CATL-Backed Chinese Energy Startup Seeks Funds at $831 Million Value
- Energy storage firm CNTE plans to raise about 600 million yuan
- Ex-CATL vice chairman Huang Shilin joined CNTE as chairman
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An energy storage startup backed by Contemporary Amperex Technology Co. Ltd. is considering a round of fundraising that would value it at as much as 6 billion yuan ($831 million) to fuel further growth amid the global clean-power transition, according to people familiar with the matter.
Contemporary Nebula Technology Energy Co. is in talks with financial and strategic investors to raise about 600 million yuan, said the people, who asked not to be identified because the discussions are private. The firm is drawing interest as energy storage systems are core to China’s green push and are part of the country’s most recent five-year plan, they said.