Libode Completes CNY 2.578 Bn Financing to Boost Production Capacity and IPO Process

Industrials, Technology Author: Notrice Apr 24, 2023 11:54 AM (GMT+8)

On April 12, Libode(宜宾锂宝) completed its B round of financing, with a total of CNY 2.578 billion (USD 397 million) in funding, with the goal of accelerating its IPO and completing the company's core shareholder plan.


Libode is a wholly-owned subsidiary of Guangzhou Libode New Materials Co., Ltd.(广州锂宝新材料有限公司), focusing on the research and development, production, and sales of power batteries, located in Sanjiang District, Yibin City, Sichuan Province. Its current products cover NCA, NCM5-NCM9, and sodium-ion battery positive electrode materials. The company is currently focusing on developing highly competitive next-generation positive electrode materials, including ultra-high nickel, low-cobalt materials, cobalt-free, low-nickel, high-manganese, high-voltage materials, and low-cost sodium-ion battery positive electrode materials, which will become important products for the company in the future.

In 2020, Libode became a supplier to CATL(宁德时代), a leading company in the new energy industry. In 2021, they reached a long-term strategic cooperation agreement, which stipulated that Libode would provide CATL with no less than 200,000 tons of positive electrode materials products in the next ten years to strengthen their cooperation in the field of power batteries.

With the establishment of CATL in Yibin City, Libode has become a part of the complete lithium battery industry chain in the area, together with many new energy vehicle-related companies such as CATL, Fengchuan Power(丰川动力), and FAW-Volkswagen, forming a new emerging industry ecosystem and becoming one of the important participants in China's new energy vehicle market. Since then, Yibin City has introduced more than 20 listed companies to invest and build factories in the area, forming a complete power battery industry chain covering lithium salt, positive electrode, negative electrode, diaphragm, electrolyte, and other aspects, attracting 84 power battery and supporting projects with a total investment of CNY 207.7 billion (USD 31.9 billion) and a total output value exceeding CNY 500 billion (USD 77 billion).

In addition, the Yibin Government plans to build a billion-dollar new energy industry chain by 2028, with a planned production and sales of one million vehicles per year, a total output value of CNY 150 billion (USD 23 billion), and the entry of 3-4 complete vehicle companies, 10 or more new energy vehicle "three-electric system" companies, and more than 50 core auto parts companies.

Libode's financing this time attracted multiple shareholders, including Yibin State-owned Assets Operating(宜宾发展), Chendao Capital(晨道资本), GEM(格林美),XMXYG CORP(象屿创投), Farasis Energy(孚能科技),Guangqi Capital(广汽资本),Shenzhen Leaguer(力合科创),Yuanyou Fund(元佑基金), Nanyue Fund(南粤基金), China Capital Management(中信建投资本), and funds under CICC(中金资本).

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