Shanghai (ZXZC)- China's largest lithium battery maker Contemporary Amperex Technology Limited (CATL) plans to apply for a comprehensive credit line with the ceiling of RMB110 billion from banks, the company announced on November 28.

According to the announcement, CATL's application for the comprehensive credit line is to meet the company and its subsidiaries' demand over capital in production, operation and program development with a validity period starting from January 1, 2019 to the date on which the 2019 annual shareholder meeting kicks off. The quota of credit line within the validity period can be used in a recycling manner. Besides, the credit line will be granted in such forms as working capital loan, fixed asset loan, loan for programs, acceptance bill, letter of guaranty, letter of credit, notes discount and financial derivative instruments, etc.

CATL claimed on the same day that it will start a program to research and produce power batteries and energy-storing lithium batteries in Liyang, Jiangsu Province via its wholly-owned subsidiary Contemporary Amperex Technology Limited (Jiangsu). The program involves a planned total investment of no more than RMB7.4 billion, which will be raised by the company itself and come from bank loans.