- The deal values Nio Power at around 16 billion yuan after the investment, with Nio China retaining a majority stake of 63.6%.
- Nio China plans to acquire 10% of Geely’s Haohan Energy, as the companies deepen cooperation on charging networks and battery swapping technology.
Geely Holding Group will invest in Nio Inc’s (NYSE: NIO) battery swapping business, bringing their battery charging and swapping collaboration to an equity level.
Nio announced on Monday that it has signed a definitive agreement with certain subsidiaries of Geely Holding, under which Geely Holding intends to acquire a 30% stake in Nio Power in exchange for the entire stake in its battery swap business, Yiyi Power, and 640 million yuan ($94.8 million) in cash.
Geely will use these assets and cash to subscribe for new shares of Nio Power, the transaction involving a post-money valuation of around 16 billion yuan ($2.37 billion)according to Nio’s announcement on the Hong Kong Stock Exchange.
Once finalized, Nio China will retain control of Nio Power with a 63.6% stake, while existing investor Wuhan Guangchuang Emerging Technology Phase I Venture Capital Fund Partnership will hold the remaining 6.4%.
The deal will integrate Geely’s battery swap business for commercial fleets with Nio Power, advancing the partnership from technical standards and network sharing to commercial integration.
Yiyi Power’s fleet battery swap operations will then be integrated into Nio Power, which will continue to optimize the relevant network to support the company’s growth, Nio said in a press release.
Geely’s final challenge is also linked to certain operational milestones. Its holding may be reduced after closing in the event of insufficient performance, but will not fall below 20%.
Geely also obtained an option to invest an additional 640 million yuan in cash. Excluding post-closing equity adjustments, exercising the option would increase its stake to 34% and reduce Nio China’s stake to 60%.
The option must be exercised within 2 years of closing or before Nio Power signs binding agreements for a new round of financing, whichever comes first.
In the charging sector, Nio China agreed to subscribe in cash for newly issued shares in Geely’s Zhejiang Haohan Energy Technology Co Ltd (Haohan Energy), by giving him a 10% stake at the end.
Haohan Energy will use the proceeds from the sale to purchase certain charging assets from Nio. The filing did not disclose the investment amount and the transaction is subject to regulatory approvals and other closing conditions.
The companies also plan to fully connect their charging infrastructure, expand their coverage and improve operational efficiency, by combining mutual equity investments with cooperation between their charging and battery exchange networks.
For the consumer market, the companies plan to jointly develop unified battery swapping technologies and standards. Geely will develop models with replaceable batterieswith Nio Power providing exchange services.
However, Nio’s Hong Kong filing indicates that battery swap plans covering consumer models and commercial mobility businesses under Geely remain preliminary. Their finalization and implementation are the subject of subsequent discussions between the parties concerned.
Nio said the partnership would accelerate the expansion of its battery trading network. Nio Power aims to operate 10,000 exchange stations by 2030while the annual demand for electricity on the network is expected to exceed 10 billion kWh.
Geely plans to build more than 22,000 charging stations with more than 100,000 charging connectors by the end of 2027, including more than 15,000 smart charging stations with more than 50,000 smart charging connectors.
The partnership builds on previous cooperation in technology and infrastructure. Nio and Geely Holding entered into a strategic battery swap partnership in November 2023 and extended their cooperation to charging network connectivity in March 2024.
Nio Power has already raised external capital. In May 2024, it announced a strategic investment of 1.5 billion yuan led by the Wuhan Guangchuang Fund to support technology development, operations and expansion of battery charging and swapping infrastructure.
Nio Power was founded in May 2017 in Wuhan, Hubei, central China, and was fully owned by Nio Holding before receiving investment from Wuhan Guangchuang.
In March 2025, Nio signed a strategic cooperation agreement with CATL (HKEX: 3750), indicating at the time that the battery giant was moving forward with an investment of up to 2.5 billion yuan in Nio Power. However, this investment never materialized.
The new stations support wheelbases of up to 3.5 meters, allowing the Nio, Onvo and Firefly brands to share the network.
($1 = 6.7489 yuan)
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