BEIJING, April 20 (Reuters) - SVOLT, an electric vehicle (EV) battery maker linked to China’s Great Wall Motor , is in talks with potential investors to raise 3-5 billion yuan ($462-$770 million), its chairman Yang Hongxin told Reuters.
The valuation of SVOLT before the new funding will be 26 billion yuan, Yang said at the 2021 Shanghai Auto Show. SVOLT aims to go public on Shanghai’s Nasdaq-like STAR board next year, Yang added.
SVOLT, which is making EV batteries in China’s eastern city of Changzhou and Wuxi, will have a global production capacity of battery cells of around 200 gigawatt hours (GWh) in 2025. It is also building a battery factory in Germany.
SVOLT has also acquired a factory to make cylindrical battery cells for mobility business including electric bikes, the chairman added.
EV battery makers in China, including CATL and BYD, have been growing in recent years thanks to booming EV sales in the world’s biggest auto market. ($1 = 6.4958 Chinese yuan) (Reporting by Yilei Sun and Norihiko Shirouzu; Editing by Himani Sarkar)