NIO swap stations

Geely is buying into NIO’s battery swap network. NIO announced definitive agreements on Sunday that hand a Geely Holding subsidiary 30% of NIO Power, the unit running its swap stations and chargers, at a post-money valuation of about RMB16 billion ($2.4 billion).

Most of what Geely is paying isn’t cash. It’s contributing its own commercial battery swap business plus RMB640 million ($94 million), while NIO takes 10% of Geely’s charging arm in a parallel deal.

Chinese EV automaker NIO has begun operations of its first EV battery swap station in the country of Denmark. The centrally located station will offer battery swap access to new NIO drivers in several European countries and brings NIO’s station total to twelve throughout the continent.

According to a recent Weibo post, EV automaker NIO is testing its latest generation of battery swap stations in China. Due to record temperature across the country causing energy blackouts, NIO has explained that some of its swap stations already have the technology equipped to act as “virtual power plants” supplying energy back to the local grid during peak hours.