Chinese Portable Battery Firm EcoFlow Eyes US IPO
- ByStartupStory | December 17, 2025
Chinese Portable Battery Firm EcoFlow Eyes US IPO
Shenzhen-based portable power solutions maker EcoFlow Technology is exploring a potential initial public offering in the United States, a rare move for a mainland Chinese company of its scale amid tightening domestic listing regulations and geopolitical tensions.
IPO plans and potential scale
EcoFlow is working with financial advisers on a share sale that could raise at least $300 million, according to sources familiar with the discussions. The company has not commented publicly, and details on timing, valuation, or exact exchange remain fluid. A US listing would position EcoFlow among a select group of Chinese tech firms seeking deeper liquidity and global investor access despite heightened scrutiny of China-based issuers.
Founded in 2017 by former DJI battery engineers led by CEO Bruce Wang (Lei Wang), EcoFlow has grown into a global leader in portable power stations, home backup systems, and renewable energy storage. Its product lineup—including the popular DELTA and RIVER series—caters to outdoor enthusiasts, emergency preparedness, and off-grid living, capitalizing on surging demand for resilient, clean energy solutions.
Rapid growth and market positioning
The company’s ascent reflects the explosive growth of the portable power sector, fueled by climate events, remote work, EV adoption, and renewable integration. EcoFlow claims leadership in mobile energy storage, with innovations like fast-charging X-Stream technology and expandable battery ecosystems. It has expanded aggressively into North America and Europe, partnering with major retailers and launching AI-enhanced home energy management systems showcased at CES 2025.
Backed by prominent investors including HSG (formerly Sequoia Capital China) and Hillhouse Investment, EcoFlow has raised hundreds of millions in prior rounds. Its manufacturing prowess stems from drone-era battery expertise, enabling lightweight, high-capacity units that outperform competitors in power density and recharge speed. Annual revenue reportedly exceeds $1 billion, with strong margins from direct-to-consumer sales via its app and e-commerce channels.
Strategic pivot to US capital markets
A Nasdaq or NYSE debut would mark a bold departure from the norm for Chinese hardware firms, which typically list on Shanghai’s STAR Market or Shenzhen’s ChiNext. The choice underscores EcoFlow’s international revenue focus—over 70% from overseas—and desire to tap US institutional capital for scaling production amid US-China supply chain shifts. It mirrors strategies of peers like drone maker EHang and battery firm CATL, though EcoFlow’s consumer tilt differentiates it.
Challenges loom: US regulators demand rigorous audits and transparency for Chinese ADRs, with delisting risks under the Holding Foreign Companies Accountable Act. EcoFlow must navigate these while highlighting its US headquarters presence and diversified supply chains. Success could unlock billions in valuation, rewarding early backers and funding gigafactory expansions.
Broader implications for cleantech
EcoFlow’s IPO ambitions signal maturing investor appetite for energy transition hardware beyond EVs and solar panels. Portable power bridges consumer gadgets with grid resilience, addressing blackouts, camping trends, and solar storage. As climate risks intensify, demand for modular, app-controlled systems grows, with EcoFlow’s AI-driven OASIS platform exemplifying smart energy management.
The listing could catalyze more Chinese cleantech firms toward US markets, challenging perceptions of hardware as low-margin. For investors, it offers exposure to a $20 billion+ addressable market projected to grow 25% annually through 2030. EcoFlow’s path—from drone batteries to IPO contender—embodies China’s manufacturing evolution meeting global sustainability needs.
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