Great Wall-backed Svolt secures $942 million Series B+ · TechNode

Great Wall-backed Svolt secures 2 million Series B+ · TechNode

Chinese electric vehicle battery maker Svolt has raised RMB 6 billion ($942 million) in its Series B+. Investors include state-owned Sichuan Energy Investment Group and private equity firm CDH Investments, according to a Dec. 11 announcement. The Great Wall Motors-backed battery supplier said it will use the proceeds to accelerate new product development and expand capacity in eastern Changzhou city. The company targets a design capacity of 600 gigawatt-hours by 2025, equivalent to that of EV battery market leader CATL. [Svolt statement, in Chinese]



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