Mirattery, the battery asset company backed by Nio, CATL and two other investors, said on Friday it has signed a strategic cooperation agreement with CATL, the world’s largest battery manufacturer and a long-time partner of the EV maker.
The agreement, announced in Wuhan where Mirattery is based, covers a broad scope of collaboration including equity investment, battery rental services, user operations, co-construction and sharing of battery swap networks, as well as battery recycling.
The companies did not disclose how much CATL increased its stake in Mirattery.
It also includes cooperation in battery technologies, joint development of innovative technologies, and business model expansion.
Mirattery said the agreement aims to set a new benchmark for upstream-downstream integration in the electric vehicle (EV) value chain.
CATL is a founding shareholder of Mirattery, alongside Nio, Guotai Junan, and Hubei Science and Technology Investment.
The joint venture was launched in August 2020 to support the rollout of Nio’s Battery-as-a-Service (BaaS) model, which allows vehicle buyers to lease batteries separately from the car. At its founding, each of the four partners held a 25% stake.
Over time, the shareholding structure has shifted. Nio now holds the largest stake at 19.4%, while CATL and Hubei Science and Technology Investment each hold 10.68%.
The new agreement comes four months after Nio and CATL the deepening of the partnership with CATL committing to invest up to 2.5 billion yuan ($346 million) in Nio’s power unit, Nio Power.
Last April, Nio‘s founder and CEO William Li commented on the Reuters report, which said CATL was in discussions to acquire a controlling stake in the Nio Power unit saying, “Don’t believe or spread rumors” in a group chat with customers.
While CATL’s investment in Mirattery under the latest agreement is expected to be smaller, local media outlet 36Kr reported in March that CATL was preparing to increase its stake in the battery asset operator as part of its broader push into battery swap infrastructure.
In recent years, CATL has invested heavily in battery-swapping technology.
In December, the company unveiled its proprietary swap system branded “Chocolate Swap,” which features standardized 20# and 25# modules aimed at creating industry-wide compatibility.
Mirattery, also known as Wuhan Weineng, surpassed 20 GWh in managed battery assets in late 2023, underlining the scale of its role in China’s fast-growing battery swap ecosystem.
As of the time of writing, Nio shares are trading 6% higher at $3.91.
