China’s largest battery maker has taken a large controlling stake in a lithium project in Quebec, as companies rush to get access to supplies of the key raw material.
The purchase comes as Contemporary Amperex Technology, or CATL, is rapidly expanding its production of electric car batteries with the aim of becoming the world’s largest producer by 2020.
The Ningde-based company is set to raise $2bn through an initial public offering in China this year, valuing it at $20bn.
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