- This is the third partnership Nio has announced in the past month with a state-owned company to build battery swap stations.
- Nio has finalized similar partnerships in 15 provinces, and the number is growing.
Nio Power, the power unit of Nio (NYSE: NIO), signed a new agreement to build a new batch of battery swap stations with a partner.
Nio Power and Jining Hi-Tech Holding Group signed a strategic cooperation agreement today in Jining, Shandong to build 50 battery swap stations in the eastern Chinese province, according to a statement by Nio.
The first three Nio battery swap stations built under the partnership went live today, according to the statement posted on Nio's mobile app.
Jining Hi-Tech is a state-owned enterprise in Shandong province with total assets of RMB 40.4 billion ($5.5 billion), according to a profile on the Jining government website.
The company was established in November 2017 and is mainly responsible for urban development and infrastructure construction.
To date, Nio Power has more than 180 battery swap stations and more than 850 charging piles in Shandong, and has cumulatively provided more than 1.2 million battery swaps to users in the province, according to Nio.
The new partnership will help speed up the construction of electric vehicle (EV) replenishment infrastructure in Shandong, Nio said.
Nio currently has a total of 3,249 battery swap stations in China and has provided more than 70 million battery swaps in total.
The company has finalized similar partnerships in 15 provinces and the number is growing, said Yu Xiwei, Nio's head of energy industry partnerships.
"These partners will work with us to build China's largest battery swap network with complete independent intellectual property rights," Yu said.
This is the third similar partnership with a state-owned enterprise announced by Nio in the past month and the fourth since last October.
On October 23, 2024, Nio signed a cooperation agreement with Wuhan Shouyi Scientific Innovation Investment Group to build 100 battery swap stations in Hubei province.
On March 26, Nio signed a strategic cooperation agreement with Beijing-based Future Science City Group to jointly build 100 battery swap stations.
On April 1, Nio signed a cooperation agreement with a subsidiary of the Changsha Economic and Technological Development Group to co-build 100 battery swap stations in Hunan province.
These agreements are part of Nio's Power Up Partners program, announced on August 20, 2024, to work with partners to jointly build charging and battery swap facilities.
With the Power Up Partners program, Nio hopes to provide partners with a revenue stream and save on capital expenditures while advancing the construction of battery swap stations.
Nio's construction of battery swap stations this year would be funded primarily by its partners, Nio founder, chairman and CEO William Li said in an interview with local media last month.
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