China-listed lithium battery provider Ningbo Shanshan is among the investors that have provided RMB3.05bn ($472m) in funding for its Shanghai Shanshan Lithium Battery Material Technology subsidiary.
Electric vehicle manufacturer BYD and battery producer Contemporary Amperex Technology (CATL) also took part in the round, together with oil and gas supplier PetroChina’s Kunlun Capital unit and CATL-backed vehicle Wending Investment, at a valuation of $1.5bn.
Ningbo Shanshan provided nearly $371m while Wending and BYD injected $46.3m and $23.2m respectively. CATL and Kunlun Capital each invested $15.4m in the round, which reduced Ningbo Shanshan’s stake in Shanghai Shanshan from 90% to 87.1%.
Formed in 2014, Shanghai Shanshan develops and manufactures lithium-ion battery anodes and carbon materials. Ningbo Shanshan itself began life as an apparel vendor in 1992 before eventually shifting its business to focus on energy transition.
Ningbo Shanshan said in a Shanghai Stock Exchange filing that its Shanghai subsidiary will use the funding to expand its business offering, restock its work capital and boost its balance sheet. The latter’s revenue stood at $647m in 2021 while its net profit totalled $92.6m.
