Mirattery, also known as Wuhan Weineng, has announced that its battery assets under management have exceeded 20 GWh, making it the battery asset operator for Nio (NYSE: NIO). The company has seen significant growth in its battery assets, going from 0 to 10 GWh in just 44 months, and then doubling to 20 GWh in a mere nine months.
Based in Wuhan, Hubei province in central China, Mirattery has served over 200,000 users and currently manages battery assets worth more than RMB 20 billion ($2.7 billion). With a market share of more than 70 percent in the battery services market, the company has established itself as a key player in the industry.
Through its services, Mirattery has cumulatively reduced carbon emissions by more than 470,000 tons, which is equivalent to the carbon absorption of 26 million trees. This highlights the company’s commitment to sustainability and environmental responsibility.
Founded on August 18, 2020, Mirattery received joint investments from industry giants such as CATL, Nio, Guotai Junan, and Hubei Science Technology Investment. As the manager of Nio’s BaaS (battery as a service) battery rental business, Mirattery plays a crucial role in providing customers with cost-effective solutions for owning electric vehicles.
Customers who opt for Nio’s BaaS model enjoy reduced purchase thresholds of at least RMB 70,000 ($9,670) but are required to pay a monthly fee for the batteries. This innovative approach to battery rental has been well-received by consumers looking for affordable and sustainable transportation solutions.
CATL, the world’s largest supplier of power batteries, has also made strides in the battery swap space, aiming to standardize swappable batteries. This aligns with the industry’s push towards more efficient and convenient battery solutions for electric vehicles.
Nio made adjustments to its BaaS services earlier this year, reducing monthly rental fees for standard range and long range battery packs. Despite industry challenges, Nio remains focused on enhancing its BaaS offerings to meet the evolving needs of consumers.
In November, Nio delivered 20,575 vehicles, marking a significant increase year-on-year. With cumulative deliveries exceeding 640,000 vehicles since inception, Nio continues to make strides in the electric vehicle market.
Overall, Mirattery’s rapid growth and commitment to sustainability underscore its position as a key player in the battery services market. As the demand for electric vehicles continues to rise, companies like Mirattery and Nio are at the forefront of driving innovation and sustainability in the industry.
