NIO inks battery-swapping deal with Geely, values energy unit at US$2.4bil
BEIJING: Chinese electric vehicle maker NIO said on Monday it had signed a broad deal with Zhejiang Geely Holding Group on their battery-swapping and charging businesses.
Under the deal, Geely Holding Group will acquire a 30 per cent stake in NIO Power, NIO's battery-swapping and charging unit. For the purchase, Geely will contribute its 100 per cent equity in its battery-swapping subsidiary Yiyi Power, plus 640 million yuan (US$95 million) in cash.
The transaction values NIO Power at a post-money valuation of about 16 billion yuan (US$2.38 billion).
NIO will acquire a 10 per cent equity stake in Geely's smart charging subsidiary, Haohan Energy.
The two companies will co-develop unified swapping standards and vehicle models.
NIO Power aims to have 10,000 battery swap stations in operation by 2030, with annual electricity demand expected to exceed 10 billion kWh.
Geely plans to expand its network to over 22,000 charging stations with more than 100,000 connectors by the end of 2027.
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