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Feb 03, 2024

WeLion Aims to Grow Revenue 20

Beijing-based WeLion New Energy Technology, a supplier of high energy density semi-solid-state battery cells to Nio, is planning to go public as early as 2025. The company’s founder, Li Hong, stated

Beijing-based WeLion New Energy Technology, a supplier of high energy density semi-solid-state battery cells to Nio, is planning to go public as early as 2025. The company’s founder, Li Hong, stated in a recent interview that WeLion aims to increase its revenue 20-fold to RMB 10 billion ($1.4 billion) by 2025. WeLion’s solid-state battery technology has attracted interest from automakers such as Volkswagen, Ford, Mercedes-Benz, Geely Automobile Holdings, and Xiaomi.

In order to meet the growing demand, WeLion is building four additional battery production facilities in China. This expansion is expected to increase the company’s annual capacity to 30 GWh by 2025, up from the current 6 GWh. The batteries produced by WeLion can be utilized not only in electric vehicles (EVs) but also in energy storage systems and drones.

Despite its ambitious growth plans, WeLion acknowledges that it may not be able to compete with established lithium-ion battery giants like CATL. Li Hong stated that WeLion’s market share could be less than 1 percent by 2025.

WeLion has been supplying Nio with lithium-ion battery cells since June 30. The partnership was confirmed by Li Hong at a forum in March 2022. WeLion and Nio are also working together to develop a hybrid solid-liquid electrolyte battery with a range of 1,000 kilometers on a single charge, based on the Nio ET7 model.

WeLion’s recent funding round in November raised RMB 1.5 billion, and the company’s most recent valuation stands at 15.7 billion yuan. The company has headquarters in Beijing and production bases in Fangshan, Beijing; Liyang, Jiangsu province; Huzhou, Zhejiang province; and Zibo, Shandong province. Its Huzhou base specifically focuses on automotive power batteries.

Nio, a leading electric vehicle manufacturer in China, plans to start using WeLion’s 150-kWh semi-solid-state battery packs in July, although the exact availability date is currently unknown. The collaboration between WeLion and Nio has significantly increased WeLion’s visibility in the battery industry.