Svolt Energy plans to raise RMB 15 billion, seeking a valuation of RMB 60 billion.

In August 2021, the company announced that its first cobalt-free battery rolled off the production line in mass production, and was the first such product in the world to come out of the lab and into mass production.

On July 19 of this year, Svolt Energy announced that its all-solid-state battery lab developed China's first 20Ah-class sulfide all-solid-state prototype cells with energy densities of 350-400 Wh/kg.

To date, the company has established seven R&D centers in Japan, Korea, the US, India, Wuxi, Baoding and Shanghai.

Svolt Energy's current customers are car companies including Great Wall Motor, Geely Auto, Leapmotor, Dongfeng Motor, Voyah, Seres, and Hozon Auto.

A month ago, Svolt Energy said it was supplying battery cell modules for Xpeng Motors' P5 sedan, which officially rolled off the production line in volume on October 19.

Svolt Energy said at the time that it was supplying modules for the 550-km range P5 and the products are manufactured at a new AI plant at the company's headquarters in Changzhou's Jintan district.

In 2019, 2020 and 2021, the company's revenue was RMB 929 million, RMB 1.74 billion and RMB 4.47 billion, respectively, with net losses of RMB 326 million, RMB 700 million and RMB 1.15 billion, respectively.

In the first half of this year, Svolt Energy reported a net loss of RMB 897 million on revenue of RMB 3.74 billion and a net loss of RMB 1.02 billion after non-recurring gains and losses.

Svolt Energy's revenue mainly comes from battery packs, modules, cells and energy storage products.

In the first half of this year, the company's battery pack business contributed RMB 2.09 billion in revenue, or 60 percent. Its revenue from modules was RMB 700 million, or 20 percent of revenue, and revenue from cells was RMB 634 million, or 18.22 percent of revenue.

In October, Svolt Energy's power battery installed base in China was 0.53 GWh, ranking seventh with a 1.73 percent share, according to data released earlier this month by the China Automotive Battery Innovation Alliance (CABIA).