Envision AESC, an electric-vehicle battery maker backed by Singapore's sovereign wealth fund GIC, is considering a Hong Kong initial public offering that could raise between $1 billion and $2 billion, Bloomberg News reported Friday, citing people familiar with the matter.

The company is working with banks on the potential share sale, which could take place as soon as this year, the report said.

Deliberations are reportedly ongoing, and details, including the size and timing of the offering, may change.

Envision AESC operates manufacturing facilities across the U.S., the U.K., France, Spain, China, and Japan, and supplies batteries to major global automakers.

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