(Bloomberg) -- Growatt, a Chinese smart energy solutions company, is considering a Hong Kong initial public offering to raise as much as $500 million, according to people familiar with the matter. 

The Sequoia Capital China-backed company is working with China International Capital Corp. and Credit Suisse Group AG on the potential listing, the people said, asking not to be identified as the information is private. The offering could raise $300 million to $500 million and could happen as early as this year, the people said.

Discussions are continuing and details of the potential share sale such as fundraising size and timing could still change, the people said. Representatives for CICC and Credit Suisse declined to comment, while a representative for Growatt didn’t immediately respond to requests for comment.

Founded in 2010, Shenzhen-based Growatt develops and manufactures solar inverters, energy storage systems, EV charges and smart energy management solutions, according to its website.

Growatt manufactures 3 million inverters and 600,000 battery modules a year at a plant in Huizhou, China. The company has shipped more than 3.8 million solar inverters to customers in over 150 countries, and set up sales services centers in more than 23 countries including Germany, the US, Australia, Thailand and India.

©2022 Bloomberg L.P.