On March 23, Weineng Battery Asset Co. (also known as Mirattery), NIO’s battery asset operator, announced the completion of its first 2026 green asset-backed note (ABN) issuance via Bond Connect, with a total size of RMB 1 billion ($145 million). Market feedback indicates strong investor demand for the offering, with pricing tightening during the issuance process, suggesting growing acceptance of battery asset-backed instruments among capital providers. Weineng issued its first 2026 green asset-backed note (ABN) This growing market recognition is now pushing Weineng beyond pure fundraising and toward a phase of asset standardization. More than the capital raised itself, the core significance lies in Weineng’s use of frequent bond issuance to transform complex physical battery assets into liquid financial instruments, establishing a closed-loop credit mechanism for scalable, recurring financing. The allocation of the RMB 1 billion ($145 million) proceeds further reflects this logic. The funds will be primarily directed toward battery R&D and asset accumulation, ultimately flowing back into the Battery-as-a-Service (BaaS) ecosystem. This “capital–asset–capital” cycle is expected to provide sustained financial backing for the continued expansion of NIO’s battery swapping network. NIO’s Power Swap Station Weineng has accelerated its fundraising pace in recent months. In February, the company completed a RMB 1 billion ($145 million) C3 funding round, bringing total proceeds from its Series C financing to nearly RMB 2 billion ($290 million). In March, Weineng also signed an agreement with Wuhan East Lake High-tech Development Zone (Optics Valley) for a battery infrastructure project. The project invloves a total planned investment of about RMB 9.8 billion ($1.43 billion), focusing on battery asset management and application technologies. Founded in 2020 by NIO in partnership with CATL and other investors, Weineng focuses on battery leasing and asset management, underpinning NIO’s battery-swapping business model. The approach separates battery ownership from vehicles, treating batteries as independently managed and tradable assets. To date, Weineng serves over 600,000 users in managing battery assests.
+56 others
