Chinese battery manufacturer CATL (Contemporary Amperex Technology Co. Limited) has launched the second-generation ‘Shenxing' fast-charging battery.

What Happened: The company announced the second-generation battery at an event in Shanghai, reported Reuters on Monday. Shenxing batteries would power over 67 new EVs this year, CATL's Chief Technology Officer, Gao Huan, said.

The new battery would enable a range of 520 km or approximately 323 miles on a 5-minute charge. The battery can also be charged from 0% to 80% in 15 minutes in cold weather.

The report also shares that, besides the new battery, CATL also unveiled a new brand called Naxtra for the company's Sodium-ion batteries. Sodium-ion batteries could help reduce the risk of a fire in EVs, some experts suggest.

Why It Matters: Last year, CATL, whose customers also include the likes of Volkswagen AG (OTC:VLKAF) and Ford Motor Co. (NYSE:F), was seeking over $1.5 billion in funding to bolster its EV battery supply chain. 

Elsewhere, fast-charging tech throughout the globe is experiencing rapid development. Recently, leading Chinese automaker BYD Co., Ltd. (OTC:BYDDF) (OTC:BYDD) unveiled its fast-charging technology, which could provide approximately 250 miles of range through a 5-minute charge.

In contrast, Tesla Inc.'s (NASDAQ:TSLA) superchargers provide 170 miles of range on a 10-minute charge, significantly lower than BYD's tech.

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