Mirattery, the battery asset operator of Nio Inc, has completed a RMB 501 million ($72.5 million) Real Estate Investment Trust (REIT) issuance as part of its ongoing asset securitization efforts.
The issuance, which closed on Wednesday, is backed by power batteries provided to vehicle owners under a leasing model. The company said the transaction represents the world’s first held-for-investment power battery REIT, structured as a held-type asset-backed security (ABS), marking a new step in securitizing battery assets tied to electric vehicle operations.
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Held-for-investment REITs are typically designed to hold income-generating assets for long-term returns rather than immediate sale. In this case, the underlying assets consist of leased power batteries that generate recurring revenue streams.
The deal was completed by CITIC Securities with support from the Shanghai Stock Exchange. As of the end of January, Mirattery’s battery assets under management exceeded 40 gigawatt-hours (GWh), according to the company.
Mirattery said the financing would help advance its asset-light strategy by diversifying funding channels and optimizing its balance sheet structure.
See also: Nio Reaches 100 Million Battery Swap Services in Milestone for EV Energy Model
Established on Aug. 18, 2020, Mirattery is a joint venture between CATL, Nio, Guotai Junan Securities and Hubei Science Technology Investment. The company manages battery assets used in Nio’s Battery as a Service (BaaS) rental program, launched in August 2020 to separate vehicle and battery ownership for customers.
In recent years, Mirattery has expanded its asset securitization activities through instruments including asset-backed securities (ABS) and asset-backed medium-term notes (ABN). In December last year, the company completed a Series C equity financing round worth nearly RMB 1 billion.
