China battery maker WeLion secures $207m Series D
Beijing WeLion New Energy Technology, a China-based manufacturer of lithium-ion batteries, has raised CNY 1.5bn (USD 207m) in Series D funding led by Chengtong State-Owned Enterprises Mixed Ownership Reform Fund.
Other investors include China Securities, SDIC Chuangyi Industry Fund, China Merchants Capital, Dyee Capital, Hidden Hill Capital, Hermitage Capital, and Yunhe Partners.
WeLion was founded in 2016 following a spinout by a team working in the renewable energy laboratory of the Chinese Academy of Sciences. The company is headquartered in Beijing and has production bases in Beijing and in Jiangsu, Zhejiang and Shandong provinces.
It specialises in hybrid solid-liquid electrolyte lithium-ion batteries and all-solid-state lithium batteries. Applications cover new energy vehicles (NEV) and ships, large-scale energy storage, and consumer electronics.
WeLion collaborates with leading domestic electric vehicle (EV) manufacturers like Nio as well as traditional carmakers such as Geely, which has pushed into the NEVs and EVs through Farizon Auto and Zeekr, respectively.
WeLion and Nio are expected to begin mass production of a hybrid solid-liquid electrolyte battery as early as the end of this year. The product is said to be able to last up to 1,000 kilometres on a single charge.
The company secured angel funding in 2017 from Lotus Lake Ventures, SummitView Capital, and Hyperstrong New Energy. A Series A, featuring Three Gorges Capital Holdings, Tianqi Lithium, Chinese Academy of Sciences Venture Capital, and Landstone Capital, closed the following year.
In 2021, WeLion raised a third round from Oceanpine Capital, SummitView, Huarong Securities, Yti Capital, Xiaomi, Huawei Technologies, IDG Capital, and Nio Capital, and then an additional CNY 500m from Huawei, Xiaomi, Nio Capital, and IDG.
Batteries represent a significant area of interest for PE and VC investors targeting the EV value chain. Last year, Enpower Greentech, a developer of all-solid-state batteries - described as a safer alternative to liquid-based lithium-ion batteries - closed a Series A extension of USD 20m.
Lighthouse Capital served as the exclusive financial advisor for WeLion's Series D round.
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