Mirattery, the battery asset operator for Nio, also known as Wuhan Weineng, has completed a 670-million-yuan ($94.2 million) Series C equity financing round.
The round included new participation from two state-owned enterprises: Haining Economic Development Zone Industrial Park Development & Construction Co and Hainan Chengmai Development Holding Group Co, alongside additional investments from founding shareholders. The funding is intended to support battery asset operations and technological R&D, enabling Mirattery to expand its services and further develop its technology.
See also: Nio-Backed Mirattery Secures Further Investment from Founding Shareholder in Series C Round
Founded in August 2020 as a joint venture between CATL (SHE: 300750), Nio, Guotai Junan Securities, and Hubei Science Technology Investment, Mirattery manages Nio’s Battery-as-a-Service (BaaS) program. The company currently oversees battery assets exceeding 30 GWh, serving over 400,000 users, and has filed more than 160 patents, with 59% classified as invention patents.
The Series C financing is expected to strengthen the company’s ability to invest in R&D and service upgrades, supporting its ambition to become a leading global battery service provider.
See also: Nio’s Battery Unit Mirattery Secures Strategic Investment from CATL to Expand Battery Swap Business
Mirattery has also recently been in the spotlight due to legal proceedings in the United States. Singapore’s sovereign wealth fund GIC Private Limited sued Nio, citing concerns about revenue reporting connected to Mirattery. The case is currently stayed in a US court pending resolution of a prior class action lawsuit.