China Southern Power Grid Energy Storage Technology and NIO Energy signed an agreement to cooperate in virtual power plants, battery swapping, battery recycling and utilization

On February 26, 2024, China Southern Power Grid Peak and Frequency Regulation (Guangdong) Energy Storage Technology Co., Ltd. (“China Southern Power Grid Energy Storage Technology”) and NIO Energy Investment (Hubei) Co., Ltd. (“NIO Energy”) signed a framework cooperation agreement in Guangzhou. Liu Guogang, Chairman and Party Secretary of China Southern Power Grid Energy Storage, and Li Bin, Founder, Chairman and CEO of NIO, witnessed the signing on site. Wang Zhiqiang, Chairman of China Southern Power Grid Energy Storage Technology Co., Ltd., and Shen Fei, Senior Vice President of NIO, signed the contract on behalf of both parties. Li Dinglin, General Manager and Deputy Party Secretary of China Southern Power Grid Energy Storage, Lu Wensheng, Deputy General Manager and Party Committee Member of China Southern Power Grid Energy Storage, He Xu, Head of NIO Energy System Management, and Hu Weifeng, Head of NIO Car-Network Interaction, attended the signing ceremony.

According to the agreement, the two parties will give full play to their respective resource advantages under the principle of "mutual benefit, complementary advantages and common development", and carry out comprehensive cooperation in the fields of virtual power plants, battery swapping station business, battery cascade and recycling, and promote the access of aggregated resources such as charging and swapping stations, energy storage stations, and adjustable loads to the virtual power plant platform, provide peak load regulation, frequency regulation, and demand-side response services for the power grid, and improve asset operation efficiency and benefits. The two parties will also select suitable locations to jointly build battery swapping stations, and promote the commercial application of battery swapping stations as distributed energy storage while improving the convenience of battery swapping services.