Mirattery

The move comes after Mirattery secured tens of millions of dollars in financing through an ABN offering in April, marking the establishment of its direct access to financing in the exchange and interbank markets.

This allows Mirattery to establish a direct financing channel in the Chinese interbank market, providing a boost to the further development of its BaaS service system, it said.

The first phase of the institute will be over 8,000 square meters in size and is expected to be completed and operational this year.

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

The institute aims to build a power battery recycling system and conduct research related to battery materials.

Nio will become the largest shareholder of Weineng, accounting for 19.84 percent of the registered capital.

For Nio, the battery rental service BaaS (Battery-as-a-Service) was a major gamble on its fate. Now, as the model achieves initial success, it is becoming increasingly recognized.

Four months after its establishment, Wuhan Weineng, Nio's battery asset management joint venture has received its first capital increase.

In its November 13 issue, the Economic Information Daily, a subsidiary of China's state-owned Xinhua News Agency, devoted a rare two-part article to the same topic, praising the Nio-led battery swap model as the trend of the future.

Recently, 20 Chinese companies and organizations signed the Joint Declaration on Building an Eco-circle for the "Body-to-Battery Separation" Model of New Energy Vehicles, marking the official establishment of the body battery separation eco-circle.