Three Chinese EV battery and material companies are tapping investors for more than $10bn in new funding, as the country cements its dominance over global clean tech supply chains.
China’s Contemporary Amperex Technology, the world’s largest battery maker, this week concluded the second-largest equity capital market transaction in the world this year, as a wave of battery and rare earths companies rush to meet booming demand.
The combined fundraising by the three Chinese groups — CATL, Tianqi Lithium and Huayou Cobalt — eclipses the hundreds of millions of dollars being spent by Washington and key US allies including Australia and South Korea to chip away at China’s supremacy in the sector.
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