Solid-state battery firms in China and US charged up for IPO run

Three solid-state battery developers across China and the US are moving towards initial public offerings (IPOs), as geopolitical tensions and elevated oil prices fuel demand for more energy-efficient technologies. Qingtao (Kunshan) Energy Development Group became the latest to join the queue, filing for a Hong Kong listing on April 8. Earlier, Beijing WeLion New Energy began the pre-listing tutoring process ahead of a planned application to the Shenzhen Stock Exchange, while US-based Factorial Energy said it intended to go public via a special purpose acquisition company (SPAC) merger, which features a listed shell company set up for acquisitions. Solid-state batteries, widely viewed as a potential successor to conventional lithium-ion technology, replace the liquid electrolyte with a solid material. This reduces fire risk while offering higher energy density and longer driving range. Yet significant hurdles remain. High production costs and the technical challenge of maintaining stable contact between solid layers during repeated charge cycles have so far limited large-scale commercialisation. Founded in 2016, Qingtao focuses on deploying solid-state batteries in electric vehicles (EVs) and energy storage systems (ESS). It was the world’s largest producer of solid-liquid hybrid and all-solid-state batteries by shipment volume in 2025, according to its prospectus, citing Frost & Sullivan. The company has attracted strong backing from carmakers. SAIC Motor, which owns the British MG brand, has invested nearly 3 billion yuan (US$414 million) in Qingtao since 2020, making it both a key shareholder and major customer with a 14.24 per cent stake. Following its latest funding round in February, Qingtao’s pre-IPO valuation rose to 27.9 billion yuan. In 2025, its revenue surged 132.6 per cent to 943 million yuan, while its net loss narrowed by more than 30 per cent to 1.3 billion yuan. WeLion, also established in 2016, develops solid-state lithium-ion batteries for EVs, aviation and energy storage. The Beijing-based company is best known as the sole supplier of a 150-kWh semi-solid-state battery pack for Nio, with an energy density of 360 Wh/kg. The company reached a valuation of 18.5 billion yuan after nine funding rounds as of 2025, according to Hurun. In the US, Massachusetts-based Factorial Energy has emerged as a leading contender, backed by Mercedes-Benz, Stellantis and Hyundai Motor Group. Its proprietary Factorial Electrolyte System Technology (FEST) and “Solstice” platform aim to deliver driving ranges of up to 1,200 km. Factorial is targeting a valuation of about US$1.1 billion through its planned SPAC merger, according to reports in December. The renewed push towards listings comes as rising geopolitical tensions – particularly in the Middle East since March – have driven crude oil prices above US$100 per barrel, boosting the appeal of EVs and ESS. Despite a recent ceasefire announcement, Goldman Sachs expected Brent crude to average around US$90 per barrel in the second quarter, still more than 28 per cent higher than pre-conflict levels.