(Yicai Global) Nov. 26 -- WeLion New Energy Technology, which supplies semi-solid batteries to new energy vehicle maker Nio, has raised CNY500 million (USD78.2 million) from strategic investors, reported to include telecoms giant Huawei Technologies and smartphone behemoth Xiaomi, to fund an unspecified project valued at CNY5 billion (USD782.3 million).

Huawei, Xiaomi and private equity firm Shunwei Capital agreed to invest in Beijing-based WeLion in August, and Xiaomi has started the settlement process, the report said, citing sources. No amounts were given. A core executive at WeLion declined to comment.

WeLion, which used to focus on computer, communication and consumer electronics, is the only producer of solid-state batteries using technology from the Laboratory of Renewable Energy at the Chinese Academy of Sciences’ Institute of Physics. It has three production bases in Beijing, Liyang, southeastern Jiangsu province and Huzhou, southeastern Zhejiang province.

Editor: Kim Taylor