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Battery maker AESC eyes US IPO, seeks further expansion funding

EditorRachael Rajan
Published 10/27/2023, 05:47 PM
© Reuters.

Japan's battery manufacturer, AESC, is contemplating a Series C funding round that could potentially value the company in billions, following its recent successful Series B round. This move marks a significant step towards the company's plans to go public in the United States, according to insiders. The company, which originated in 2007 as a joint venture between Nissan (OTC:NSANY) and NEC, has already raised $1 billion and is seeking additional funds for further expansion.

AESC is primarily operating in Japan and is largely controlled by China's Envision, led by Zhang Lei. The potential impact of fundraising or an initial public offering (IPO) on Envision's ownership remains unclear. This has sparked concerns about the company being classified as a 'Foreign Entity of Concern' in the US.

The battery manufacturer is strategically engaging with global automakers as prospective anchor investors for its upcoming funding round. The final decision on these funding plans is yet to be made, and the company refrains from commenting on market speculation.

AESC's confidential details are currently available in Bloomberg Law's premium legal & business news. The comprehensive coverage includes information about the company's use of AI-powered legal analytics, workflow tools, and research tools. Interested subscribers can log in to access these research tools and keep reading.

The company's ambitious growth plans underscore its intention to strengthen its position in the global battery manufacturing market. However, it remains to be seen how these plans will unfold and how they will affect the company's ownership structure.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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