Chinese lithium-ion battery manufacturer Contemporary Amperex Technology (CATL) will emerge as one of the biggest shareholders in Pilbara Minerals under a plan to raise up to $111.5 million.

CATL will pay $55 million for 8.5 per cent of Pilbara, under a placement that buys the West Australian lithium exporter some balance sheet breathing space and values the company at $646 million.