Aulton New Energy
China's largest independent third-party battery swap solution provider
Guangzhou, ChinaFounded 2016Multiple rounds; pre-IPO RMB 11.9B post-money (Jan 2022) raisedRMB 11.9B (Jan 2022 pre-IPO round) valuationwww.aulton.com
SectorsCharging
Connected Stations
521
267 self-owned + 254 third-party
H1 2025 Revenue
RMB 324M
-31.7% YoY
H1 2025 Net Loss
RMB 157M
Narrowed from RMB 283M
Pre-IPO Valuation
RMB 11.9B
Jan 2022 round
Funding History
Total raised: Multiple rounds; pre-IPO RMB 11.9B post-money (Jan 2022) · Latest valuation: RMB 11.9B (Jan 2022 pre-IPO round)
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Series A | 2019 | — | — | NIO Capital |
| Series B | 2021 | — | — | SoftBank Vision FundNIO Capital |
| Pre-IPO Round | Jan 2022 | — | RMB 11.9B post-money | Existing investorsIndustrial funds |
| HK IPO Filing | Dec 2025 | — | — | CMB International (sole sponsor) |
Product Specifications
| Feature | Details |
|---|---|
| Core Service | Automated battery swap for passenger EVs and commercial vehicles |
| Swap Time | ~3 minutes per vehicle |
| Stations | 521 connected (267 self-owned + 254 third-party) as of H1 2025 |
| Compatibility | Multi-brand chassis-mounted swap platform |
| Technology | Robotic swap mechanism + cloud battery management; developing unmanned operation |
| Battery Standard | Standardized packs for cross-brand swap interoperability |
Partnerships & Investors
SinopecStation Partner
Co-located swap stations at Sinopec fuel sites; framework targets nationwide rollout
NIO CapitalStrategic Investor
Holds 5.53% stake; multi-round investor since Series A
SoftBank Vision FundInvestor
Led Series B (2021)
BAICOEM Partner
Battery swap integration for BAIC EV models
Changan AutoOEM Partner
Partnership to develop swap-compatible EV platforms
Key Milestones
2016
Company Founded
Established to develop automated battery swap technology and stations for EVs
2019
NIO Capital Investment
NIO Capital takes early-stage stake (5.53% as of 2025 prospectus)
Apr 2021
Sinopec Strategic Cooperation
Signs agreement with Sinopec to deploy battery swap stations within Sinopec's 30,000 fuel station network
2021
SoftBank Vision Fund Series B
SoftBank leads Series B alongside NIO Capital
Jan 2022
Pre-IPO Round
Post-money valuation of RMB 11.9B in final private round before IPO
H1 2025
521 Stations / 130K Vehicles
Connects 521 swap stations (267 self-owned + 254 third-party); 130K+ registered EVs; 160K+ batteries managed
H1 2025
RMB 324M Revenue
First-half revenue down 31.7% YoY to RMB 324M; net loss narrows to RMB 157M
Dec 2025
HKEX IPO Filing
Submits Hong Kong listing prospectus aiming to be first 'battery swap stock'; CMB International sole sponsor