A CHINESE maker of long-range electric vehicle (EV) batteries, including one capable of going 1,000 kilometers (620 miles) on a single charge, plans to go public as soon as 2025 as it banks on automakers embracing next generation cells in the race to overcome range anxiety.

Beijing WeLion New Energy Technology Co., which supplies the 1,000km range semi-solid state cell to Chinese EV upstart Nio Inc., is targeting a 20-fold surge in revenue to 10 billion yuan (US$1.4 billion) by 2025 to fuel its aspirations, founder Li Hong said.

The firm, better known as WeLion, was valued at 15.7 billion yuan in its most recent funding round, said Li.

Solid-state batteries are a potential game changer for the EV industry because they enable high-voltage, high-capacity cathodes that provide a substantial boost to battery capacity and performance, according to BloombergNEF.

While no one has yet succeeded in the commercialization of solid-state batteries, WeLion’s semi-solid state cell is being used in Nio’s all-new ES6 sport utility vehicle unveiled in May, becoming one of few next-generation battery makers in the world to start mass production and commercialization.

WeLion’s battery for Nio has a 150 kilowatt hour pack, and the 1,000km range compares with the Lucid Air Dream Edition R (840km) and Tesla Inc.’s Model S (640km). The cell has an energy density of 360Wh per kilogram, Li said. (SD-Agencies)