RT Advanced Materials, a developer of lithium battery cathode materials, has recently completed D-round financing, garnering over 5 billion yuan ($739.5 million). The main investors are well-known industrial capital institutions, several large domestic automobile groups, car-making startups, battery manufacturers, and national industrial funds. SDIC Unity Capital continued to invest in this round.
RT Advanced Materials, established in October 2016, is a high-tech enterprise focusing on the R&D, production, recycling, sales and service of lithium battery cathode materials, as well as independently developed lithium iron phosphate cathode materials. Its products are widely used in new energy vehicles, power systems, 5G communication systems and consumer electronic products.
RT Advanced Materials has successfully built a production line with an annual output of 100,000 tons of lithium iron phosphate cathode materials. At present, it is expanding the production line of over 300,000 tons of lithium iron phosphate materials and recycling. It is estimated that the firm’s operating income this year will exceed 10 billion yuan ($1.48 billion). This round of financing will be leveraged to expand its production capacity.
Under the background of China’s official carbon peaking and carbon neutrality goals, developing new energy vehicles and electrochemical energy storage have become effective ways to decarburize. Among them, lithium iron phosphate batteries are one of the mature schemes at present. According to data of Starting Point Research Institute, in the first quarter of 2022, the domestic shipments of lithium iron phosphate materials were 170,500 tons, up 268% year-on-year. According to Guotai Junan Securities’ research report, in the first quarter of 2022, RT Advanced Materials ranked third in the lithium iron phosphate market, accounting for an 11.1% market share.