Leading manufacturer of energy storage products, Hithium Energy Storage Technologies Co. (Hithium) has closed Series C funding round of over RMB 4.5 billion ($622 million) to advance its stationary energy storage products.
Based in Xiamen, China, Hithium specializes in stationary battery energy storage systems (BESS) based on lithium-iron-phosphate (LFP) battery technology and has delivered 5GWh of battery products in 2022.
"The new funding will enable us to continue expanding our production capacity to meet demand, advanced equipment procurement, technology R&D, and market development," stated Hithium.
Hithium has delivered BESS products for large commercial and industrial projects in China and is looking to meet the demand for stationary energy storage products in Europe and worldwide starting 2023.
According to the Reuters report, those providing the latest funding to Hithium include the private equity investment arm of the state-owned China Life Insurance and Beijing Financial Street Capital, a fund backed by the state asset regulating authority in the Xicheng district of Beijing. Among its new investors also are, private equity units of leading Chinese investment banks CICC and CITIC, and the financial asset investment unit of Bank of China.
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