NIO sells 30% of battery swap unit to Geely subsidiary
NIO said it signed definitive agreements giving a Geely Holding subsidiary a 30% stake in NIO Power, the unit that operates its swap stations and chargers. The deal values NIO Power at about RMB16 billion ($2.4 billion) and includes an asset contribution plus RMB640 million in cash.
NIO announced definitive agreements on Sunday to sell 30% of NIO Power to a subsidiary of Geely Holding. NIO Power operates the company’s battery swap stations and chargers.
The transaction implies a post-money valuation of about RMB16 billion, or $2.4 billion. According to the source, most of Geely’s contribution is not cash.
Geely is contributing its own commercial battery swap business plus RMB640 million, or $94 million. In a parallel deal, NIO is taking a 10% stake in Geely’s charging arm.