Nio Inc's (NYSE: NIO) energy arm Nio Power has formed a strategic partnership with Poly Property Group to expand its charging and battery swap network using the developer's real estate projects across China.
The companies signed an agreement in Shanghai on Wednesday to jointly develop charging and battery swap infrastructure in residential communities, commercial complexes, office buildings and industrial parks, Nio said today.
The partnership will cover Poly Property's existing and new developments, focusing on core residential areas, commercial facilities and office parks in major cities. The announcement did not disclose the number of stations planned or the investment involved.
The agreement gives Nio access to more potential sites for its expanding network and will further integrate charging and battery swap services with vehicle sales, in-person experiences and property operations.
Under the agreement, the companies will also cooperate on targeted vehicle sales and the joint development of physical store networks, while coordinating station operations and maintenance, user services and data management.
The partnership also covers energy management, including the integration of solar power, energy storage, charging and battery swapping, as well as virtual power plant access and vehicle-grid interaction in residential communities.
Poly Property is a key real estate platform of China Poly Group, with residential, commercial, industrial and office projects in multiple Chinese cities that can provide sites and property management support for the infrastructure.
Nio is expanding its charging and battery swap network through external partnerships. Nio Power has worked with more than 40 partners, including local state-owned investment platforms and financial institutions, across 25 provinces, municipalities and regions to jointly build more than 900 battery swap stations, the company said.
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