The electric vehicle revolution is accelerating, and battery technology is at its heart. But who's powering the power? Mirattery, the battery asset operator behind Nio's innovative BaaS (Battery as a Service) model, just secured a staggering $145 million in its latest funding round, bringing its total Series C financing to nearly RMB 2 billion. This isn't just about numbers; it's a vote of confidence in a company reshaping how we think about EV ownership. And this is the part most people miss: Mirattery isn't just managing batteries; it's managing a future where battery leasing could be as common as streaming music.
In this latest C3 round, Mirattery welcomed two new state-owned enterprise shareholders from Hefei, Anhui Province: Hefei Construction Investment Holding and Hefei Economic and Technological Development Zone (HETDZ) Investment Promotion. This isn't just a financial boost; it's a strategic alliance. Hefei, home to three of Nio's manufacturing plants, has been a staunch supporter of the EV maker, even bailing it out in 2019. This partnership deepens the ties between Mirattery, Nio, and the local government, creating a powerful ecosystem for innovation and growth.
But here's where it gets controversial: Is this level of state involvement in private enterprise a model for the future, or a risky dependency? While state-backed funding provides stability and resources, it also raises questions about autonomy and long-term strategic direction. What do you think?
Mirattery’s growth is undeniable. Since its establishment in August 2020 through joint investment by CATL, Nio, Guotai Junan, and Hubei Science Technology Investment, the company has managed battery assets exceeding 42 GWh and serves over 550,000 users. Its BaaS model, launched in 2020, has been a game-changer, allowing EV owners to lease batteries instead of purchasing them outright, reducing upfront costs and making EVs more accessible.
This latest funding round follows a series of milestones. In November 2025, Mirattery completed a RMB 670 million Series C equity financing round, introducing two state-owned enterprise shareholders. By December, the Series C funding had expanded to nearly RMB 1 billion, with another state-owned enterprise joining the ranks. Beyond equity financing, Mirattery also completed a RMB 501 million REITs (Real Estate Investment Trusts) issuance earlier this month, diversifying its funding sources.
The new capital will fuel Mirattery’s expansion of battery asset management operations and drive innovation in battery technology. As the EV market continues to grow, companies like Mirattery are not just participants but pioneers, shaping the infrastructure that will power the future.
But here’s a thought-provoking question: As battery technology advances, will leasing models like BaaS become the norm, or will they remain a niche offering? Share your thoughts in the comments—we’d love to hear your perspective!
