On June 19th, a signing ceremony was held for the YiQi Exchange project in Yiwu. A cooperation agreement was made between YiQi and the Yiwu municipal government, where the parties agreed on the project to take place at a production base set up in Yiwu. The ceremony was attended by the members and Secretary of the Management Committee of Yiwu Economic and Technological Development Zone, Director Xiang Mingsheng, Vice-Director Wang Honghua, and leaders of the First Bureau of Investment Promotion of the Development Zone. In addition, Sun Zhuo, Chairman and Founder of YiQi Exchange, NIO Capital Partner Ian Zhu, YiQi Exchange Co-Founder Dong Libo and Sun Peilin, YiQi Marketing Director Zhu Xianlang, YiQi Project Manager Zhang Yong, NIO Capital Director Yang Guang, and NIO Capital Senior Investment Manager Tao Yang also attended the ceremony.
Becoming a World Class New Energy Service Platform
YiQi Exchange is an innovative tech company that provides mobility services through e-scooters. With the mission to create an efficient charging system, YiQi Exchange became the first e-scooter battery swap service provider in China. Its battery exchange network has made travelling faster and more convenient and has also alleviated major problems caused by limited battery capacities and long recharging periods. Since its inception, YiQi Exchange has attracted many domestic investment institutions, receiving several hundred million RMB of B-round financing from institutions such as NIO Capital, Tencent, and Kaihui Energy.
"Becoming a world class New Energy Service Platform for transportation" is YiQi Exchange’s mission. Currently, Yiqi is operating in 30 cities including Beijing, Shanghai, Kunming and Hangzhou, and has set up nearly 1,000 physical battery swap locations, providing high-quality power exchange services for hundreds and millions of e-scooter users. In the near future, YiQi aims to reach 1 million swapping stations - an impossible feat without the support of production capacity. Its agreement with the Yiwu Municipal government to build a large scale lithium battery production base will be the first stepping stone to reach this goal.
Yiwu Provides Ideal Conditions for Yiqi Exchange
Yiwu is one of the six most powerful cities in China; It is the largest small commodity distribution center in the world, and has been identified as the world's largest market by the United Nations, the World Bank, and other international organizations. Currently, Yiwu boasts a highly developed industry with fully constructed supporting facilities.
Since the end of 2017, YiQi Exchange has been operating in Yiwu and has also cooperated with delivery services such as ELEME inc. and Meituan. Six months into its launch in Yiwu, YiQi conducted a public survey to get an unbiased opinion on its services. The results were positive; in a short period of six months, users responded that YiQi has brought convenience and efficiency to the transportation of e-scooters in a hectic, urban city like Yiwu. Concurrently, the new "double restriction" policy issued on June 6th by the National Development and Reform Commission has brought new opportunities for development of new energy and power exchange systems. In light of this, the production base in Yiwu holds greater promise for the future.
Xiang Mingsheng, the Secretary and Director of Yiwu Economic and Technological Development Management Committee described the Municipal Government’s optimism regarding their cooperation with YiQi, with leaders recognizing the great value of the project and giving full support for YiQi to implement its construction plans. Both sides will contribute their strengths for a win-win situation and the development of a better, connected, energy efficient Yiwu.
At the ceremony, Sun Zhuo, the founder of YiQi Exchange expressed the great importance of Yiwu becoming the production site for this project. “It will not only support our large-scale manufacturing plans, but also help the economic development of Yiwu and allow the city to reach its potential.”
NIO Capital Managing Partner
“As a long-term partner of YiQi Exchange, we have always been confident in its success. NIO Capital appreciates the many achievements made by YiQi in the two-wheeler industry; its products and services display the company’s innovation ability, depth of resources, and deep understanding of B-end and C-end customers have been keeping ahead in the industry. We believe that this project in Yiwu will bring new development opportunities to YiQi and the city of Yiwu, and also pave the way for the future of lithium battery technology across the country.”