Geely invests in NIO Power to scale battery swapping

Geely Holding Group will acquire a 30% equity interest in NIO Power through a combination of its 100% equity interest in Yiyi Power and a RMB 640 million cash investment. The September 28 agreement values NIO Power, which includes NIO's battery-swapping and charging station division, at approximately RMB 16 billion (US$2.38 billion) post-money. Upon completion, Nio China will retain a 63.6% stake in NIO Power.

Geely has also been granted an option to invest an additional RMB 640 million in cash within two years of the deal's closing or before NIO Power signs binding agreements for a new financing round, whichever comes first. The transaction remains subject to regulatory approvals and other closing conditions before completion.

Partnership expands to joint technology and network integration

The collaboration extends far beyond a simple equity investment. The companies plan to co-develop unified battery swapping technologies and standards for the consumer vehicle market. Geely Holding Group will develop consumer-facing battery-swappable vehicle models, with NIO Power providing the battery swapping services for these models.

They will jointly invest in charging and battery swapping businesses, aiming to fully connect their charging infrastructure. The goal is to expand network coverage and improve operational efficiency. NIO Power will also integrate Yiyi Power's existing battery swapping business for commercial mobility services and continue to optimize its swap network for commercial fleets.

NIO to acquire 10% stake in Geely's Haohan Energy

As part of the broader cooperation, NIO will make a reciprocal investment. Nio China will acquire a 10% equity stake in Geely's subsidiary, Zhejiang Haohan Energy Technology Co Ltd (Haohan Energy), via a cash subscription for newly issued equity. The specific investment amount was not disclosed. Haohan Energy will use the proceeds from this investment to purchase certain charging assets from NIO.

Long-term infrastructure goals include 10,000 swap stations and 22,000 charging points

The partnership supports ambitious long-term infrastructure targets from both companies. NIO Power aims to operate 10,000 battery swap stations by 2030. The annual electricity demand across its network is expected to exceed 10 billion kWh by that date.

Separately, Geely plans to build more than 22,000 charging stations with over 100,000 charging connectors by the end of 2027. This build-out includes more than 15,000 smart charging stations equipped with over 50,000 smart charging connectors. Geely stated it will work with NIO and other industry partners to build a denser, more reliable, and safer recharging network.