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Chinese battery startup Hithium raises $278m to boost output

Company offers products for utility, commercial and residential users

China's Hithium aims to reach 100 gigawatt-hours of annual production capacity by 2024, up from an estimated 45 GWh now. (Source image from Hithium website)

HONG KONG -- Chinese battery startup Hithium has raised over 2 billion yuan ($278 million) in a Series B funding round led by ABC International, the investment banking unit of the Agricultural Bank of China (ABC), as it looks to expand its production capacity.

Matrix Partners China, new energy-focused Fenghe Capital, Dayone Capital, Shanghai-listed metal mining business Chengtun Mining Group and a few others joined the round, the company said on Tuesday.

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