Nio said in a Hong Kong exchange filing that it had entered definitive agreements with subsidiaries of Zhejiang Geely Holding Group on a transaction involving their battery-swapping and charging businesses.

Under the deal, a Geely subsidiary will contribute its entire stake in E-Energee Internet Technology (Chongqing), Geely’s battery-swapping platform for commercial vehicles, and 640 million yuan (US$95.4 million) in cash for a 30% stake in Nio Power, Nio’s battery-swapping and charging unit.

After the deal closes, Nio Holding will retain 63.6% of Nio Power, while Wuhan Guangchuang Emerging Technology Phase I Venture Capital Fund Partnership (Limited Partnership), an existing investor, will hold 6.4%.

The transaction values Nio Power at about 16 billion yuan (US$2.39 billion) post-money.

That matches the valuation at which Nio Power secured its first external funding round of about US$207 million in May 2024.

The tie-up comes as China is advancing standards for battery-swap interoperability across brands.

🔗 Source: Security Times

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