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U Power Enters Macau Market; Signs of Its First Electric Service Provider (“ESP”) Agreement in Macau
UCAR has established various partnerships in Thailand, Portugal, Hong Kong, Peru and Mexico to jointly promote UOTTA battery-swapping services and are working on building a battery-swapping ecosystem in these markets
Full year 2024 total revenue was $6.2 million, representing an increase of 124% as compared to full year 2023
In 2024 UCAR sold and delivered a total of 12 battery-swapping stations
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Hello Everyone,
Today’s profile jumped 25%. Continue to watch it.
We have a brand spanking new profile for tomorrow’s session. We are excited to get our hand on this one after looking at the chart.
It has been on the move north on extremely light interest.
This one looks thin!
Pull up UCAR for Tuesday.
U Power is a comprehensive provider of electric vehicle (EV) battery swapping solutions using its proprietary modular battery-swapping technology, UOTTA™. U Power manufactures and sells different models of UOTTA battery-swapping stations for EVs, and sells and rents battery swap cabinets to two-wheeled vehicle drivers. U Power also provides battery-swapping services for vehicle drivers and station control system upgrading services for battery-swapping station owners.
Through investments in next-generation technologies, U Power’s vision is to become a comprehensive solutions provider for smart energy grids. Expanding on its UOTTA technology platform, the Company is investing in building intelligent ecosystems that integrate resilient AI driven solutions able to transform electric vehicles (EVs) into dynamic energy assets.
U Power Enters Macau Market; Signs of Its First Electric Service Provider (“ESP”) Agreement in Macau
ESP Agreement to Facilitate the Deployment of UOTTA Battery-Swapping Stations and Sales of Four-Wheeled and Two-Wheeled Battery-Swapping Vehicles
SHANGHAI, June 30, 2025 /PRNewswire/ — U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a provider of comprehensive electric vehicle (“EV”) battery-swapping solutions with a vision of becoming a smart energy grid solutions provider, today announced the signing of its first agreement with an Electric Service Provider (the “ESP”) in Macau, aiming to facilitate the deployment and operation of U Power’s UOTTA battery-swapping stations and cabinets, as well as the sale of compatible electric vehicles (EVs).
Pursuant to the agreement, the local ESP will be responsible for the installation and maintenance of U Power’s UOTTA smart battery-swapping stations and cabinets in Macau. In addition, leveraging its existing partnership with UNEX EV B.V. (a Netherlands-based new energy and technology company which cooperates with OEM partners to design intelligent battery-swapping vehicles), U Power will work with the ESP to facilitate the sale and provide after-sale maintenance of compatible battery-swapping vehicles including four-wheeled passenger and commercial vehicles, and two-wheeled electric motorcycles, in the Macau market.
Over a three-year period, the ESP partner expects to be buying and then selling to the end users approximately 600 four-wheeled and 5,000 two-wheeled compatible battery-swapping vehicles, along with operating a corresponding number of battery-swapping stations and cabinets.
Johnny Lee, CEO and Chairman of U Power commented, “We are thrilled to announce U Power’s official entry into Macau via the signing of our first local ESP partnership agreement, a significant step forward towards establishing a battery-swapping ecosystem in this key market. We believe the ESP model will help us seize market share in Macau and we look forward to replicating this model in more regional markets including Hong Kong SAR and Singapore, thus accelerating U Power’s global expansion plan.”
UCAR is backed by strategic investor, Thai tycoon Chatchaval Jiaravanon a core member of the CP Group family and also one of Asia’s wealthiest families.
The CP Group is Thailand’s biggest conglomerate, based in Bangkok with businesses in telecommunications, finance, pharmaceuticals, automotive, food and retail.
The Jiaravanon Family manages a leading global industrial conglomerate and family office with a proven track record of managing more than $25Bln in assets, with over $82Bln in revenues and 450,000 employees. The Family’s holdings operate across 8 business lines, 14 business groups and 21 countries and economies.
Chatchaval Jiaravanon is executive director of the family’s Charoen Pokphand Group, also known as CP Group. Jiaravanon is also involved in C.P. Group’s technology, media and telecom businesses. He serves as a board member of Asian communications conglomerate True Corporation, which owns Thailand’s largest TV and Internet provider. In addition, he is chairman and founder of Charoen Energy and Water Asia; CEO of Charoen Pokphand Indonesia and is a member of INSEAD’s South-East Asia Council, among other roles.
In 2018, Chatchaval Jiaravanon purchased the Fortune media brand for $150 Mln in cash through Fortune Media Group Holdings Limited, set up as his personal investment company, independent of C.P. Group’s family businesses.
Why would this Thai Tycoon of Thailand’s biggest conglomerate back this tiny company?
U Power Limited (NASDAQ: UCAR) Announces Landmark Joint Venture with SUSCO, Targeting Thailand’s Multi-Billion EV Infrastructure Boom!
The importance of this deal cannot be over looked. The Thai Tycoon has plenty of money and experience to help launch this company and dwarf it into a massive global conglomerate.
Strategic Partnership to Address Rapid EV Growth Driven by Government Policy Changes in Thailand
U Power Limited (NASDAQ: UCAR), a world leader in rapid battery swapping technology for EV’s announced it has signed a joint venture agreement between its Thai subsidiary, U SWAP, and SUSCO Public Company Limited (BK: SUSCO), a publicly listed energy provider with a robust network of fueling stations throughout Thailand. The joint venture will deploy U Power’s innovative UOTTA battery-swapping technology across SUSCO’s extensive station network, significantly advancing sustainable transportation solutions in the country. The JV positions U Power as a first-mover in Thailand Commercial EV Battery Swapping Market.
“This joint venture represents a significant milestone in U Power’s global expansion strategy, particularly in Southeast Asia,” said Li Jia, Chairman and CEO of U Power. “Thailand’s ambitious EV targets make our partnership with SUSCO timely and strategically important, creating immediate oppor∙tun∙ities for scaling our battery-swapping technology across the region.”
Expanding EV Infrastructure with UOTTA Technology
SUSCO is a publicly traded energy provider listed in Thailand, recognized for its widespread network of fueling stations. By partnering with U Power, SUSCO aims to integrate battery-swapping capabilities into its existing infrastructure to meet the growing demand for electric vehicle (EV) energy solutions.
Through the joint venture, U Power’s UOTTA battery-swapping system will be strategically positioned at SUSCO’s fueling stations nationwide. This infrastructure will serve as a rapid, efficient, and scalable energy solution tailored to the needs of commercial vehicle fleets, including taxis and ride-sharing services, significantly reducing downtime and improving operational efficiency.
Integrating U Power’s innovative battery-swapping technology into SUSCO’s extensive station network allows SUSCO to directly support Thailand’s ambitious EV adoption goals, enhance customer convenience, and position SUSCO at the forefront of the nation’s evolving transportation infrastructure.
Leading Asian Investors Back Joint Venture with Strategic Investment
Chatchaval Jiaravanon, a member of the family controlling the Charoen Pokphand Group (CP Group)—a diversified conglomerate generating over $82 Bln in annual revenue—has personally invested in the joint venture between U Swap and SUSCO.
Mr. Jiaravanon currently serves as chairman and founder of Charoen Energy and Water Asia and independently owns Fortune magazine.
As highlighted in a recent press release, Mr. Jiaravanon expressed optimism regarding the significant potential for growth and pro∙fit∙abi∙lity of this partnership within Thailand’s rapidly expanding electric transportation sector. Leveraging his extensive financial and business relationships across the region, Mr. Jiaravanon is expected to create meaningful opportunities for U Swap’s accelerated growth.
Strategic Growth Aligned with Thailand’s Green Energy Goals
This partnership directly aligns with Thailand’s “30@30” policy, which mandates that 30% of new vehicle sales be electric by 2030. To accelerate this transition, Thailand’s National New Generation Vehicle Committee has prioritized infrastructure development through inve∙stment incentives, targeting the nationwide deployment of 12,000 charging piles and 1,450 battery-swapping stations by the policy deadline. Positioned at the intersection of government strategy and market demand, the joint venture is uniquely equipped to cap∙italize on these tailwinds and establish a dominant footprint in Thailand’s rapidly evolving EV ecosystem.
The agreement builds on U Power’s previous strategic collaboration with CP-MG, reinforcing the company’s systematic approach to market expansion and highlighting the trust major Thai corporations have in U Power’s battery-swapping technology.
Addressing Market Demand and Business Potential
Given Thailand’s significant taxi and ride-hailing fleet, currently exceeding 300,000 vehicles, battery swapping provides an attractive alternative to lengthy charging times. By deploying this technology within SUSCO’s extensive network, the partnership will directly address the practical challenges faced by high-utilization vehicles, boosting profitability and accelerating EV adoption.
“Thailand is entering a transformative period in electric mobility, and our partnership with SUSCO positions U Power at the forefront of this exciting transition,” said Li Jia. “Together, we aim not only to enhance Thailand’s green transportation infrastructure but also to establish a pro∙fit∙able and scalable model for other markets in Southeast Asia and beyond.”
About SUSCO
SUSCO Public Company Limited, a leading oil and gas retail company in Thailand, has been a key player in the energy sector since its establishment in 1981. Listed on the Stock Exchange of Thailand, SUSCO operates an extensive network of service stations across Bangkok and its surrounding areas, offering a wide range of products and services, including fuel retailing, aviation fuel supply, and CNG/LPG refueling.
SUSCO is renowned for its strong market presence and operational expertise, particularly in serving major international airports in Bangkok, including Suvarnabhumi and Don Mueang. In recent years, the company has actively pursued innovation and sustainability, exploring opportunities in electric vehicle charging, hydrogen fuel, and biofuel technologies to align with global energy transition trends. The partnership with U Power aligns perfectly with SUSCO’s commitment to leading Thailand’s transition toward sustainable energy solutions.
Through strategic partnerships, such as its collaboration with Sinopec (Hong Kong) Limited, SUSCO has expanded its footprint in Thailand’s retail fuel market and introduced new business models. With a proven track record of excellence and a forward-looking approach, SUSCO continues to solidify its position as a trusted energy solutions provider in Thailand and beyond.
U Power Provides Business Update and Outlines Key Objectives for 2025 and Beyond
Investing in Next-Generation Technologies with a Goal of Becoming a Smart Energy Grid Solutions Provider
SHANGHAI, June 10, 2025 /PRNewswire/ — U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a provider of comprehensive electric vehicle (“EV”) battery-swapping solutions with a vision of becoming a smart energy grid solutions provider, today provides an update of recent business developments, strategic partnerships and outlines its key growth initiatives for 2025 and beyond.
Recent Business Developments
– Expanded our client base and domestic footprint: Our proprietary UOTTA-powered battery-swapping stations and related solutions continued to gain traction. Our UOTTA technology offers fast, efficient battery swap for a variety of EVs including commercial trucks, buses, light trucks and passenger vehicles, including two wheeled and three wheeled. For full year 2024 we reported total revenue of $6.2 million, representing an increase of 124% as compared to full year 2023. During 2024 we sold and delivered a total of 12 battery-swapping stations.
– Established global partnerships: We have established various partnerships in Thailand, Portugal, Hong Kong, Peru and Mexico to jointly promote UOTTA battery-swapping services and we are working on building a battery-swapping ecosystem in these markets. We are partnering with major EV manufacturers in these markets to facilitate the sales of UOTTA-powered EVs and have begun delivering battery-swapping stations initially for taxi and ride-hailing services.
– Patents: We continued to strengthen our capabilities and introduced innovative UOTTA solutions supported by a large number of patents (46 issued patents and 18 pending patent applications).
Two-Fold Growth Strategy for 2025 and Beyond
Our key objective is to continue to grow our existing business, establish new business lines and generate additional revenue streams via a well-thought business plan based on two main pillars.
1. Leverage existing battery-swapping technology to build a comprehensive UOTTA-centered ecosystem. Specifically, we are:
- Incorporating UOTTA into more EVs in our local market by taking advantage of the widespread adoption of EVs.
- Accelerate international rollout via several partnerships we have established in Southeast Asia, Southern Europe and South America, and new ones we are targeting.
- Continue investing in technology innovation and continuous upgrades of our one-stop UOTTA solutions.
2. Invest in next-generation technologies to develop comprehensive solutions for EV manufactures and drivers, aiming to transform EVs into dynamic assets for smart energy grids. Specifically, we plan to:
- Continue investing in our AI-based data management cloud platform which connects UOTTA-powered EVs with stations and assists UOTTA-powered EV drivers locate the closest compatible UOTTA swapping stations on their route. Our continued investment aims to develop a comprehensive battery power solution platform which will offer advanced real-time data connections, analysis and forecasting capabilities, improve driving and re-charging experience, and serve as a complete urban road transportation solution.
- Introduce “Battery Bank” solutions into the platform, aiming to enhance the performance of battery life cycle and use AI blockchain technology to monetize battery assets.
- Introduce “Commercial Energy Storage” solutions for distributed and/or centralized energy storage stations, industrial and commercial EV charging and swapping stations, etc.
Johnny Lee, CEO and Chairman of U Power commented, “In early 2024 we made the strategic decision to re-organize and transform our business into a comprehensive solution provider for EVs, with a goal of becoming a smart energy grid solutions provider. The first step towards reaching our goal was the development of UOTTA battery-swapping stations and related solutions which reduce cost and timing of EV charging. Also, our UOTTA solutions are designed to minimize the need for extensive EV charging grid upgrades and facilitate the establishment of efficient and sustainable charging networks for the growing EV fleets of passenger cars or commercial trucks, which we are offering to both domestic and international customers. Our next step is to create a mature ecosystem by scaling up our UOTTA battery swapping operations, which will eventually enable and accelerate the development and implementation of new AI-based data management offerings and services such as Battery Bank business solutions, and Commercial Energy Storage solutions, transforming EVs into dynamic assets for smart energy grids.”
Mr. Lee added, “We believe our two-fold strategy has well-positioned U Power to grow revenue from existing business lines, create new revenue streams, improve profitability, expand client base and geographic footprint and ultimately create value for shareholders.”
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