CALB, the fourth-largest power battery maker in China, plans to make an initial public offering (IPO) next year, reported Monday, without giving further details.

From January to April, China's power battery installed base was 31.6 GWh, up 241.1 percent from a year earlier, according to data released last month by the China Automotive Battery Innovation Alliance.

had a 50.7% market share with 16.04 GWh of installed capacity, while CALB was in fourth place with a 6.9% market share and 2.19 GWh of installed capacity.

(Graphic: CnEVPost)

CALB's revenue reached RMB 2.67 billion ($417 million) in 2020, with a net profit of RMB 130 million.

As of the end of last year, the company had total assets of RMB 18.7 billion and net assets of RMB 13.3 billion.

CALB Chairman Liu Jing Yu said last week that the company has increased its planned battery production capacity to 300 GWh by 2025, a 50% increase from its previous target.

To date, CALB has more than 100 GWh of battery capacity in mass production and under construction, with mass production bases in Luoyang, Henan Province, Changzhou, Jiangsu Province, and Xiamen, Fujian Province.

In May this year, CALB signed an investment agreement with Wuhan Economic Development Zone in Hubei Province to build a new power battery and energy storage battery project with a capacity of 20 GWh.

In addition to the Wuhan project, CALB has announced three battery expansion projects in 2021.

China's April power battery installations at 8.4 GWh, down 7% from March