The raised funds will be primarily used for battery asset-related business deployment and technological R&D iteration.
On November 3rd, Wuhan Weineng Battery Asset Co., Ltd. (hereinafter referred to as “Weineng”) announced the completion of a 670 million yuan Series C equity financing round.
This round of financing saw follow-on investment from Weineng’s founding shareholders, while also newly introducing two state-owned capital shareholders: Haining Economic Development Zone and Hainan Chengmai. Officially, the funds from this round will primarily be used for battery asset-related business deployment and technological research and development iteration.
Wuhan Weineng Battery Asset Co., Ltd. is a comprehensive solution provider for Battery as a Service (BaaS), with its business operations categorized into three main areas: battery asset management, battery data intelligence management, and resource cycling.
Despite its close relationship with NIO, Weineng is not a subsidiary of NIO. Established in August 2020, Weineng was jointly founded by four entities: NIO, CATL, Hubei Science and Technology Investment Group, and Guotai Junan International, each initially holding a 25% stake. Through multiple rounds of capital increase, NIO’s equity has been diluted to below 20%, and it is not the controlling shareholder.
In addition to the Series C equity financing, Weineng also successfully issued the first green technology innovation targeted asset-backed securities by a private enterprise on the interbank market in June 2025, with a total issuance scale of 550 million yuan and a priority tranche coupon rate of 2.00%.
The funds raised will mainly be used for Weineng’s battery asset-related business deployment, helping to enhance the company’s technological innovation capabilities and promote the industrialization of technological achievements.
Regarding strategic ecosystem layout, Weineng has reached separate strategic collaborations with Guzhi Manufacturing Park and Hubei Science and Technology Investment Group. These collaborations will deepen across multiple dimensions, including battery asset management, industrial investment, and capital markets.
Established for over five years, Weineng has accumulated robust capabilities in battery asset management and battery application technology R&D. To date, the company’s operational battery asset scale has exceeded 30 GWh, serving a user base of over 400,000 customers. The company has applied for more than 160 patents, with inventions accounting for 59% of the total.
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