EcoFlow Plans U.S. IPO to Raise $300 Million Amid Regulatory Scrutiny and Energy Storage Demand

EcoFlow, a Chinese portable energy storage manufacturer, is considering an initial public offering (IPO) in the U.S. to raise at least $300 million for overseas manufacturing, research, and market expansion in North America. The company, formally known as Shenzhen EcoFlow Technology Co Ltd, is working with advisers for the listing amid increasing scrutiny of Chinese firms by U.S. regulators.

EcoFlow, which holds a 25.8% global market share in portable energy storage sales, plans to capitalize on the U.S. Inflation Reduction Act (IRA), which promotes domestic energy storage production. The IPO would occur during a challenging time for Chinese issuers, facing tighter Nasdaq listing requirements and increased regulatory oversight. EcoFlow's revenue is projected to reach around 7 billion yuan ($980 million) in 2024, with a U.S. listing potentially exceeding its last private valuation of $1 billion.