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Chinese EV battery maker Contemporary Amperex Technology Co. Ltd or CATL has unveiled an electric-car battery it said has a range of over 1,000 kilometers (620 miles) on a single charge. CATL, as the world’s biggest maker of electric-car batteries is known, will start manufacturing the next-generation “Qilin" next year, the Chinese company said. 

The battery charges faster than existing cells, and is safer and more durable, CATL said. CATL’s shares climbed 5.9% in Shenzhen, closing at the highest since February 9.

The Qilin battery, named after a mythical Chinese creature, has an energy density of up to 255 watt-hour per kilogram, Ningde, Fujian-based CATL said.

“In the CTP 3.0 battery, the internal crossbeam, liquid-cooling plate and thermal pad have been integrated into a multifunctional elastic interlayer. It also features built-in micron bridges inside the interlayer, which flexibly accommodate the changes inside the cell, improving the battery reliability throughout its full life cycle. The integrated energy unit, which is composed of the cell and the multifunctional elastic interlayer, builds a more stable load bearing structure perpendicular to the driving direction, thus enhancing the shock and vibration resistance of the battery pack," the company said in a release. 

The company said it raised 45 billion yuan ($6.7 billion) in a private placement of shares, with the proceeds intended for production and upgrade of lithium-ion battery manufacturing in four Chinese cities, as well as research and development.

CATL has experienced a wave of volatility this year, grappling soaring prices of raw materials as well as rumors of trading losses. Its first-quarter net income slid 24% from a year earlier to 1.49 billion yuan. The company hasn’t explained a 1.79 billion yuan derivatives liability, the first such charge since it listed. (With Bloomberg Inputs)

 

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