Nanjing NIO Energy Co., Ltd., a subsidiary of the EV maker Nio, has raised its registered capital from 20 million yuan ($2.8 million) to 250 million yuan ($34.4 million), an increase of about 1,150%.
According to corporate data platform Qichacha, the company was founded in July 2017 and has Wu Yan as its legal representative.
Its business scope includes the planning, design, research and development, construction, sales and operation of intelligent systems for electric vehicles, as well as the construction and management of charging and battery-swap facilities.
The company initially planned to open 2,000 new battery swap stations in China this year.
However, the target was slightly reduced to a range of 1,800-2,000 stations earlier this year.
As reported by EV last week, Nio‘s founder and CEO William Li said the EV maker will fall short of its 2025 target for new battery swap stations in China as it shifts resources toward the next-generation system set to debut early next year.
As of Tuesday, Nio has added 494 new sites across China — equivalent to about 27.4% of the lower end of its target.
Nanjing NIO Energy is wholly owned by Wuhan NIO Energy Co., Ltd., which in turn is fully controlled by NIO Energy Investment (Hubei) Co., Ltd., also known as Nio Power.
The latest filing follows a series of capital increases across Nio’s energy affiliates.
In June, Wuhan NIO Energy more than doubled its registered capital to 1.784 billion yuan ($245 million) from 784 million yuan ($109 million), an increase of about 128%, Qichacha data showed.
That move came just months after CATL invested more than $345 million into Nio’s energy unit.
Wuhan NIO Energy was founded in May 2017, one year before Nio opened its first battery swap station in China.
Its business scope covers energy recovery systems, R&D of electric motors and auto parts, sales of battery swapping equipment, and related big data and AI software services.
The company’s legal representative is Shen Fei, one of Nio’s earliest employees, who joined in 2015 as its 274th staff member after working at Sieyuan Electric.
Shen has long been a central figure in Nio’s energy business, but earlier this year the EV maker appointed him to lead its mass-market brand Onvo, replacing Alan Ai after that unit fell short of sales targets.
His responsibilities overseeing battery swapping and charging were transferred to Chief Financial Officer Stanley Qu, who now holds both roles.
When CATL invested in Nio Power in March, the two companies said they would deepen cooperation on capital and operations to expand what they described as the world’s largest battery swapping network.
In May 2024, Nio Power also secured a 1.5 billion yuan ($208 million) investment from Wuhan Guangchuang Emerging Technology Venture Capital Fund Phase I.
The entity is an affiliate of the Optics Valley Industrial Investment Fund, and the investment gave the fund a 10% stake.
Following the deal, Nio Power raised its registered capital to about 2.222 billion yuan ($308 million).
