CATL, a major player in the power battery industry, is set to increase its investment in Mirattery, the battery asset operator of Nio, as well as advance its stake in Nio’s energy unit, Nio Power. This move comes in addition to the up to RMB 2.5 billion yuan investment that CATL is making in Nio Power, as reported by local media outlet 36kr.
Mirattery, also known as Wuhan Weineng, was founded on August 18, 2020, with investments from CATL, Nio, Guotai Junan, and Hubei Science Technology Investment. The company manages the battery assets for Nio’s BaaS (battery as a service) battery rental business, which was launched in August 2020. As of December 23, 2024, Mirattery announced that the scale of battery assets under its management had exceeded 20 GWh.
Initially, the four founding investors of Mirattery each held a 25 percent stake. However, after changes in shareholding, Nio currently holds the largest stake at 19.4 percent, with CATL and Hubei Science Technology Investment both holding a 10.68 percent stake. CATL is expected to increase its stake in Mirattery through its additional investment.
In a recent partnership announcement, Nio revealed a collaboration with CATL to establish the world’s largest battery swap service network. This partnership will also involve capital cooperation, with CATL’s investment in Nio Power reducing the unit’s valuation to about 10 billion yuan. If CATL’s RMB 2.5 billion investment materializes, it could secure a 25 percent stake in Nio Power.
Nio Power, established in May 2017 in Wuhan, was initially wholly owned by Nio. Following a strategic investment of RMB 1.5 billion by a Hubei government fund in May 2024, Nio’s equity stake in Nio Power reduced to approximately 90 percent. With CATL’s interest in acquiring additional shares from other shareholders in Nio Power, the power battery giant aims to strengthen its influence in the unit.
CATL’s long-term goal is to establish 30,000 battery swap stations, utilizing its standardized Choco-SEB battery packs. By expanding its presence in the EV sector, CATL aims to become a key player akin to PetroChina or Sinopec in the oil industry.
The partnership between CATL and Nio signifies a significant step towards enhancing the EV ecosystem in China, with a focus on sustainable energy solutions and efficient battery management. As CATL continues to invest in Mirattery and Nio Power, the collaboration is poised to drive innovation and growth in the electric vehicle industry.
