NIO sells 30% of battery swap unit NIO Power to Geely at $2.4B valuation

NIO signed definitive agreements to sell 30% of NIO Power, its battery swap and charging unit, to a Geely Holding subsidiary at a post-money valuation of about RMB16 billion ($2.4 billion). Most of the payment is non-cash: Geely contributes its commercial swap operator Yiyi plus RMB640 million ($94 million), while NIO takes 10% of Geely's charging arm.

• After closing, NIO China holds 63.6% of NIO Power, Geely 30%, Wuhan Guangchuang 6.4%
• Geely's stake can fall to a 20% floor if operational milestones underperform
• Geely has an option to invest another RMB640 million within two years, reaching 34%
• NIO China subscribes to 10% of Zhejiang Haohan Energy, Geely's charging business