Mirattery, the battery asset management arm of Chinese electric vehicle maker Nio, said it has completed an expanded Series C financing round worth nearly 1 billion yuan ($140 million), adding new state-backed investors as it scales its battery asset and services business.
The company, formally known as Wuhan Weineng, said in a statement on Thursday that the latest round included additional investments from existing shareholders as well as a new state-owned enterprise from Meishan in China’s Sichuan province. The financing follows an earlier announcement in November, when Mirattery raised 670 million yuan and brought in two state-backed investors.
“This round of financing reflects continued recognition of Mirattery’s business model and development potential,” the company said, adding that the funds will support business expansion, technology development and service upgrades.
Mirattery manages battery assets for Nio’s battery-as-a-service (BaaS) program, which allows customers to separate battery ownership from vehicle purchases. The company said it plans to allocate the latest funding toward battery asset deployment, research and development, and improvements in battery management technologies.
As of November, Mirattery managed more than 35 gigawatt-hours of battery assets serving over 500,000 users. The company has filed 181 patent applications, with more than 85% related to battery technologies, according to its statement.
Founded in 2020, Mirattery is backed by Nio, CATL, Guotai Junan and Hubei Science Technology Investment. Nio launched its BaaS program in August 2020, positioning the service as a key pillar of its electric vehicle ecosystem.