Nio's Battery Operator Mirattery Expands Financing with 1 Billion Yuan Green ABN

Key Takeaways

• Mirattery issued 1 bn yuan ($146 m) green ABN, second this year
• Cumulative green ABN issuance reaches 4 bn yuan ($585 m) to date
• Senior tranches rated AAAsf, coupons 2.00%‑5.50% below LPR rates
• Funds target battery‑asset management, tech innovation, lifecycle services
• Recent 501 m yuan ($73 m) battery ABS listed on Shanghai exchange

Pulse Analysis

China’s green bond market is maturing, and Mirattery’s latest 1 billion yuan (≈US$146 million) asset‑backed medium‑term note illustrates how EV battery operators are tapping that momentum. By issuing senior tranches with coupons as low as 2.00%, well under the 1‑year loan prime rate of 3.00%, Mirattery demonstrates that green financing can deliver cheaper capital than traditional bank loans. The AAAsf rating further reassures investors about credit quality, encouraging broader participation in the interbank market.

For Nio, Mirattery’s financing strategy is a critical pillar of its Battery‑as‑a‑Service (BaaS) model. The raised capital will support full‑lifecycle battery‑management services, from acquisition and swapping to recycling, enhancing operational efficiency for over 610,000 users. Coupled with a recent 501 million yuan ($73 million) battery ABS listing, the company is building a diversified funding base that reduces reliance on equity and strengthens its balance sheet for future technology upgrades and network expansion.

The broader implication for the EV industry is the validation of securitisation as a scalable funding tool for battery assets. As regulators promote green finance, more OEM‑affiliated asset managers are likely to follow Mirattery’s example, issuing green ABNs and ABS to fund renewable‑energy‑linked projects. This trend not only lowers financing costs but also aligns capital flows with sustainability goals, positioning China’s EV supply chain for accelerated growth and greater resilience against market volatility.