Nio has signed an agreement with Suzhou Energy Group, a Chinese state-owned enterprise, to jointly promote charging and battery swap infrastructure.
Nio (NYSE: NIO) has signed an agreement with a Chinese state-owned enterprise to jointly promote electric vehicle (EV) infrastructure.
Nio Power, the EV maker's energy arm, signed a strategic cooperation agreement with Suzhou Energy Group today, according to a statement by Nio.
The two companies will work together on charging and battery swap network construction, virtual power plant construction and operation, and the creation of zero-carbon stations, the statement said.
The brief statement said nothing more.
Suzhou Energy Group is a state-owned enterprise in Suzhou, a neighboring city to Shanghai -- where Nio is headquartered -- and is under the direct supervision of the Suzhou State-owned Assets Supervision and Administration Commission.
Founded on November 8, 2022, the group has eight holding subsidiaries and is primarily responsible for Suzhou's urban energy system, according to its website.
Nio's partnership with the group appears to be aimed primarily at advancing the construction of its battery swap stations, as one of the biggest challenges for such facilities is obtaining site resources.
The EV maker unveiled its Power Up Counties plan at its Power Up 2024 event on August 20, with the goal of having its battery swap station network cover more than 2,300 counties by December 31, 2025.
It also aims to get its charging network to cover all county-level administrative regions in China by June 30, 2025.
To advance the effort, Nio announced the Power Up Partners program, and wants partners to work together to build charging and battery swap facilities.
The program saw the first partners sign up at the Power Up 2024 event, and those partners will be able to earn revenue from the co-built battery swap stations.
Nio Power Up 2024: Infrastructure plans, new swap station plant, and more
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