Solid-state battery firms in China and US line up IPOs as oil prices lift EV appeal

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.