Clarios, the former automotive battery device of Johnson Controls Inc., reported on Wednesday it had confidentially filed paperwork with the U.S. Securities and Trade Commission for an preliminary public featuring.

The organization, backed by Canada’s Brookfield Asset Administration Inc., did not disclose other details about the proposed featuring.

The flotation of Clarios, which could be valued at about $twenty billion in its IPO in accordance to a individual common with the issue, would mark one of the major automotive inventory marketplace debuts this year.

EV maker Lucid Motors struck a $24-billion merger offer with a blank-verify agency in February, whilst another superior-flying startup Rivian is also lining up to go public later on this year.

Brookfield had acquired Glendale, Wis.-dependent Clarios in 2019 from former car supplier Johnson Controls, for $thirteen.two billion, in one of the major offers clinched by the asset manager.

One particular in three cars and trucks on the road globally takes advantage of a battery created by Clarios and its solutions are made use of in more than 140 nations around the world, in accordance to the company’s website.

Clarios is also backed by Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s major state pension buyers.