Hithium Seeks Funds for Global Energy Storage Expansion
Xiamen Hithium Energy Storage Technology Co. Ltd., a leading player in the energy storage sector, is seeking funds to fuel its global expansion and boost its energy storage systems business. The company, which is the world's third-largest provider with about 11% of the global market, aims to tap into the booming demand for batteries and energy storage systems.
Hithium's growth has been remarkable. Between 2022 and 2024, its shipments grew by an average of 167% annually. In 2024 alone, the company's revenue grew by 26%, with energy storage systems revenue more than doubling. This impressive performance comes amidst a thriving energy storage sector, buoyed by strong investor interest and supportive government policies.
The company's expansion plans are ambitious. It aims to become the largest provider in global energy storage shipments, a goal it has already come close to achieving, becoming the second-largest in the first half of 2025. Hithium has won multiple international orders, further cementing its position in the global market. The global energy storage market is expected to reach over 1,000 GWh per year by 2030, presenting a significant opportunity for the company.
Hithium's Hong Kong IPO process is expected to restart within the next three months, as the company seeks to raise funds for its expansion. Despite an initial IPO filing expiring in 2025, the company is well-positioned to capitalize on the growing demand for energy storage systems. With its strong track record and ambitious plans, Hithium is set to play a significant role in shaping the future of the energy storage sector.
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