(Bloomberg) -- A Chinese maker of long-range electric vehicle batteries — including one capable of going 1,000 kilometers (620 miles) on a charge — plans to go public as soon as 2025 as it banks on automakers embracing next-generation cells in the race to overcome range anxiety.

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Beijing WeLion New Energy Technology Co., which supplies the long-range semi-solid state cell to Chinese EV upstart Nio Inc., is targeting a 20-fold surge in revenue to 10 billion yuan ($1.4 billion) by 2025 to fuel its aspirations, founder Li Hong said in a recent interview.

The company, better known as WeLion, was valued at 15.7 billion yuan in its most recent funding round, said Li, who also holds the title of chief scientist.

Solid-state batteries are a potential game changer for the EV industry because they enable high-voltage, high-capacity cathodes that provide a substantial boost to battery capacity and performance.

Read More: The Next-Gen Battery Tech Vying to Supercharge EVs

While no one has succeeded yet in commercializing solid-state batteries, WeLion’s semi-solid state cell is being used in Nio’s new ES6 sport utility vehicle unveiled in May, making it one of few next-generation battery makers in the world to start mass production.

WeLion’s battery for Nio has a 150 kilowatt-hour pack, and the 1,000-kilometer range compares favorably with the Lucid Air Dream Edition R (840 kilometers) and Tesla Inc.’s Model S (640 kilometers). The cell has an energy density of 360 watt-hours per kilogram, Li said. That’s higher than the estimated 300 watt-hours per kilogram of Tesla’s 4680 battery, according to Shinyoung Securities in Seoul.