Mirattery, NIO’s battery-asset operator, raised 2.02 billion yuan (approximately $278.8 million) on June 30. The company secured the capital through two green asset-backed securities offerings. Senior tranches were priced at a record-low coupon of 1.68%.
This interest rate aligns with yields typically associated with safe state-owned utilities. Mirattery counts NIO and battery giant CATL as its major shareholders.
The low rate signals growing investor confidence in the Battery-as-a-Service (BaaS) subscription model. Securitization allows NIO to recycle capital for its expanding battery swap network.
The transaction keeps battery assets off NIO’s balance sheet to reduce financial pressure. Founder William Li previously identified balance sheet management as a key priority. These funds will directly support the continued expansion of NIO’s swap station infrastructure.