Nio Power, the energy subsidiary of Nio Inc (NYSE: NIO, HKG: 9866), has signed a new agreement to advance the construction of facilities including battery swap stations.
The unit, headquartered in Wuhan, Hubei, today signed a strategic cooperation agreement with the city's Optics Valley Traffic Company, according to a statement released by Nio today.
The two parties will engage in in-depth cooperation in areas including the construction and operation of charging and battery swap infrastructure for EVs, energy innovation businesses, and brand ecosystems, the statement said.
The brief statement provided no further details. An image showed Nio CFO and Nio Power head Stanley Qu attending the signing ceremony.
Optics Valley, a state-owned enterprise established in 2014, has core businesses including engineering management, investment, and technical services, according to its website profile.
Nio Power was established in Wuhan in May 2017 and was initially wholly owned by Nio Holding.
On May 31, 2024, Nio announced that Nio Power secured a RMB 1.5 billion ($210 million) investment from strategic investors in Wuhan. This marked the first external funding for the unit to support its infrastructure development.
Nio Power operates a battery swap station assembly plant in Wuhan covering about 20,000 square meters.
By 2025, the facility's maximum production capacity would reach 1,500 battery swap stations, with an annual output value exceeding RMB 2 billion, according to a December 2024 announcement by the Wuhan East Lake High-Tech Development Zone Management Committee.
Nio currently operates 3,606 battery swap stations across China, including 1,003 along highways.
It also operates 4,830 charging stations in China, providing 27,536 charging piles.
($1 = RMB 7.0703)
