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Beijing WeLion New Energy Technology, which specializes in the production of long-range lithium batteries for electric vehicles, is reportedly planned to raise capital through a public offering in 2025.
WeLion supplies batteries to Chinese electric vehicle makers including Nio Inc. and aims to increase its revenue 20-fold to $1.4 billion by 2025. While commercialization of solid-state batteries has not yet been achieved, WeLion’s semi-solid state cell is currently being used in Nio’s ES6 SUV and has a 150 kilowatt-hour pack and an energy density of 360Wh per kilogram.
WeLion plans to build four more battery production facilities in China, increasing its annual capacity to 30 gigawatt hours by 2025.