Wuhan Weineng Battery Asset

What Wuhan Weineng Battery Asset does

Wuhan Weineng Battery Asset Co., Ltd. (Mirattery/蔚能) is a privately-held joint venture founded in 2020 and headquartered in Wuhan, China, operating the world's first battery asset management company built on the vehicle-battery separation (Battery-as-a-Service) model. The company was established by NIO, CATL, and other founding shareholders, with NIO remaining the largest shareholder at 19.4%. It manages over 46 GWh of battery assets serving nearly 600,000 users across China, with operational integration into NIO's 3,750+ battery swap stations and 4,926+ charging stations.

The company delivers three core product lines: (1) Battery Asset Management Solutions providing comprehensive BaaS including battery application technology, data intelligence, and asset management; (2) the Lithium Data Platform (锂解数据平台), a battery operation management platform covering 10+ battery specifications with 63 service partners and achieving 30% comprehensive operational efficiency improvement; and (3) Resource Recycling Solutions featuring automated cell-level battery disassembly supported by 1 research institute, 2 demonstration lines, and 4 laboratories.

Mirattery's business model combines recurring BaaS subscription and swap fees from EV users with transaction-based revenue from asset-backed financing instruments. It has pioneered securitization of EV battery assets, issuing the world's first power battery REITs (501M yuan, Feb 2026) on the Shanghai Stock Exchange, the first shelved green tech power battery ABS (30B yuan shelf) on the Shenzhen Stock Exchange, and green ABN debt (1B yuan, Mar 2026). Cumulative funding across six rounds exceeds 3 billion yuan ($411M), with Series C3 (1B yuan, Feb 2026) bringing in new state-owned enterprise shareholders from Hefei. The company signed a 9.8 billion yuan Optics Valley battery infrastructure project in March 2026, projected to generate approximately 6.7 billion yuan in service revenue.

Name

Wuhan Weineng Battery Asset

Legal name

武汉蔚能电池资产有限公司

Website

https://mirattery.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

101–250 employees

Short description

Wuhan Weineng Battery Asset (Mirattery) operates the world's first vehicle-battery separation BaaS platform, managing 46+ GWh of battery assets for nearly 600,000 NIO ecosystem EV users in China through swap stations, asset-backed financing, and recycling solutions.

Ownership category

akta.pro rank

Product category

Battery Asset Management & Battery-as-a-Service (BaaS)

akta.pro primary industry

Lifecycle Analytics, LCA & Circularity Consulting (Footprinting, Material Flow Analysis) (EUAFACAK)

akta.pro secondary industries

Battery Recycling & Management (Lithium-ion, Lead-acid) (BPALAIAF), Collection, Logistics & Reverse Supply Chain (Transport, Sorting, Tracking) (EUAFACAA), Direct Recycling & Cathode Regeneration (Relithiation, Reconditioning) (EUAFACAF)

Keywords

• Battery asset management
• Battery-as-a-service
• Power battery leasing
• EV battery recycling
• Battery data platform

Headquarters

HQ city

Wuhan

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Technology or R&D, Infrastructure, Personnel, Operations

Revenue model

1. Battery-as-a-Service (BaaS) Fees: Revenue from providing battery services to EV users under the vehicle-battery separation model. Users receive battery services instead of purchasing batteries outright, paying subscription or usage-based fees for battery access, swapping, and maintenance.
2. Green Bond Issuance (Green ABN): Raised 1 billion yuan ($145.2 million) in green ABN debt to fund battery operations. Multiple bond offerings driven by strong investor demand for sustainable battery infrastructure investments.
3. Power Battery REITs: World's first power battery REITs issued on Shanghai Stock Exchange, raising 501 million yuan ($77 million). Enables NIO to transfer battery costs to broad base of investors.
4. Battery Asset Management Fees: Management fees for overseeing 46+ GWh of battery assets across 550,000+ users. Includes battery lifecycle management, application technologies, and commercialization services.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Wuhan Weineng Battery Asset (Mirattery) operates a Battery-as-a-Service (BaaS) platform under a vehicle-battery separation model, providing battery asset management, battery swapping services, a lithium battery data analytics platform, and end-of-life battery recycling. The company manages over 46 GWh of battery assets serving nearly 600,000 EV users primarily through the NIO ecosystem, and funds operations through innovative instruments including the world's first power battery REITs and green asset-backed notes.

Product overview

Wuhan Weineng Battery Asset (Mirattery) operates as a battery asset management company built on the vehicle-battery separation model, offering three interconnected solutions: Battery Asset Management Solutions (BaaS) for managing battery assets and swap services, the Lithium Data Platform for battery operation data analytics and optimization, and Resource Recycling Solutions for end-of-life battery processing. The company serves NIO's battery-as-a-service users and other EV manufacturers, managing over 46GWh in capacity across nearly 600,000 users.

Differentiator

Problem solved

Functional benefit

Brands

• 电池资产管理解决方案 (Battery Asset Management Solutions): BaaS services including battery application technology, data intelligence, and asset management. Manages over 46GWh in capacity serving nearly 600,000 users.
• 锂解数据平台解决方案 (Lijie Data Platform Solutions)
• 资源循环解决方案 (Resource Recycling Solutions)

Products and services

• Battery Asset Management Solutions (电池资产管理解决方案) Comprehensive Battery-as-a-Service (BaaS) offering including battery application technology, data intelligence, and asset management. Currently manages over 46 GWh in battery assets serving nearly 600,000 users, primarily delivered through NIO's swap station network.
• Lithium Analytics Data Platform (锂解数据平台) A service platform combining battery application technology and battery operational management capabilities. Covers 10+ battery specifications with 63 service partners and delivers a reported 30% improvement in comprehensive operational efficiency through data-driven optimization.
• Resource Recycling Solutions (资源循环解决方案) End-of-life battery recycling service based on intensive battery management with full automated precision disassembly at the material/cell level. Includes 1 research institute, 2 demonstration lines, and 4 major laboratories.
• Power Battery REITs (World's First) Asset-backed securitization product enabling EV manufacturers such as NIO to transfer battery costs to a broad base of institutional investors. Distributed on the Shanghai Stock Exchange to institutional investors seeking exposure to EV battery infrastructure.
• Green Asset-Backed Notes (Green ABN)

Quantifiable outcome

• 30% comprehensive operational efficiency improvement through lithium data platform
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• CATL (Strategic Cooperation)coreStrategic or Co-development Partner · 3 November 2025CATL and Weineng signed strategic cooperation agreement to collaborate on battery technology and assets. Focus on battery R&D and battery asset management under BaaS model.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Aulton New Energy (奥动新能源): Aulton operates one of China's largest battery-swap station networks serving multiple OEMs, directly competing with Mirattery's NIO-anchored BaaS model. Both companies pursue the vehicle-battery separation thesis at scale, making Aulton the closest Chinese comparable.
• Ample: Ample is a US-based modular battery-swap startup pursuing a BaaS / vehicle-battery separation model for EV fleets. While geographically distinct, Ample shares Mirattery's core thesis of subscription-style battery services and automated swap infrastructure.
• Geely Automobile (Caocao Mobility): Geely has built proprietary battery-swap infrastructure tied to its ride-hailing arm Caocao Mobility and several EV brands. This makes Geely a direct competitor in battery-swap-based BaaS services, particularly for fleet and ride-hailing use cases.

Broad incumbents

• CATL (Contemporary Amperex Technology): CATL is Mirattery's founding shareholder and battery technology partner, and is also driving its own Choco-SEB swap-standard alliance with multiple OEMs. As the world's largest battery manufacturer, CATL is both a partner and a potential competitive threat via its swap network.
• BYD: BYD is a vertically integrated EV and battery manufacturer with growing energy-storage and fleet-services operations. While not a pure BaaS operator, BYD's scale in batteries and EVs makes it a relevant incumbent benchmark for asset-management and recycling strategies.
• Tesla: Tesla has historically piloted battery swapping and operates large-scale energy storage (Powerwall/Megapack) and insurance/services businesses. Its swap-program history and energy-services ambitions make Tesla a broad incumbent comparable for asset-management business models.

Emerging players

• Sunwoda Electronic: Sunwoda is a Chinese battery and energy-storage manufacturer expanding into BaaS-adjacent services and battery lifecycle management. Its emerging services overlap with Mirattery's lithium data platform and resource-recycling initiatives.
• EVE Energy: EVE Energy is a Chinese lithium battery manufacturer with growing involvement in energy-storage and battery-services businesses. As an emerging player expanding into adjacent services, it represents a comparable competitor moving up the battery value chain.

Others

• Fluence Energy: Fluence is a global provider of grid-scale energy-storage systems and services, analogous to Mirattery's data-driven asset-management approach but for stationary storage rather than EV batteries. Useful comparable for understanding asset-management and services economics at scale.
• Stem Inc: Stem provides AI-driven energy-storage asset management and optimization software for behind-the-meter and grid-scale batteries. Its software/data-centric services model parallels Mirattery's Lithium Data Platform, even though Stem serves stationary storage rather than EV batteries.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wuhan Weineng Battery Asset