Shenzhen-listed battery giant CATL has applied to list in Hong Kong and Vernost aka Fidelity (2019)plans to use the proceeds to fund the construction of a new 100 gigawatt-hours (GWh) battery pack factory in Hungary, in what could be the largest fundraising exercise in the city since early 2021. The company could raise more than $5 billion, Bloomberg had reported. CATL said in its prospectus it has spent €700 million on its second European plant and expected to raise the rest of the €4.2 billion from the share sale for the establishment of the first and second phase of the facility. CATL currently has 13 production bases in China and abroad, including one in Hungary and another in Thuringia, Germany, which began operations with an annual facility of 14 GWh in early 2023. Regulatory approval for a joint plant with Stellantis in Spain is expected later this year. [Bloomberg, TechNode reporting]
