YiQi Exchange, an e-scooter mobility service provider, recently announced itscompletion of series B financing. Raising hundred-millions of RMB Yuan, YiQi Exchange is co-invested by Tencent, NIO Capital, Cathay Smart Energy Fund, and New CognitiveFund.
Sun Zhuo, founder & CEO of YiQi Exchange, said: "In recent years, the implementation of new national standards has ushered new development opportunities in the e-scooter industry. With the industry entering a new growth period, users’ battery usage pain points can be greatly alleviated through the use of battery swap services. Furthermore, lithium batteries may possibly replace lead acid batteries, creating new promising opportunities for e-scooter service providers. I expect a large number of new battery companies will soon emerge in the future. Battery can be dangerous as it is highly inflammable. Despite the increasing competition, YiQi will continue to prioritize safety and ensure the quality of its battery cells."
William Li, managing partner of NIO Capital and co-investor in this series of financing, said: "NIO pays close attention to energy supply transformations and business model innovations. In the current e-scooter market, there are more than hundred-millions of existing owners. With new user demands and new regulatory policies coming into play, we expect the demand for energy will surge up to hundred-billions of RMB yuan. We have an upbeat outlook for YiQi’s integration of standardized battery with battery swap network. With years of experience in the industry, YiQi’s team has gained keen user insights and developed a unique style of play. In addition, the integration of battery management will bring promising synergies to sectors including e-scooters, NEVs and energy storage. We are very optimistic about YiQi’s future. We expect a rapid growth from the company and look forward to develop further cooperation and synergies in battery life cycle management."
Nathan Yu, managing partner of NIO Capital, also expressed his high expectations for YiQi. He stated, "both the sharing economy and the electrification of vehicles have always been the focus of the transportation industry. The success of the battery swap in e-scooters ultimately lies in efficiency, including asset efficiency, operational efficiency and capital efficiency. The cooperation with YiQi is a prudent, research-driven decision made by our team. With YiQi’s battery swap stations, riders can easily swap the batteries without delaying their travel. After a series of extensive surveying and research, we are very confident in YiQi and look forward to its success.”
About YiQi Exchange
Established in 2014, YiQi Exchange is the first e-scooter batter swap service provider in China. YiQi’s self-invented smart battery swap network includes three parts: YiQi lithium battery, YiQi smart battery swap station, and YiQi client APP. Battery swap can alleviate mileage anxiety problems caused by limited battery capacities and long recharging periods. With this new concept, YiQi makes travelling faster and more convenient. At the same time, the safety and reliability of battery hardware are continuously being improved, which mitigates potential fire hazards. YiQi Exchange offers flexible pay method. Users simply scan a QR code and enjoy YiQi’s services. This system is characterized by high user stickiness with low user access barriers. YiQi has created considerable profits through its stable operations.
Serving tens of thousands of users, YiQi has completed millions of battery swaps and has accumulated a vast amount of battery data. Operating in 21 cities including Shanghai, Suzhou, Zhengzhou and Kunming, YiQi covers nearly 1,000 physical stores. Users include take-away riders from Meituan and ELEME Inc., and users from brands as Sundiroand XITE.
In the future, NIO Capital will work closely with YiQi Exchange to continuously support its R&D and innovation efforts. Together, NIO Capital and YiQi strive to provide fast and convenient charging services for the public. At the same time, NIO Capital also looks forward to work with manynew partners in realizing a seamless battery swap coverage network in China.