Founded on August 18, 2020, Mirattery now has 100 times the asset size of 0.04 GWh as of September 2020.

's battery asset management joint venture, Wuhan Weineng, or Mirattery, has surpassed 4 GWh of battery assets under management, the company announced today.

That's 100 times the 0.04 GWh the company had in its second month of existence in September 2020, it said.

Mirattery was founded on August 18, 2020, with a registered capital of RMB 800 million by , Nio, Guotai Junan and Hubei Science Technology Investment.

In August last year, Nio launched BaaS (Battery as a Service) battery rental business and Mirattery is the operator of the battery assets.

The BaaS business allows users to purchase Nio vehicles without buying a battery, thus reducing the cost of the vehicle at the time of purchase by at least RMB 70,000. However, the ownership of the batteries will be held by Mirattery instead of the vehicle owner.

To fully charge the 4 GWh of batteries, it would consume 4 million kWh of power, enough to fully charge an iPhone 13 smartphone 320 million times, Mirattery said.

Assuming an average household uses 260 kWh per month, 4 GWh could power 15,384 households for a month, it said.

In August, Shangdong Weida Group, which is one of the shareholders, said Mirattery plans to launch a Series B round of financing with an overall valuation of RMB 2.5 billion before funding.

After the financing is completed, Mirattery will have an additional registered capital of RMB 321 million, which will increase from RMB 1.512 billion to RMB 1.833 billion.

Nio will become the largest shareholder of Mirattery, accounting for 19.84 percent of the registered capital. Previously Nio and Guotai Junan, Hubei Science Technology Investment, CATL all hold 13.32 percent of the shares.

After the completion of this financing, Weida's shareholding in Mirattery will drop from 9.92 percent to 8.18 percent.

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