(Image credit: CnEVPost)
NIO's 150-kWh semi-solid-state battery supplier Beijing WeLion New Energy Technology has received investments from Xiaomi and Huawei, confirming a rumor from late last year.
WeLion's registration information was changed on March 24, with several companies, including Hubei Xiaomi Changjiang Industrial Investment Fund and Shenzhen Hubble Technology Investment, becoming new shareholders, according to the information shown on the data platform Qichacha.
Hubei Xiaomi Changjiang Industrial Investment Fund is a fund launched by Changjiang Industrial Fund and Xiaomi in December 2017. Shenzhen Hubble is a venture capital arm of Huawei.
WeLion's registered capital increased by 5.74 percent from RMB 58 million ($9.11 million) to RMB 61.37 million, Qichacha's information shows.
At the end of November last year, tech media outlet 36kr cited sources familiar with the matter as saying that NIO's supplier of 150-kWh semi-solid-state batteries is Beijing-based WeLion, and that the battery maker would receive an investment of about RMB 500 million from Xiaomi and Huawei.
The investment puts WeLion's valuation at RMB 5 billion, the report said, adding that Huawei, Xiaomi and Shunwei Capital had signed off on the investment in August 2021.
NIO (NYSE: NIO, HKG: 9866) has provided significant resources to help WeLion deliver the battery on time, the report said, citing unnamed investors.
At the China EV 100 forum on March 27, WeLion chief scientist and founder Li Hong confirmed that the company is a supplier of semi-solid-state batteries to NIO.
WeLion is working with NIO on plans to launch a hybrid solid-liquid electrolyte battery with a range of 1,000 kilometers on a single charge, based on the ET7 model, Li said.
The pack, which has a capacity of 150 kWh and an energy density of 360 Wh/kg, is expected to start mass production by the end of this year or the first half of next year, Li said.