Nio’s battery asset management subsidiary Mirattery has issued a new tranche of green asset-backed securities (ABS), advancing its battery asset securitization strategy and expanding financing channels for China’s growing battery-as-a-service sector.
The issuance was completed on the Shenzhen Stock Exchange and forms part of a shelf-registered green sci-tech power battery ABS program with a total approved quota of 3 billion yuan ($443 million), according to a company statement released Friday.
First Tranche Raises 1 Billion Yuan
The first issuance under the program totaled 1 billion yuan, with the priority A1 tranche of 150 million yuan priced at a coupon rate of 1.72%.
The company said the rate represents a new record low for similar products issued by Mirattery.
Coupon rates for the remaining priority tranches were set at 2.00% for A2, 3.80% for A3, 5.00% for A4, and 5.50% for A5. The transaction also includes subordinated A and subordinated B securities.
According to Mirattery, the favorable pricing reflects strong investor confidence in the company’s business model and recognition of its position in the green technology and battery asset management sectors.
First Green Sci-Tech Battery ABS of Its Kind
The company said the transaction represents the Shenzhen Stock Exchange’s first shelf-registered green sci-tech power battery ABS.
Under the shelf-registration model, issuers receive approval for a total issuance quota that can be drawn down in multiple stages over a specified period rather than being issued all at once.
This approach provides greater flexibility by allowing issuers to access capital markets based on financing requirements and prevailing market conditions.
Financing Supports Battery Asset Management
Mirattery said proceeds from the issuance will support the continued operation and monetization of battery assets while further developing financing channels for green battery asset securitization.
The latest issuance follows several financing activities completed by the company in recent months.
In April, Mirattery issued 1.06 billion yuan of green ABS and 1 billion yuan of green asset-backed medium-term notes (ABN), further strengthening its funding base.
Huaneng Guicheng Trust served as project manager for the transaction, while Everbright Securities acted as lead coordinator. China International Capital Corporation (CICC) and Industrial Securities participated as sales agencies.
Managing More Than 51 GWh of Battery Assets
Founded in 2020, Mirattery serves as the asset operator behind Nio’s Battery-as-a-Service (BaaS) business model.
The company specializes in the full lifecycle management of power batteries, covering battery deployment, operation, reuse, and retirement.
According to Mirattery, battery assets under management have now exceeded 51 GWh, supporting more than 650,000 users.
The company is jointly backed by Nio and battery manufacturer CATL, two major stakeholders in China’s electric vehicle ecosystem.
Expanding Green Finance Initiatives
Mirattery said it plans to continue using innovative financing tools to unlock the value of battery assets and support the development of green finance solutions within the new energy vehicle industry.
The company added that future efforts will focus on combining technology and finance to improve capital efficiency while maximizing the lifecycle value of battery assets.
As China’s electric vehicle market continues to expand, battery asset securitization is emerging as an increasingly important financing mechanism for companies involved in battery leasing, energy storage, and battery lifecycle management.
Source: CnEVPost
