UCAR News & Events

U Power signed an agreement with Guofu Hydrogen Energy Hong Kong and Cloud Digital Chain to establish a strategic U Power-controlled joint venture, or JV, entity aiming at providing comprehensive AI-driven energy management solutions for Intelligent Data Centers, or IDCs, initially in the Thailand market, and expected to gradually expand into global markets. U Power will hold a majority equity stake in the JV. The Parties anticipate providing initial capital for the establishment and incorporation of one or more subsidiaries in Hong Kong SAR on or before July 31. The JV is expected to commence operations within 90 days thereafter. Through this JV, U Power aims to expand its business scope into hydrogen energy services tailored for IDCs, marking a strategic step beyond its core battery-swapping operations, and create a new and scalable revenue stream that complements its existing battery-swapping business. Expansion in other markets will proceed gradually, using a replicable operational model. Guofuhee is an integrated solutions provider for the full hydrogen energy equipment value chain in China. Cloud Digital is a technology-focused company operating in the emerging digital asset and new technology sectors.

U Power announced that on April 7, it entered into subscription agreements with seven purchasers, for the sale of 2,900,000 Class A Ordinary Shares of the Company at $1.10 per Share. Gross proceeds to the Company from this Transaction will be $3.19M The closing of the Transaction contemplated hereby is expected to take place on or about April 7, 2026, and has been approved by the Company's board of directors. The Company intends to use the proceeds from this Transaction to support its expansion across both new and existing key markets, enhance and scale its core operations, and accelerate the deployment of its proprietary battery-swapping solutions. Additional details regarding the Transaction are set forth in the Company's Current Report on Form 6-K filed with the SEC on April 7. The Shares issued in the Transaction were offered in an offshore transaction to persons who are not U.S. persons pursuant to Regulation S under the Securities Act of 1933.

U Power announced that, following its securing an order for 1,000 battery-swapping heavy-duty trucks in Thailand and completing production of the first batch of vehicles, its Hong Kong taxi battery-swapping project is also expected to complete station deployment and commence operations in Q2. This development marks a new stage of full commercial rollout for U Power's battery-swapping business for commercial vehicles across the Asian market. In 2025, the company launched a taxi battery-swapping business in Phuket, Thailand, and introduced its UNEX heavy-duty truck battery-swapping project to the Thai market. In June 2025, the company completed Hong Kong's first demonstration battery-swapping station capable of commercial operation. In parallel with the construction of battery-swapping stations, U U Power is targeting market launch in Q2.

U Power LTD trading halted, news pending