Weineng Battery Asset, the electric vehicle battery leasing joint venture between Chinese automaker Nio and battery giant Contemporary Amperex Technology (CATL), has raised $94 million to fund research and development and support its business expansion.

The latest fundraising round was led by Nio and CATL, with participation from two new state-owned investors — one based in Haining, Zhejiang province, and another in Chengmai, Hainan province — according to a statement released yesterday by the Wuhan-based company.

Founded in 2020, Weineng manages the full lifecycle of power batteries and plays a key role in advancing China’s EV battery swap ecosystem. The company said the new funds will strengthen its financial stability and provide a solid foundation for sustainable long-term growth.