Envision AESC, backed by GIC and private equity firm HSG, is exploring a Hong Kong IPO that could raise up to $2 billion, according to Bloomberg. The lithium-ion battery manufacturer is working with banks on the potential offering, though discussions remain fluid and terms could change.

The planned listing reflects strong investor appetite for energy transition assets, particularly companies in the electric vehicle ecosystem and battery supply chain. Envision AESC operates manufacturing facilities across the US, UK, France, Spain, China, and Japan, supplying batteries to major automotive groups worldwide.

Originally part of Nissan, the company was acquired by Shanghai-based Envision in 2019, with Nissan retaining a minority stake. The potential IPO comes as battery manufacturers seek to capitalize on growing demand for EV components and the global shift toward electrification.