Mirattery Power Battery REITs Issuance Raises RMB 501 Million in World-First Held-for-Investment Deal

Mirattery, the battery asset operator of Nio Inc (NYSE: NIO, HKG: 9866) widely known as Wuhan Weineng, has completed a landmark Power Battery REITs issuance, reinforcing its position in battery asset securitization. The transaction closed on Wednesday, raising RMB 501 million (approximately $72.5 million). The underlying assets consist of power batteries leased to vehicle owners under a structured rental model, reflecting the growing maturity of battery-backed financial instruments in the electric vehicle ecosystem.

Power Battery REITs Structure and Global Significance

This issuance represents the world’s first held-for-investment Power Battery REITs structured as a hold-type asset-backed security. Unlike traditional securitization products designed for rapid turnover, held-for-investment REITs focus on long-term income-generating assets, offering predictable returns while maintaining operational continuity.

How the Held-for-Investment Model Works

Held-for-investment REITs, typically structured as asset-backed securities (ABS) or quasi-REIT frameworks, pool revenue-generating assets and distribute returns to investors over an extended investment horizon. In this structure, leased power batteries generate stable rental cash flows that underpin investor returns. The framework strengthens liquidity management by converting capital-intensive battery deployments into tradable financial instruments, thereby enhancing capital efficiency across the electric mobility value chain.
The issuance was led by CITIC Securities, with institutional support from the Shanghai Stock Exchange, underscoring regulatory confidence in battery-backed structured finance products.

Mirattery’s Asset Portfolio and Financing Strategy

As of the end of January, Mirattery managed battery assets exceeding 40 GWh, demonstrating substantial scale in energy storage capacity directly linked to electric vehicle deployment. This portfolio depth enhances the robustness of its Power Battery REITs structure by providing diversified, revenue-generating underlying assets that support recurring income under the battery leasing model.

Advancing the Asset-Light Strategy

By utilizing the quasi-equity characteristics inherent in REIT structures, Mirattery can optimize its asset-liability structure while broadening funding diversification. The model facilitates capital recycling from deployed battery assets without relinquishing operational oversight. Strengthened balance sheet flexibility improves financial resilience amid intensifying competition in battery asset securitization and broader EV infrastructure financing markets.
Mirattery was founded on August 18, 2020, as a joint venture between CATL (SHE: 300750), Nio, Guotai Junan Securities, and Hubei Science Technology Investment. Shortly after its establishment, Nio launched its Battery as a Service (BaaS) program, designating Mirattery as the centralized manager of leased battery assets within the ecosystem.

• Over recent years, the company has expanded its battery asset securitization portfolio through multiple ABS and Asset-Backed Medium-Term Notes (ABN) issuances.

• In December last year, Mirattery completed a Series C equity financing round valued at nearly RMB 1 billion, further reinforcing its capital base.

The successful completion of the Power Battery REITs issuance reflects increasing investor confidence in battery leasing as a scalable and income-generating financial asset class. As electric vehicle adoption accelerates and subscription-based battery ownership structures gain broader market acceptance, structured finance products backed by operational battery assets are expected to assume a more prominent role in funding the next phase of EV infrastructure expansion.