CATL Targets Clean Tech Expansion Ahead of Hong Kong IPO
- tech360.tv
- May 19, 2025
- 2 min read
Contemporary Amperex Technology Company (CATL), the world’s largest electric vehicle (EV) battery maker, is expanding into clean technology as it prepares for Hong Kong’s biggest stock offering since January 2021.
The Ningde-based company could raise up to HKD 41 billion (USD 5.3 billion) from its initial public offering, with final details to be announced Monday and trading set to begin Tuesday.
CATL’s move comes as it seeks to diversify beyond battery manufacturing, with nearly 70% of its 2024 revenue still coming from EV batteries. Energy storage system batteries contributed 16%.
Despite a 9.7% drop in revenue due to falling global lithium prices, CATL’s net profit rose 15% year-on-year to 50.8 billion yuan (USD 6.9 billion) in 2024.
To support its clean tech ambitions, CATL launched CharGo last year, a Shanghai-based unit developing mobile EV charging and testing robots. These robots serve areas lacking charging stations and can be booked via phone.
CharGo CEO Kevin Xu said the company aims to lead China’s green energy sector by building a closed-loop ecosystem covering power generation, storage, and conversion.
CharGo plans to deploy 5,000 to 15,000 charging robots globally over the next two years, starting in more than 100 cities across mainland China. Over 100 units are already in operation, mainly for demonstration.
Xu estimated China’s mobile EV charging robot market could reach 50 billion yuan (USD 6.9 billion) by 2030, accounting for at least 20% of the national EV charging market.
CharGo also plans to expand overseas by the second half of 2026, targeting Southeast Asia, the Middle East, and Europe.
CATL is also investing in downstream sectors to address upstream lithium supply challenges. In 2023, it invested in two carmakers, three EV charging and battery swapping firms, two energy storage companies, and five power firms.
The company is exploring “zero-carbon” electric grids, a potential venture ten times larger than its current EV battery business, and has partnered with Sinopec and Nio to develop a battery-swapping network across China.
CATL aims to raise up to USD 5.3 billion in Hong Kong IPO
CharGo to deploy up to 15,000 EV charging robots in two years
Mobile charging market in China could hit USD 6.9 billion by 2030
Source: SCMP
