Gasgoo Munich- Shanghai Qingtao Energy Development Co., Ltd. has officially registered. The company, with legal representative Chen Wei, has a registered capital of 10 million yuan. Its business scope spans R&D into emerging energy technologies, sales of batteries and components, energy storage technical services, and smart transmission and distribution equipment, alongside manufacturing operations for batteries and power control devices.
Image credit: Screenshot via Tianyancha
This marks another strategic move in Shanghai for Qingtao (Kunshan) Energy Development Group Co., Ltd. (Qingtao Energy). Founded in June 2016 by a team including academicians from the Chinese Academy of Sciences and professors from Tsinghua University, the company is headquartered in Kunshan, Jiangsu. It specializes in the R&D, manufacturing, and sales of solid-liquid hybrid and all-solid-state batteries for electric vehicles and energy storage systems.
In the power battery sector, Qingtao Energy's solid-state products are already powering more than 30 passenger and commercial vehicle models from renowned automakers like IM, MG, and Foton, with cumulative deliveries topping 16,800 units. In energy storage, the company is bringing solid-state technology to the sector, focusing on high-safety and high-value markets across grid, industrial and commercial, and residential applications.
According to data from Frost & Sullivan, Qingtao Energy ranked first globally by shipment volume in the solid-liquid hybrid and all-solid-state battery market in 2025, capturing roughly 33.6% of the global market and about 44.8% of the market in China.
On April 8, Qingtao Energy officially filed an IPO application with the Hong Kong Stock Exchange, aiming to become the city's first listed solid-state battery company. According to its prospectus, revenue jumped from 248 million yuan in 2023 to 405 million yuan in 2024, and then surged to 943 million yuan in 2025. However, the company reported net losses of 853 million yuan, 999 million yuan, and 1.302 billion yuan for those years, respectively, resulting in a cumulative deficit exceeding 3.1 billion yuan over the three-year period.
The prospectus attributes the losses primarily to sustained, high-intensity R&D investment, compounded by costs associated with production capacity ramp-up, product process optimization, and production line commissioning.
Qingtao Energy plans to secure new customers and expand its order book to boost margins through manufacturing scale. The company aims to reduce material costs through technological iteration and economies of scale, while advancing its global market expansion, all with the goal of turning a profit.
