Chinese EV Battery Maker Unveils Multibillion Dollar IPO, Will Use Proceeds to Develop Next-Gen Cobalt-free Batteries

Hector RETAMAL / AFP

One of China’s hottest electric vehicle battery makers announced plans to go public on the Shanghai Stock Exchange’s NASDAQ-like STAR market in a bid to raise $2 billion to build next-generation EV power packs.

SVOLT Energy Technology Co. is an important player in the Chinese EV battery space as it’s the offspring of auto major Great Wall Motors and is now partially owned by electronics giant Xiaomi. It also has the backing of some of China’s largest and most influential state-owned enterprises, including China Mobile and insurance giant PICC.

What makes SVOLT particularly interesting is that it’s pioneering the development of high-energy cobalt-free batteries that, if successful, would eliminate China’s current dependence on sourcing the blue metal from the Democratic Republic of the Congo.

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