- Nio Power has struck a deal with a state-owned enterprise in Yunnan to jointly build battery swap stations in the province.
- This is the fourth partnership with a state-owned enterprise on battery swap stations that Nio has announced in the past month.
Nio's (NYSE: NIO) power unit has struck another new deal to work with a partner to advance the construction of battery swap stations.
Nio Power signed a strategic cooperation agreement with a subsidiary of Yunnan Jiaotou Group Operation Development on April 11 in Kunming, Yunnan province in southwest China, according to an announcement posted yesterday on the Nio App.
The two companies will work together in areas including battery swap infrastructure for electric vehicles (EVs), smart energy management systems, and virtual power plant access, according to the announcement.
The companies plan to jointly build integrated stations with energy storage, charging, and battery swap capabilities in highway service areas managed by Yunan Jiaotou -- a local state-owned enterprise.
They will also explore incorporating battery swap stations into virtual power plants to participate in grid demand response, according to the announcement.
The partnership will help speed up the construction of energy replenishment infrastructure in Yunnan's highway service areas, the announcement said.
To date, Nio Power has 38 battery swap stations in Yunnan, as well as more than 150 charging piles, and has cumulatively provided more than 390,000 battery swaps to local customers, according to Nio.
The EV maker currently has 3,255 battery swap stations in China, providing more than 71 million battery swap services in total.
Yunnan Jiaotou, whose main business is handling infrastructure in Yunnan, said in November last year that it would invest about RMB 265 million yuan ($36.3 million) in the construction of charging piles and the expansion of power capacity in the 99 service areas it manages.
This is the fourth partnership Nio has announced in the past month with a state-run company to build battery swap stations.
On April 9, Nio Power and Jining Hi-Tech Holding Group signed a strategic partnership agreement in Jining, Shandong province, to jointly build 50 battery swap stations in the eastern Chinese province.
Nio has finalized similar partnerships in 15 provinces, and the number is growing, the company's head of energy industry partnerships, Yu Xiwei, said at the time.
On April 1, Nio signed a partnership agreement with a subsidiary of the Changsha Economic Development Group to jointly build 100 battery swap stations in Hunan province.
On March 26, Nio signed a strategic partnership agreement with Beijing-based Future Science City Group to build 100 battery swap stations.
On October 23, 2024, the company signed a cooperation agreement with Wuhan Shouyi Science and Technology Innovation Investment and Development Group to co-build 100 battery swap stations in Hubei province.
These agreements are part of Nio's Power Up Partners program, announced on August 20, 2024, which seeks to build charging and battery swap stations with partners.
($1 = RMB 7.2921)
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