PHUKET, Thailand, May 5, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR), a global leader in a global leader in green smart energy grid innovation, announced that its Thai subsidiary, USWAP Co., Ltd., has successfully delivered 21 battery-swapping-enabled MG EP vehicles to Auto Drive EV Public Company Limited, a leading mobility service provider in Thailand, through a strategic partnership with Sumitomo Mitsui Auto Leasing & Service (Thailand) Co., Ltd. The vehicles will be deployed to enhance sustainab ...

LISBON, Portugal, April 15, 2025 /PRNewswire/ -- U POWER LIMITED, a global leader in green smart energy grid innovation, together with its ELMO joint venture partner ANTRAL, unveiled transformative plans to redefine urban mobility at ANTRAL's 50th Anniversary & XVI Taxi Day, held from April 10 to 13, 2025, at the Lisbon Congress Center. Focused on accelerating Portugal's transition to zero-emission transport, the initiative centers on deploying cutting-edge battery-swapping technology tailored for taxi flee ...

SHANGHAI, April 8, 2025 /PRNewswire/ -- U Power Limited (NASDAQ:UCAR), a next-generation green smart energy grid innovator, marked a significant milestone in Southeast Asian expansion with a successful outdoor exhibition of its UOTTA battery swap station during the 2025 Bangkok International Motor Show. The cutting-edge infrastructure demonstration attracted widespread industry attention, drawing participation from key partners including SUSCO (Susco Public Company Limited), industry leaders, and over 80 ac ...

Core Insights - U Power Limited has entered a joint venture with SUSCO Public Company Limited to deploy its UOTTA battery-swapping technology across SUSCO's fueling stations in Thailand, positioning itself as a first-mover in the commercial EV battery swapping market [1][2][4] Group 1: Strategic Partnership - The joint venture is a significant milestone in U Power's global expansion strategy, particularly in Southeast Asia, aligning with Thailand's ambitious EV targets [2][7] - The partnership aims to integrate battery-swapping capabilities into SUSCO's existing infrastructure to meet the growing demand for electric vehicle energy solutions [2][4] Group 2: Infrastructure Development - U Power's UOTTA battery-swapping system will be strategically positioned at SUSCO's fueling stations nationwide, providing a rapid and efficient energy solution for commercial vehicle fleets [3][10] - This infrastructure supports Thailand's goal of having 30% of new vehicle sales be electric by 2030, with plans for 12,000 charging piles and 1,450 battery-swapping stations [7] Group 3: Market Demand and Business Potential - The partnership addresses the practical challenges faced by Thailand's significant taxi and ride-hailing fleet, which exceeds 300,000 vehicles, by providing an alternative to lengthy charging times [10] - The collaboration is expected to enhance profitability and accelerate EV adoption in the region [10][11] Group 4: Investment and Growth Potential - Chatchaval Jiaravanon, a member of the controlling family of the Charoen Pokphand Group, has personally invested in the joint venture, indicating strong backing from leading Asian investors [5][6] - The partnership is anticipated to create meaningful growth opportunities within Thailand's rapidly expanding electric transportation sector [6]

Core Insights - U Power Limited has signed a cooperation agreement with SAIC Motor-CP to integrate its battery-swapping technology into the MG brand vehicles for the Thai market [1][2] - The partnership aims to develop a comprehensive network of battery-swapping stations and operating systems, initially focusing on Thailand's taxi and ride-hailing markets [2][3] - The collaboration is expected to address charging infrastructure challenges in Thailand's growing electric vehicle market, with projections indicating significant growth in EV adoption [3][4] Company Overview - U Power Limited is a vehicle sourcing services provider with a vision to become a comprehensive EV battery power solution provider, primarily focused on its proprietary UOTTA battery-swapping technology [5] - The company has established a vehicle sourcing network in China's lower-tier cities and operates a manufacturing factory in Zibo City, Shandong Province, China [5] Market Context - Thailand's taxi and ride-sharing fleet exceeds 300,000 vehicles, with projections indicating 50% electrification within five years, highlighting the potential for battery-swapping technology [4] - The partnership is positioned to capitalize on Thailand's EV3.5 policy, which is expected to drive 30-40% annual growth in electric vehicle adoption [4]

Group 1 - U Power Limited has completed a registered direct offering and concurrent private placement, raising approximately $5.0 million before fees and expenses [2][4] - The offering included 648,000 Class A ordinary shares, Pre-funded Warrants for 393,668 shares, and Common Warrants for 1,562,502 shares, all at a combined price of $4.80 per share [1][2] - The exercise price for the Pre-funded Warrants is set at $0.0001 per share, while the Common Warrants have an exercise price of $4.80 and will expire in five years [1][2] Group 2 - The existing Series A warrants, previously priced at $120.00 per share, have been amended to an exercise price of $4.80 per share [2] - Maxim Group LLC acted as the sole placement agent for the offering [3] - The securities were offered under a shelf registration statement declared effective by the SEC on November 8, 2024, and the Common Warrants were part of a private placement [4] Group 3 - U Power Limited aims to become a comprehensive EV battery power solution provider in China, focusing on its proprietary battery-swapping technology [6] - The company has established a vehicle sourcing network in lower-tier cities in China and operates a manufacturing factory in Zibo City, Shandong Province [6]

Core Insights - U Power Limited has announced the expansion of its UOTTA battery swapping solutions with a new compact 8-slot battery-swapping station to be delivered to ANTRAL, Portugal's national taxi association, in the first half of 2025, marking a significant step in the company's European market presence [1] Group 1: Product and Technology - The UOTTA 8-slot compact swap station is designed for urban environments, occupying only 90 square meters and capable of serving 30-50 vehicles daily, with a modular design for future capacity expansion [2] - U Power has developed a comprehensive solution portfolio since launching UOTTA in 2020, with customizable configurations for various vehicle types, including taxi-focused swap stations that can handle up to 200 swaps daily [3] - The integration of AI into station management and cloud platforms enhances operational efficiency and optimizes power consumption [4] Group 2: Economic Advantages - U Power's battery swapping solution presents a more economical alternative to traditional fast-charging infrastructure, requiring lower capital investment while serving the same number of taxis and mileage, which is particularly advantageous in space-constrained European cities [4] Group 3: Company Background - U Power Limited, established in 2013, focuses on vehicle sourcing services and aims to become a key player in the EV market through its proprietary battery-swapping technology, UOTTA [5]

Core Viewpoint - U Power Limited has entered into a securities purchase agreement to sell 1,041,668 Class A ordinary shares and issue warrants for an additional 1,562,502 shares, aiming to raise approximately $5.0 million through this offering [1][2]. Group 1: Offering Details - The effective offering price for each Class A ordinary share and accompanying warrant is set at $4.80 [1]. - The warrants are immediately exercisable, expire five years from issuance, and have an initial exercise price of $4.80 per share, subject to standard adjustments [1]. - The offering is expected to close on or about January 27, 2025, pending customary closing conditions [2]. Group 2: Existing Warrants Amendment - Existing Series A warrants, which allow the purchase of approximately 100,000 Class A ordinary shares at an exercise price of $120.00, will be amended to an exercise price of $4.80 upon the closing of the offering [3]. Group 3: Regulatory Compliance - The Class A ordinary shares are being offered under a shelf registration statement on Form F-3, effective since November 8, 2024 [4]. - The warrants issued in the private placement have not been registered under the Securities Act or applicable state securities laws [4]. Group 4: Company Overview - U Power Limited is focused on becoming a comprehensive EV battery power solution provider in China, primarily through its proprietary battery-swapping technology [6]. - The company has established a vehicle sourcing network in lower-tier cities in China and operates a manufacturing factory in Zibo City, Shandong Province [6].

Core Insights - U Power Limited's UOTTA battery-swapping technology has been selected by Treep Mobility Group in Peru for their electric vehicle fleet transition [1][2] - Treep Mobility plans to convert its traditional fuel-powered vehicles to UOTTA's battery-swapping model, with expected orders exceeding US$1 million [2] - The partnership highlights the economic benefits of the battery-swapping model, which can reduce operating costs by 30-40% compared to traditional fuel vehicles [3] Company Overview - U Power Limited aims to become a comprehensive EV battery power solution provider, focusing on its proprietary UOTTA battery-swapping technology [6] - The company has established a vehicle sourcing network in China's lower-tier cities and operates a manufacturing factory in Zibo City, Shandong Province [6] Market Opportunity - The Moto Taxi market in Peru presents significant growth potential, with over 100,000 registered Moto Taxis and an annual addition of over 300,000 new electric two-wheeler and three-wheeler motorcycles in South America [5] - The partnership with Treep Mobility is expected to drive sustainable business growth and attract more companies in South America to adopt the battery-swapping model [5] Technology Integration - UOTTA's solution incorporates AI technology to predict customer demand and optimize charging and swapping efficiency, enhancing overall operational efficiency [4]

Core Insights - U Power Limited's subsidiary, Energy U Limited, has formed a joint venture with Portugal's national taxi association ANTRAL to deploy battery swapping solutions in the European market, marking a strategic advancement for the company [1][4] - Initial operations will commence with 40 vehicles per battery-swapping station, following successful pilot testing in Portugal, with full integration expected to begin next year [2] - The joint venture aims to accelerate Portugal's transition to electric mobility by developing an integrated EV ecosystem, addressing challenges such as limited charging infrastructure and battery lifecycle management for taxi operators [3] Company Overview - U Power Limited is focused on becoming a key player in the EV market, primarily through its proprietary UOTTA battery-swapping technology, which is designed to provide comprehensive battery power solutions for electric vehicles [5] - The company has established a vehicle sourcing network in China's lower-tier cities and operates a manufacturing facility in Zibo City, Shandong Province, China [5]