June 11, 2018 / 6:01 AM / 9 months ago

EV startup Byton says China battery producer CATL to invest in it

BEIJING, June 11 (Reuters) - China’s dominant battery producer Contemporary Amperex Technology Co Ltd (CATL) has agreed to invest in Chinese-funded electric vehicle startup Byton, Byton said in a statement on Monday.

Byton would not disclose the scale of CATL’s investment, but its spokeswoman said the battery producer is a “sizable investor” that participated in Byton’s $500 million Series B round of funding.

Other investors that took part in the latest round of funding include China’s state-owned automaker FAW Group and Tus-Holdings, according to Byton.

“Diversified strategic investors will further expand Byton’s circle of friends and broaden our development opportunities,” Byton’s president Daniel Kirchert said in the statement. (Reporting By Norihiko Shirouzu; Editing by Muralikumar Anantharaman)

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