Shanghai (ZXZC)- Beijing Welion New Energy Technology Co.,Ltd. (Welion), who supplies solid-state batteries to companies including NIO, will nab around 500 million yuan ($78.261 million) from strategic investors like Xiaomi and Huawei, according to a local media outlet.

Huawei, Xiaomi, and ShunWei Capital signed the agreement in August for the decision to invest in Welion, and Xiaomi has gone into the settlement process, according to the local media channel, citing a person briefed on the matter.

The other source revealed that the Xiaomi-related party joining the investment is the industrial investment arm of Xiaomi, rather that the strategic investment unit.

Welion declined to comment on the rumored funding.

Welion's 6S solid-state lithium ion battery; photo credit: Welion

Founded in 2016, the Beijing-headquartered Welion is dedicated to the R&D and production of hybrid solid-liquid electrolyte lithium-ion batteries and solid-state lithium batteries. It has three battery manufacturing bases, which are located in Beijing's Fangshan district, Jiangsu province's Liyang city, and Zhejiang province's Huzhou city.

Welion focused on the field of batteries used for computers, communications devices, and consumer electronics in early development period, and then became the solid-state battery provider of NIO.

At the NIO Day in January, NIO launched the massive 150kWh “semi-solid-state” battery that makes the ET7 flagship model boast an NEDC range of more than 1,000 km (621 miles).

According to William Bin Li, chairman and CEO of NIO, the 150 kWh battery features a high-performance Si/C composite anode material, and an ultra-rich nickel cathode material. The battery has an ultra-high energy density of 360 Wh/kg—a 50% improvement over the 100 kWh battery. It is expected for delivery in the fourth quarter of 2022.

NIO has not disclosed the name of the 150kWh battery supplier, while the aforesaid media outlet revealed this provider is Welion.