery cell factory in Jintan during January.
Svolt has been mass-producing the cobalt-free cathode material since April.
The batteries can achieve more than 2,500 charging cycles, says the firm.
From the end of 2023, the novel batteries can also be produced at the planned plant in Saarland for the European market.