In this undated file photo, a visitor looks at a CATL product on display during an expo in Shanghai. (PHOTO PROVIDED TO CHINA DAILY)

SHANGHAI - Chinese battery giant CATL said it was planning a private share placement to raise up to 58.2 billion yuan (US$8.98 billion) to fund six projects aimed at boosting its production capacity of lithium-ion batteries.

The massive fundraising comes as the Ningdo-based firm - formally Contemporary Amperex Technology Co Ltd - expands battery manufacturing capacity around China and in Germany.

Chinese battery giant CATL will also use the capital to develop battery technologies for energy storage facilities

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It will also be used to build several battery factories in Fujian, Zhejiang and Guangdong provinces in China and to boost capital, CATL said in a statement late on Thursday. In addition, it will use the capital to develop battery technologies for energy storage facilities.

As global auto industry accelerates transformation towards electrification, CATL is supplying electric vehicle batteries to a swathe of automakers including Tesla Inc, Volkswagen AG and Geely. It is competing with Japan’s Panasonic and South Korean LG Chem.

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CATL currently has a market capitalization of over 1.1 trillion yuan.