RT Hi-Tech, a leading lithium battery cathode material manufacturer, bags CNY 500 million(USD 73.95 million) from the Series D financing.
Hubei RT Hi-Tech Advanced Materials Co., Ltd. (RT Hi-Tech, Chinese: 融通高), a manufacturer of lithium battery cathode material research and development, completed a Series D financing round worth CNY 5 billion(USD 73.95 million).
Its major investors were well-known industrial capitals, including several large domestic automotive groups, new car makers, leading battery manufacturers, and national industrial funds. SDIC UNITY Capital increased its investment.
This fund from this round will be used to further expand the production capacity of lithium iron phosphate cathode material of the company to build the leading edge of production capacity in the industry, news portal lieyun.com reported.
RT Hi-Tech, founded in 2002, is a high-tech enterprise focusing on the R&D, production, recycling, sales and service of lithium battery cathode materials. It has Independently developed high-pressure solid lithium iron phosphate cathode material with an industry-leading performance index.
The Series C financing led by SDIC UNITY Capital has made RT Hi-Tech successfully build an annual production line of 100,000 tons of lithium iron phosphate cathode materials. The company is currently expanding the production line of over 300,000 tons of lithium iron phosphate materials and recycling and is expected to have a turnover of over 10 billion this year.
Lithium is widely used in batteries, ceramics, glass, lubricants, refrigeration fluids, nuclear industry, optoelectronic and other industries. With the continuous development of electronic products such as computers, digital cameras, cell phones and mobile power tools, the battery industry has become the largest consumer area of lithium.
Lithium batteries are lighter, smaller, and have better performance and less pollution. These safe and reliable products are currently the most feasible technology route in energy storage product development.
RT Hi-Tech’s international competitors include Panasonic and LG Chem and domestic ones include CATL(Chinese:宁德时代), CALB(Chinese:中创新航) and GOTION H(Chinese:国轩高科).