Nio partners with Geely in NIO Power deal valuing unit at RMB 16 billion
NIO•Nio and Geely agreed to a battery-swapping and charging transaction valuing NIO Power at about RMB 16 billion, with Geely investing RMB 640 million and taking a 30% stake.
1. Deal terms
Geely’s unit will invest RMB 640 million in cash and contribute its wholly owned commercial battery-swapping business for a 30% stake in NIO Power. NIO China will retain 63.6% control; Geely’s stake may fall to no less than 20% if operational milestones are missed, and Geely has an option to invest another RMB 640 million.
2. Cross-investment
NIO China will take a 10% stake in Geely’s Haohan Energy, funded by cash used to buy certain charging assets from NIO.
