Weineng (Wuhan) Battery Asset Co., Nio‘s battery asset operator also known as Mirattery, announced Thursday that it completed its Series C3 equity financing round, raising 1 billion yuan ($137 million).
The round brings Mirattery’s total Series C financing to 2 billion yuan ($274 million) and its cumulative funding to over 3 billion yuan ($411 million) across six rounds since its founding.
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.
The capital will go toward battery asset management, R&D, recycling operations, and related businesses, according to several reports from local media.
Nio‘s battery asset operator said the funds will enhance service levels, strengthen its R&D and financial capabilities, and accelerate bringing research to market.
According to the Chinese company data platform Qichacha, this financing round marked Mirattery’s eighth in nearly six years.
Last November, Mirattery announced the completion of a 670 million yuan ($97 million) Series C equity financing round, and, one month later, that its funding had expanded to nearly 1 billion yuan, adding a total of three other state-owned enterprises as new shareholders between those times.
On Wednesday, the company also completed a 501 million yuan ($69 million) asset-backed securities issuance — described as the world’s first holding-type power battery REITs.
Currently, 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%.
Mirattery Background
Mirattery was jointly established in August 2020 by Nio Group, CATL, Guotai Junan, and Hubei Science and Technology Investment to support the Chinese automaker’s battery-as-a-service (BaaS), which allows owners to lease batteries separately from their vehicles.
At the time of launch, all shareholders each held a 25% stake.
Nio Group has since become the largest shareholder with a 19.4% stake, while CATL holds approximately 8.9%.
Last March, CATL agreed to invest up to 2.5 billion yuan ($362 million) 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: 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 had a registered capital of 100 million yuan ($14 million).
Battery Swap
Nio incorporated its energy and battery-swap business — named Nio Power — back in May 2017.
The Shanghai-based automaker opened its first battery swap station in Shenzhen on May 2018, and has continued to expand this network.
Currently, it operates 3,750 battery swap stations across China, including 1,022 along highways, as well as 4,926 charging stations in the country.
On Sunday, Nio saw its battery swap service set a new single-day record with 146,649 battery swaps.
This year, Nio plans to build 1,000 new battery swap stations.
