GIC-backed Envision AESC is exploring a Hong Kong listing that could raise up to $2bn, according to a Bloomberg report.

The lithium-ion battery manufacturer, which also counts private equity firm HSG among its investors, is working with banks on the potential offering, although discussions remain ongoing and terms could change.

Moreover, the planned IPO reflects sustained investor interest in energy transition assets, particularly companies positioned within the electric vehicle ecosystem and battery supply chain.

Envision AESC operates a global manufacturing footprint, with facilities across the US, the UK, France, Spain, China, and Japan, supplying batteries to major automotive groups worldwide.

The company was originally part of Nissan before being acquired by Shanghai-based Envision in 2019, with the Japanese automaker retaining a minority stake.

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