GIC-Backed AESC Said to Target $10 Billion Value in New Round

AESC Group is targeting a valuation of about $10 billion in its latest funding round, according to people familiar with the matter, as the Asian maker of batteries used in electric vehicles seeks to boost growth.

AESC, which is controlled by Chinese clean energy firm Envision Group, is considering raising about $1.5 billion from private investors in a series C round, the people said, asking not to be identified because the information isn’t public.

Considerations are preliminary and details such as the fundraising size and valuation could still change, the people said. Representatives for AESC and Envision declined to comment. ...