Beijing WeLion, Chinese maker of 1,000km EV battery, plans IPO by 2025
- Beijing WeLion New Energy Technology’s semi-solid state battery is being used in Nio’s ES6 SUV unveiled in May
- WeLion is building four more battery production facilities in China to boost its annual capacity to 30GWh by 2025 from 6GWh currently, founder Li Hong said
A Chinese maker of long-range electric vehicle batteries – including one capable of going 1,000 kilometres on a single charge – plans to go public as soon as 2025 as it banks on carmakers embracing next-generation cells in the race to overcome range anxiety.
Beijing WeLion New Energy Technology, which supplies the 1,000km range semi-solid state cell to Chinese EV start-up Nio, is targeting a 20-fold surge in revenue to 10 billion yuan (US$1.4 billion) by 2025 to fuel its aspirations, founder Li Hong said in a recent interview.
The company, better known as WeLion, was valued at 15.7 billion yuan in its most recent funding round, said Li, who also holds the title of chief scientist.
Solid-state batteries are a potential game changer for the EV industry because they enable high-voltage, high-capacity cathodes that provide a substantial boost to battery capacity and performance, according to BloombergNEF.
WeLion’s semi-solid state battery is being used in Nio’s all-new ES6 sport utility vehicle unveiled in May, becoming one of few next-generation battery makers in the world to start mass production and commercialisation.
WeLion’s battery for Nio has a 150 kilowatt hour pack, and the 1,000km range compares favourably with the Lucid Air Dream Edition R (840km) and Tesla’s Model S (640km). The cell has an energy density of 360Wh per kg, Li said. That is higher than the estimated 300Wh per kg of Tesla’s 4680 battery, according to Shinyoung Securities in Seoul.
