Svolt, an electric vehicle battery maker backed by Chinese automaker Great Wall Motor, is looking to raise about RMB 15 billion ($2.1 billion) in an initial public offering on the country’s Nasdaq-style STAR Market, according to a security filing on Friday. More than 75% of the proceeds will be spent on building three production facilities with a total capacity of 106.65 gigawatt-hours (GWh) of batteries annually, with the rest of the funds going to research and development and providing liquidity. Wei Jianjun, chairman of Great Wall Motor, is Svolt’s controlling shareholder with a 76.8% stake, along with minor shareholders such as Xpeng Motors and Xiaomi’s investment fund. [Svolt filing, in Chinese]