Mirattery, the battery asset operator affiliated with Chinese electric vehicle maker Nio, signed a strategic cooperation agreement with Contemporary Amperex Technology Co. Ltd. (CATL) on Thursday, marking a significant step in expanding China’s battery swap infrastructure.
The agreement, signed in Hefei, Anhui province, outlines a broad partnership encompassing equity investment, battery rental operations, user services, co-construction and sharing of battery swap stations, and battery resource recycling. The collaboration also extends to battery technology development, innovation, and business model expansion, according to a statement from Mirattery.
Mirattery said the deal aims to establish a new model for upstream-downstream collaboration within the EV battery supply chain. While financial details of the equity investment were not disclosed, local media previously reported that CATL was preparing to increase its stake in Mirattery.
The announcement follows a March agreement in which CATL committed to investing up to RMB 2.5 billion in Nio Power, Nio’s energy business, as part of a joint plan to create the world’s largest battery swap service network.
Founded in 2020, Mirattery is a joint venture originally formed by Nio, CATL, Guotai Junan, and Hubei Science and Technology Investment, each holding 25%. After subsequent equity changes, Nio now holds a 19.4% stake, making it the largest shareholder. CATL and Hubei STI each hold 10.68%.
With its asset base now exceeding 27 GWh and serving over 350,000 users, Mirattery said it has grown rapidly over the past five years. The company manages the battery assets used in Nio’s Battery-as-a-Service (BaaS) offering, which allows users to subscribe to battery packs rather than purchasing them outright.
Mirattery CEO Lai Xiaoming and CATL’s battery swap business head Yang Jun signed the agreement on behalf of their respective companies. The event was held alongside other activities in Hefei, including a pre-sale launch for Nio’s new Onvo L90 SUV, reinforcing the central role Hefei plays in Nio’s business operations.