Mirattery, the battery asset management firm backed by Chinese electric vehicle maker Nio (NYSE: NIO), said on Sunday that founding shareholder Hubei Science Technology Investment has increased its investment as part of the company’s ongoing Series C financing round.
The disclosure was made in a statement accompanying the announcement of two new strategic cooperation agreements. Mirattery did not disclose the size, timing, or status of the Series C round.
The Wuhan-based company signed separate agreements with Hubei Science Technology Investment and the Wuhan Optics Valley Intelligent Manufacturing Industrial Park Construction and Service Center. The partnerships are intended to support development in battery asset management, industrial investment, and capital market activities.
Mirattery, which manages battery assets for Nio’s battery-as-a-service (BaaS) platform, was launched in August 2020 with backing from Nio, CATL (SHE: 300750), Guotai Junan, and Hubei Science Technology Investment. The firm said its battery assets under management have now exceeded 27 GWh, supporting more than 350,000 users.
The firm’s chairman, Stanley Qu, also serves as Nio’s chief financial officer and head of Nio Power, the automaker’s energy division. Earlier this month, Mirattery also announced a strategic equity investment partnership with CATL, the world’s largest EV battery supplier.