NIO inks battery-swapping deal with Geely, values energy unit at $2.4 billion

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Sept 28 : 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 ($95 million)  in cash.

• The transaction values NIO Power at a post-money valuation of about 16 billion yuan ($2.38 billion).

• NIO will acquire a 10 per cent equity stake in Geely's smart charging subsidiary, Haohan Energy.

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• 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.

($1 = 6.7128 Chinese yuan renminbi)

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