Nio announced that it has joined the Horizon Europe program with 26 partners and received funding for research and development of energy storage systems in electric mobility services.
(Image credit: Nio)
Nio's (NYSE: NIO) power products have received support from a research and innovation program in Europe as the company steps up efforts in deploying its iconic battery swap stations there.
The Chinese electric vehicle (EV) maker announced Tuesday its participation in the European Union's Horizon Europe research and innovation program, where it has been awarded funding for its power products and solutions in Europe, along with 26 partners, to further research and develop energy storage systems in e-mobility services.
Horizon Europe is the biggest research and innovation program in the European Union. With a total investment of €95.5 billion from 2021 to 2027, the program brings together world-class research teams to collaborate and innovate with the aim of tackling climate change and achieving the UN's Sustainable Development Goals, according to a press release from Nio.
As part of this, Nio is using its battery swap stations to provide grid services that make energy systems more resilient, stable and efficient, it said.
The three-year project, which officially launched in January, will see Nio and its partners explore the application of stationary hybrid energy storage to improve the ultra-fast charging performance of EVs and reduce the impact on the grid.
The research will also demonstrate portable battery chargers for EV mobility services, integration of photovoltaic into charging infrastructure, and second-life applications for batteries, Nio said.
“As part of this R&D project, Nio will contribute unique insights into the future of energy services in Europe through the development and implementation of the brand's unique Power Swap Station technology and smart electric vehicles,” said Shen Fei, senior vice president of Nio Power.
Nio has more than 1,300 battery swap stations worldwide, 10 of which are in Europe, with seven more set to open across Europe next month, the company said.
Since 2015, Nio has built a global design and product development division in Germany and the UK and is now strengthening its commitment to the region by continuing to work with partners in key areas of electric vehicles, it said.
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