China’s largest lithium-ion battery manufacturer Contemporary Amperex Technology (CATL) has invested in a dedicated company to develop alternative energy technology projects, Chinese media reported.
The authorized capital of the company is 10 million yuan (about $1.5 million). The scope of its activities will include engineering and technical work, experiments, the study of technologies for alternative energy sources, as well as the development of projects in the field of solar energy. Other details have not yet been provided yet.
In 2021, CATL’s net income was 15.9 billion yuan (about $2.5 billion), up 185.3% from 2020.
Last year saw a record growth in the company’s total revenue, which reached 130.4 billion yuan (about $20.2 billion). The corresponding figure increased in annual terms by 159.1%.
Currently based in the city of Ningde (eastern Fujian), CATL operates ten enterprises. It uses American-made chips in its battery management system, but is developing its own similar alternative energy technologies.
CATL is also developing a new type of battery M3P, which will be cheaper than lithium-ion. For the past five years, CATL has been a leader in the global lithium-ion battery market. The company is constantly expanding its production in China, and is also considering opening a plant in the United States.