Written by Cláudio Afonso | LinkedIn | X
Nio Energy Investment (Hubei) Co., Ltd., also known as Nio Power and a subsidiary of Chinese electric vehicle maker Nio, said on Monday it has increased its registered capital.
In May, the Shanghai-headquartered EV maker announced that its Nio Power unit, which focuses on EV battery charging and swapping services, received a 1.5 billion yuan ($207.9 million) investment led by Wuhan Guangchuang Emerging Technology Venture Capital Fund Phase I.
Amid the announcement, the company said the investment would be directed towards different fields including advancing research and development, the company’s charging and swapping infrastructure network, vehicle-to-grid (V2G) interaction, among others.
According to the Chinese business registration platform Tianyancha, the Wuhan Guangchuang Innovation Technology Phase I Venture Capital Fund, which is affiliated with the Optics Valley Industrial Investment Fund, has taken a 10% stake in the Nio Power unit which has now increased its registered capital from 2 billion yuan to approximately 2.222 billion yuan ($308 million).
Following this restructuring, Nio Holding Co., Ltd. holds a 90% stake in the company, with Wuhan Guangchuang Innovation Technology Phase I Venture Capital Fund holding the remaining 10%.
The EV maker announced in August that it will build a new 20,000-square-meter factory in Wuhan, China, to support a faster rollout of new battery swap stations in the country.
In addition to the new factory, Nio will establish a new headquarters in Wuhan for the Nio Power division.
In late October, Nio’s entity in China “Nio Holding Co., Ltd.”, had raised its registered capital by nearly 1 billion yuan (approximately $140.4 million), taking it from 6.43 billion to 7.43 billion yuan ($1.04 billion).
Written by Cláudio Afonso | LinkedIn | X
