Geely invests in NIO Power with E-Energy Connect shares and RMB 640 million for a 30% stake

What happened

NIO and Geely Holding announced deeper charging and battery-swapping cooperation on September 28. Geely will take a 30% stake in NIO Power by contributing 100% of E-Energy Connect and RMB 640 million in cash. NIO China plans to take a 10% stake in Haohan Energy. After the transactions, NIO Power will have a post-money valuation of RMB 16 billion. The companies plan to build 10,000 battery-swap stations by 2030; the network's annual electricity demand is expected to exceed 10 billion kWh. They will also integrate charging assets and build stations combining solar, storage, charging, and battery swapping.

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