- Beyond additional investment from founding shareholders, Mirattery has brought in two state-owned enterprises as shareholders.
- To date, Mirattery's battery assets under management have exceeded 30 GWh, serving over 400,000 users.
Mirattery, the battery asset operator of Nio (NYSE: NIO), also known as Wuhan Weineng, announced today the completion of a 670-million-yuan ($94.2 million) Series C equity financing round.
Beyond additional investments from founding shareholders, Mirattery has newly introduced two state-owned enterprises as shareholders: Haining Economic Development Zone Industrial Park Development & Construction Co and Hainan Chengmai Development Holding Group Co, the company said.
The funding will primarily support battery asset-related operations and technological R&D iterations, Mirattery noted.
This marks investor recognition of the company's business model, financial performance, technological capabilities, and growth prospects, laying the foundation for its next phase of development, Mirattery said.
Mirattery will further increase investments in R&D and service upgrades, striving to become a globally leading battery service provider, it said.
To date, Mirattery's battery assets under management have exceeded 30 GWh, serving over 400,000 users, it said.
The company has filed over 160 patent applications, with invention patents accounting for 59 percent, Mirattery said.
Mirattery was established on August 18, 2020, as a joint venture between CATL (SHE: 300750), Nio, Guotai Junan Securities, and Hubei Science Technology Investment.
In August 2020, Nio launched its BaaS (Battery as a Service) battery rental business, with Mirattery serving as the manager of these leased battery assets.
On July 11, Mirattery announced a partnership with CATL involving equity investment.
On July 21, Mirattery said that one of its founding shareholders, Hubei Science Technology Investment, had increased its investment during the company's Series C financing round.
Notably, Singapore's sovereign wealth fund GIC Private Limited sued Nio in August, with Mirattery's operations at the center of the dispute.
GIC alleged Nio misled investors by inflating revenue through Mirattery, resulting in financial losses for the fund.
The case was stayed in a US court last month pending resolution of a prior class lawsuit.
($1 = RMB 7.1161)
