Mirattery, Nio's battery asset operator with more than 10 GWh of battery assets under management, has entered into a strategic partnership with Newrizon, a Nio Capital-backed company.

Mirattery, or Wuhan Weineng, has entered into a strategic partnership with Chinese electric truck startup Newrizon, as the Nio battery asset operator tries to gain more customers.

Mirattery and Newrizon recently entered into a strategic partnership that will see them work together in a number of areas, including battery technology, data intelligence and asset management, according to statements from the companies today.

Mirattery said it will utilize its battery asset management capabilities to help Newrizon improve the performance and quality of its new energy vehicle products and meet customer demand for more efficient and safer battery systems.

At the same time, Mirattery will expand its application scenarios and market scope in battery asset management services through the partnership, it said.

Mirattery was founded on August 18, 2020, with joint investment from CATL, Nio, Guotai Junan and Hubei Science Technology Investment.

In August 2020, Nio launched its BaaS (battery as a service) battery rental business and Mirattery is the manager of these battery assets for rental.

Customers who purchase a Nio vehicle based on the BaaS model have a reduced purchase threshold of at least RMB 70,000 ($9,670), but have to pay a monthly fee for the batteries.

On April 15 of this year, Mirattery said it saw the size of its battery assets under management surpass the 10 GWh mark.

In the battery services market, Mirattery's share is over 70 percent, the company said at the time.

Newrizon, a Nio Capital-backed company, was founded in September 2020 by former Nio senior vice president Huang Chendong.

The startup announced in February 2023 that it had secured more than RMB 100 million ($14 million) in Series B+ funding from Nio Capital.

Nio Capital and Nio are separate companies from each other, though William Li, founder, chairman, and CEO of Nio, is the venture capital firm's No. 1-ranked managing partner.

Newrizon currently sells two electric commercial vehicle models, the iC1 and EC1. The iC1 can complete a battery swap in 5 minutes, and can be charged from 0 to 80 percent in 40 minutes with fast charging, according to Newrizon's website.

Nio's battery asset operator Mirattery sees asset size exceed 10 GWh