Qingtao (Kunshan) Energy Development Group Co. Ltd. has filed for a Hong Kong initial public offering (IPO) amid widening losses, reporting a gross loss increase from 59 million yuan in 2023 to 250 million yuan in 2024. The company specializes in the commercial production of semi-solid-state batteries, which are considered potential next-generation solutions for electric vehicles.
Founded in 2016 and spun off from Tsinghua University, Qingtao Energy has transformed its focus from solid-liquid hybrid to all-solid-state battery technologies. As of now, their products power over 30 vehicle models and have achieved cumulative deliveries exceeding 16,800 batteries, including applications in an 800 MWh energy storage project in Wuhai, Inner Mongolia.
The company aims to address the current challenges of cost and performance prevalent in the industry, positioning itself among a handful of firms advancing solid-state battery technology towards practical applications.
