Weineng (Wuhan) Battery Asset Co. — also known as Miraterry — announced on Monday that it has raised 1 billion yuan ($145.2 million) in green ABN debt.
The company’s first offering of 2026 will fund battery operations for the battery asset operator of the Shanghai-headquartered EV maker Nio.
The offering was issued through China’s interbank bond market and made available to international investors via Bond Connect.
It was structured in four tranches and was notably unsecured, suggesting the underlying battery asset pool was strong enough to stand on its own without a third-party guarantee.
The deal was benchmarked against STC standards with full asset verification, and was led by CICC as lead underwriter and bookrunner, with Bank of Communications and Bank of China as joint lead underwriters.
Credit and green ratings were provided by Lianhe Ratings and Lianhe Equator, according to the announcement.
The battery asset operator behind Nio‘s BaaS (Battery as a Service) business said the offer drew strong investor demand, with pricing continuing to trend downward — a sign of growing market confidence.
The funds will go toward deploying battery asset-related businesses and supporting technological research and innovation.
Miraterry added that the expanding investor base reflects broader recognition of its business prospects.
This issuance is the latest in a series of financing and asset securitization efforts by Mirattery over recent months, as it continues to diversify and regularize its funding channels.
Series C3
Last month, Miraterry completed its Series C3 equity financing round, raising 1 billion yuan.
Mirattery introduced two important state-owned enterprise shareholders from Hefei, in Anhui Province, where Nio has three production plants: Hefei Construction Investment Holding and Hefei Economic and Technological Development Zone (HETDZ) Investment Promotion.
The battery company also received continued support from local state-owned entities, including Haining Economic Development Zone, Hainan Chengmai, and Meishan Dongpo.
Its founding shareholders — Nio Group and Contemporary Amperex Technology Co., (CATL) — also increased their investments.
Financing
February’s round brought Mirattery’s total Series C financing to 2 billion yuan ($290.4 million) and its cumulative equity funding to over 3 billion yuan ($435.6 million) across six rounds since its founding.
In addition to equity fundraising, the company has actively leveraged debt markets.
Monday’s green ABN constitutes 1 billion yuan in debt financing, backed by battery assets and repayable to bondholders rather than involving any dilution of ownership.
Including this latest issuance, Mirattery’s total debt financing stands at approximately 2.5 billion yuan ($363 million).
Prior debt instruments include a 400 million yuan ($58.1 million) green battery asset ABN issued in April 2022, a 635 million yuan ($92.2 million) ABS in May 2022, and 501 million yuan ($72.8 million) in REITs last month.
Mirattery Background
Mirattery was jointly established in August 2020 by Nio Group, CATL, Guotai Junan, and Hubei Science and Technology Investment.
At the time of launch, all shareholders each held a 25% stake.
Nio has since become the largest shareholder with a 19.4% stake, having participated in subsequent rounds, while CATL‘s stake was previously 10.7% — having potentially been diluted after the C3 round.
Last March, CATL agreed to invest up to 2.5 billion yuan in Nio Power, the automaker’s energy and battery-swap business. The investment aims to create a unified national swap network and establish shared industry standards.
In July, Mirattery signed a new strategic cooperation agreement with CATL, covering equity investment, battery rental services, and co-construction of battery-swap networks. The companies did not disclose investment amounts.
Last October, Nio and CATL established a new joint venture in Wuhan, called Weineng (Wuhan) Battery Technology Co.
Focused on battery leasing, recycling, secondary utilization of retired power batteries and EV charging operations, the company is wholly owned by Mirattery and has a registered capital of 100 million yuan ($14.5 million).
Mirattery’s operational capacity exceeds 42 GWh and serves more than 550,000 users.
As of the end of 2025, the company had filed 196 patents, with invention patents accounting for approximately 60% and battery technology patents representing over 85%.
Battery Swap
The battery asset supports Nio’s Battery as a Service (BaaS) charging system, which allows owners to lease batteries separately from their vehicles.
The Shanghai-based automaker opened its first battery swap station in Shenzhen on May 2018.
As of Monday, it operated 3,764 battery swap stations in China. It has provided over 105 million battery swaps since 2018.
The company is currently developing its fifth-generation battery swap stations for deployment in China.
Management had previously cited this upgrade as the reason for falling short of its 2025 battery swap station target.
Last December, William Li said that “starting from Q2 next year, all the battery-swap stations we deploy will be fifth-generation stations.”
However, Nio has delayed the mass deployment of the 5th-gen stations to July or August.
