Xiamen Hithium Energy Storage Technology (Hithium) has raised over 4.5bn yuan ($622.2m) in its Series C funding round, reported DealStreetAsia.

Chinese government-backed Beijing Financial Street Capital Operation Group (BFS Capital) and China Life Private Equity Investment led the funding round.

The round was co-lead by Bank of China’s BOC Asset Management, Goldstone Investment, Dinghui BaifuCMG-SDIC Capital, CICC Capital and the China-US Green Fund.

Matrix Partners China, Hefei Industry Investment Holding Group, and CDI New Energy, the new energy division of Beijing-based Capital Development Investment Fund, also participated in the latest round.

The investment comes a few days after Hithium’s plans to launch a domestic initial public offering were revealed.

Hithium will use the proceeds to support the expansion of its manufacturing facilities, purchase advanced machinery, conduct technological research & development (R&D), and explore new markets.

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Set up in 2019, Hithium specialises in the R&D, manufacturing, and sale of lithium-ion energy storage batteries and related technologies.

It aims to surpass the 100GWh-per-year manufacturing level by 2024 before delivering 135GWh of energy storage batteries by 2025 with an anticipated total investment of $4.71bn.

According to Hithium co-founder and general manager Wang Pengcheng, the company will keep researching important technologies to develop advanced energy storage batteries, with an emphasis on reducing costs and enhancing safety.

In October 2022, Hithium raised more than 2bn yuan in its Series B funding round led by ABC International, the investment banking division of the Agricultural Bank of China (ABC).