US Market News
1月前
U Power Reports Financial Results for Full Year of 2025May 15, 2026 5:11 PM
PR Newswire (US) Transitioning to a Provider of Sustainable Mobility and Energy Solutions by Expanding into AI-Driven Energy Management Solutions for IDCsSHANGHAI, May 15, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTATM electric vehicle (EV) battery-swapping technology, today announced its financial results for the full year ended December 31, 2025 ("FY 2025").[1]FY 2025 Financial HighlightsTotal revenue of RMB41.1 million (or $5.9 million), compared to RMB44.3 million in the same period of 2024.Gross profit of RMB14.9 million (or $2.1 million), compared to RMB10.5 million in the same period of 2024. Gross margin of 36.3%, compared to 23.6% in the same period of 2024.Net loss of RMB 80.5 million (or $11.4 million), compared to RMB56.3 million in the same period of 2024.Cash and cash equivalents of RMB22.0 million ($3.1 million) as of December 31, 2025, compared to RMB23.4 million as of December 31, 2024.FY 2025 Operational HighlightsThailand:Delivered Southeast Asia's first battery-swapping taxi fleet in Phuket Island, and the region's first smart battery-swapping station.Strategic partnership with Whale Logistics Ltd. ("Whale Logistics"), to deploy up to 1,000 battery-swapping electric truck tractors, as part of a broader plan to deliver 4,200 SAIC-Hongyan heavy trucks.Deployment of battery-swapping agricultural drones through a partnership with Chia Tai Co., Ltd.Hong Kong SAR:Inaugurated Hong Kong's first operational smart battery-swapping station and plans to build, install and operate a total of 50 stations, and deploy 300 battery-swapping vehicles.Southern Europe:Joint venture with ANTRAL to deliver battery-swapping stations serving 150-200 electric vehicles for taxi drivers.Initial €540,000 sales agreement with Polestar Energy S.L. for the deployment of twenty battery-swapping electric vans and a supporting station in Italy; potential expansion across Spain, Portugal, and Albania.Latin America:Mexico: Strategic partnership to deploy battery-swapping vehicles for ride-hailing services.Peru: Pilot project of two/three-wheeled vehicles for Treep Mobility Group S.A.C.; sold and delivered 50 two- and three-wheeled vehicles, eight battery-swapping cabinets and a corresponding number of compatible batteries for taxi services.[1] All amounts presented in U.S. dollars ($) in this news release are based on a conversion rate of RMB7.0288 to $1.00 for the reporting period ended December 31, 2025.Year-to-Date 2026 Operational MilestonesU Power entered 2026 focused on scaling its UOTTA™ battery-swapping platform in international markets while expanding into digital and AI-driven energy solutions. Year-to-date 2026 operational milestones include:Further expansion in key markets:Thailand: Passed comprehensive operational testing and full-stack integration for heavy-duty truck prototypes; production of first batch of 30 trucks completed, with shipment to Whale Logistics scheduled for late May 2026 under the 1,000-vehicle plan.Hong Kong SAR: Completed road testing and compatibility validation of battery-swapping taxi fleet; first batch of 60 taxis and a supporting battery-swapping station expected to be delivered in the second quarter of 2026.New business initiatives:Tokenized real-world assets: Launched its first regulatory-compliant tokenized real-world assets ("RWA") on the BNB Chain in January 2026, leveraging UOTTA™ technology; initial focus on the Southern Europe market, with planned expansion into other key markets.AI-driven IDC energy solutions: Entered AI-driven energy management for Intelligent Data Centers ("IDCs") in April 2026 through a joint venture with Guofu Hydrogen Energy (Hong Kong) Development Co., Limited and Cloud Digital Chain Limited , marking U Power's strategic expansion into providing AI-driven energy management solutions.Mr. Jia Li, CEO and Chairman of the Board of Directors of U Power, commented on the FY 2025 results, "2025 was a transformative year for U Power as we advanced our overseas battery-swapping strategy through international expansion and R&D investment. While revenue declined during the year, gross profit rose 42.6% and gross margin expanded to 36.3% from 23.6%, reflecting our shift toward higher-margin international markets. With RMB22.0 million in cash and cash equivalents, we believe we are well-positioned to support our 2026 growth pipeline. We also made operational progress across key international markets. In Thailand, the world's first commercial battery-swapping taxi fleet is now in service, and in Hong Kong SAR, we deployed the first battery-swapping station under our planned 55-station rollout and continue progressing toward a commercial launch. We also advanced deployments in Peru and Southern Europe across multiple vehicle classes and station applications."Mr. Li concluded, "U Power is developing an AI-powered intelligent energy and transportation network. We believe our automated battery-swapping stations are not just efficient energy-replenishment facilities for commercial EVs, but critical infrastructure nodes linking cloud-based intelligent dispatch to real-world transportation. We anticipate this industrial-grade technology to deliver a 'near-zero human intervention' replenishment model for future Level 4 autonomous fleets. In parallel, we are endeavoring to advance the integration of AI within our energy storage systems, which we expect will allow us to optimize energy dispatch based on time-of-use pricing, unlocking both cost savings and potential power-market revenue. On the Web3 front, U Power is pursuing the RWA tokenization of its battery-swapping infrastructure, battery assets, and associated revenue streams. This approach aims to transform operational data and energy assets into a scalable digital-asset ecosystem.""Looking ahead, we are planning to broaden our platform into AI-driven energy solutions for IDCs which may position U Power as a more diversified sustainable mobility and energy solutions provider. We are encouraged by the continued confidence of our shareholders, which reflects a shared belief in U Power's long-term strategic direction and value creation potential. We believe this strategy, combined with disciplined execution and a growing partner ecosystem, can drive meaningful growth in 2026."FY 2025 Financial Review and Analysis Total net revenues for FY 2025 were RMB41.1 million (or $5.9 million), representing a decrease of 7.1% from RMB44.3 million during the fiscal year ended December 31, 2024 ("FY 2024"), primarily due to a decrease in revenues from product sales, partially offset by increased revenues from sourcing services and battery-swapping services. Specifically:Net revenues from product sales of RMB36.6 million (or $5.2 million) decreased 12.4% during FY 2025 as compared to RMB41.8 million in FY 2024 and accounted for 89.1% of total net revenues. The decrease was mainly attributable to lower domestic deliveries, partially offset by overseas market expansion during the period.Net revenues from sourcing services of RMB1.1 million (or $0.2 million) during FY 2025 increased materially as compared to RMB0.06 million in FY 2024 and accounted for 2.7% of total net revenues. The increase was primarily a result of the fleet of vehicles equipped with the Company's proprietary UOTTA battery-swapping technology delivered to the Thailand and Hong Kong markets in FY 2025.Net revenues from battery-swapping services of RMB3.4 million (or $0.49 million) increased 41.5% during FY 2025 as compared to RMB2.4 million in FY 2024 and accounted for 8.3% of total net revenues. The increase was a result of an increased number of vehicles utilizing battery-swapping services during the period, especially as more two-wheeled battery-swapping vehicles were delivered to the Peru market.Gross profit for FY 2025 was RMB14.9 million (or $2.1 million), representing an increase of 42.6% from RMB10.5 million during FY 2024, mainly due to increased profits associated with overseas sales of battery-swapping stations. Similarly, gross margin improved to 36.3% during FY 2025, compared to 23.6% during FY 2024.Total operating expenses for FY 2025 were RMB73.2 million (or $10.4 million), representing an increase of 6.9% from RMB68.5 million in FY 2024. The increase was mainly a result of RMB7.3 million higher allowance for expected credit losses, RMB5.7 million higher general and administrative expenses, RMB1.6 million higher research and development expenses and RMB0.6 million higher selling expenses, and was partially offset by the absence of FY 2024's RMB10.5 million asset impairment loss. Specifically, for FY 2025:General and administrative expenses of RMB52.6 million (or $7.5 million) increased by RMB5.7 million as compared to FY 2024, mainly as a result of expanded operations to support overseas market growth during the period.Research and development expenses of RMB4.6 million (or $0.7 million) increased by RMB1.6 million as compared to FY 2024, primarily due to increased research investments to support technological compatibility of EVs during international expansion.Sales and marketing expenses of RMB3.4 million (or $0.5 million) increased by RMB0.6 million as compared to FY 2024, primarily due to higher overseas marketing expenses incurred for business expansion initiatives.Net loss was RMB80.5 million (or $11.4 million), compared to net loss of RMB56.3 million in FY 2024. Basic and diluted losses per common share were RMB15.05 (or $2.14), compared to RMB16.79 during FY 2024.Cash and cash equivalents were RMB22.0 million ($3.1 million) as of December 31, 2025, compared to RMB23.4 million as of December 31, 2024. Working capital was RMB65.5 million ($9.3 million) as of December 31, 2025, compared to RMB48.2 million as of December 31, 2024.Total assets were RMB378.8 million ($53.9 million) as of December 31, 2025, compared to RMB385.7 million as of December 31, 2024. Total liabilities were RMB84.2 million ($12.0 million), compared to RMB64.7 million as of December 31, 2024. Total shareholders' equity was RMB271.0 million ($38.6 million), compared to RMB291.5 million as of December 31, 2024.About U Power Limited U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.Through investments in next-generation technologies, U Power is endeavoring to build intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.For more information, please visit the Company's website: https://www.upower-limited.com/.Exchange Rate InformationThis announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to U.S. dollars were made at the rate of RMB7.0288 to US$1.00, the exchange rate on December 31, 2025, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2025. The Company makes no representation that RMB or U.S. dollars amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.Safe Harbor Statements This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.Contact U Power Limited
Investor Relations Department
ir@upincar.comThe Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati @ruefd-9610 / azhang@theequitygroup.com U POWER LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands of RMB and US$, except for number of shares)
As of December 31,
2024
2025
2025
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
23,435
21,951
3,123
Restricted cash
1,239
343
49
Accounts receivable
10,374
22,198
3,158
Inventories
9,872
12,291
1,749
Advance to suppliers
9,466
11,334
1,613
Contract Assets
-
1,050
149
Other current assets
29,032
17,963
2,556
Amount due from related parties
21,657
60,274
8,575
Total current assets
105,075
147,404
20,972
Non-current assets:
Property, plant and equipment, net
8,656
8,537
1,215
Intangible assets, net
132
62
9
Operating lease right-of-use assets, net
16,205
9,873
1,405
Long-term investments
134,114
133,942
19,056
Refundable deposit for investment
39,799
54
8
Other non-current assets
81,733
78,926
11,228
Total non-current assets
280,639
231,394
32,921
Total assets
385,714
378,798
53,893
LIABILITIES AND EQUITY
Current liabilities:
Bank borrowings
17,972
18,972
2,699
Accounts payable
14,307
19,533
2,779
Accrued expenses and other liabilities
13,281
29,915
4,256
Income tax payables
5,169
7,947
1,131
Advances from customers
1,086
3,213
457
Operating lease liabilities – current
1,843
1,247
177
Amount due to related parties
3,239
1,037
148
Total current liabilities
56,897
81,864
11,647
Non-current liabilities:
Operating lease liabilities – non-current
4,137
2,362
336
Bank borrowings
3,700
-
-
Total non-current liabilities
7,837
2,362
336
Total liabilities
64,734
84,226
11,983
U POWER LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands of RMB and US$, except for number of shares) (CONTINUED)
As of December 31,
2024
2025
2025
RMB
RMB
US$
Commitments and contingencies
-
5,800
825
Shareholders' equity:
Ordinary shares (US$0.00001 par value; 5,000,000,000 shares authorized; 3,378,188 and
4,971,484 issued and outstanding as of December 31, 2024 and 2025) *
-
-
-
Class A ordinary shares, $0.00001 par value, 3,999,411,812 Class A ordinary shares
authorized, 2,790,000 and 4,603,440 Class A ordinary shares issued and outstanding as of
December 31, 2024 and 2025*
-
-
-
Class B ordinary shares, $0.00001 par value, 1,000,588,188 Class B ordinary shares
authorized, 588,188 and 368,044 Class B ordinary shares issued and outstanding as of
December 31, 2024 and 2025*
-
-
-
Additional paid-in capital
512,568
565,069
80,394
Translation reserve
-
(4,231)
(602)
Accumulated deficit
(221,098)
(289,818)
(41,233)
Total U POWER LIMITED's shareholders' equity
291,470
271,020
38,559
Non-controlling interests
29,510
17,752
2,526
Total equity
320,980
288,772
41,085
Total liabilities and equity
385,714
378,798
53,893
U POWER LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(Amounts in thousands of RMB and US$, except for number of shares and per share data)
For the years ended December 31,
2023
2024
2025
2025
RMB
RMB
RMB
US$
Net revenues
Product sales
17,062
41,819
36,628
5,211
Sourcing services
1,513
63
1,090
155
Battery-swapping services
1,189
2,408
3,407
485
Total net revenues
19,764
44,290
41,125
5,851
Cost of revenues
(7,592)
(33,827)
(26,208)
(3,729)Gross profit
12,172
10,463
14,917
2,122
Operating expenses:
Sales and marketing expenses
(2,477)
(2,789)
(3,362)
(478)General and administrative expenses
(41,222)
(46,910)
(52,627)
(7,487)Research and development expenses
(2,184)
(2,985)
(4,597)
(654)Loss on impairment of long-lived assets and long-term
investment
(1,996)
(10,504)
-
-
Allowance for expected credit losses
(1,196)
(5,264)
(12,597)
(1,792)Total operating expenses
(49,075)
(68,452)
(73,183)
(10,411)Operating loss
(36,903)
(57,989)
(58,266)
(8,289)Interest income
562
742
2,829
402
Interest expenses
(1,860)
(1,402)
(188)
(27)Other income
16,927
5,612
3,072
437
Other expenses
(1,579)
(3,325)
(24,344)
(3,463)Loss before income taxes
(22,853)
(56,362)
(76,897)
(10,940)Income tax expenses
(2,613)
-
(3,581)
(509)Net loss
(25,466)
(56,362)
(80,478)
(11,449)Less: Net loss attributable to non-controlling interests
(6,128)
(8,440)
(11,758)
(1,673)Net loss attributable to the Company's shareholders
(19,338)
(47,922)
(68,720)
(9,776)
Loss per share attributable to ordinary shareholders of
the Company's shareholders *
Basic and diluted
(15.56)
(16.79)
(15.05)
(2.14)
Weighted average shares used in calculating basic and
diluted loss per share *
Basic and diluted
1,243,140
2,854,594
4,567,460
4,567,460
Net loss
(25,466)
(56,362)
(80,478)
(11,449)Other comprehensive income, net of tax of nil:
Foreign currency translation adjustments
446
(446)
(4,231)
(602)Comprehensive loss
(25,020)
(56,808)
(84,709)
(12,051) View original content:https://www.prnewswire.com/news-releases/u-power-reports-financial-results-for-full-year-of-2025-302773936.htmlSOURCE U Power Limited Original: U Power Reports Financial Results for Full Year of 2025
US Market News
2月前
U Power Limited Announces Private Placement of $25.7 MillionApril 27, 2026 11:06 AM
PR Newswire (US)
SHANGHAI, April 27, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced that on April 27, 2026, it entered into subscription agreements (the "Subscription Agreements") with ten purchasers, including Founder and Chief Executive Officer Johnny Lee, for the sale of 15,670,737 Class A Ordinary Shares (each, a "Share" and collectively, the "Shares") of the Company at $1.64 per Share, in reliance upon Regulation S under the Securities Act of 1933, as amended (the "Transaction").Purchasers of the Shares also include Fortune Light Assets Ltd, a family office of Chatchaval Jiaravanon and a member of The Charoen Pokphand Group Company (CP Group); as well as Guofu Hydrogen Energy (Hong Kong) Development Co., Limited (HKSE: 2582), a leading integrated solutions provider for the full hydrogen energy equipment value chain in China. Specifically, Mr. Lee, Fortune Light Assets Ltd, and Guofu Hydrogen Energy (Hong Kong) Development Co., Limited have subscribed for $3.0 million, $2.0 million, and $3.6 million of the Company's Class A Ordinary Shares, respectively.Gross proceeds to the Company from this Transaction will be $25.7 million. The closing of the Transaction contemplated hereby is subject to customary closing conditions and is expected to take place on or about April 27, 2026, and has been approved by the Company's board of directors. The subscription by Mr. Lee, as a related-party transaction, has been reviewed and approved by the Company's audit committee. The Company intends to use the proceeds from this Transaction mainly to 1) support its expansion into hydrogen energy solutions for Intelligent Data Centers (IDCs) in Thailand through establishing a strategic joint venture, and 2) fund its core operations and expansion across overseas markets of U Power's proprietary battery-swapping solutions, including U Power's battery-swapping heavy truck project in Thailand, electric van project in Southern Europe, as well as the taxi project in Hong Kong SAR.Additional details regarding the Transaction are set forth in the Company's Current Report on Form 6-K filed with the U.S. Securities and Exchange Commission on April 27, 2026.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, as amended (the "Securities Act"), and have not been registered under the Securities Act or applicable state securities laws. Accordingly, the Shares may not be offered or sold in the United States or to U.S. persons except pursuant to an effective registration statement under the Securities Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, and in each case only in accordance with applicable state securities laws.This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.About U Power Limited U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI-driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.For more information, please visit the Company's website: https://www.upower-limited.com/.Safe Harbor Statements This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.ContactU Power Limited
Investor Relations Department
ir@upincar.comThe Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati @ruefd-9610 / azhang@theequitygroup.com
View original content:https://www.prnewswire.com/news-releases/u-power-limited-announces-private-placement-of-25-7-million-302754406.htmlSOURCE U Power Limited
Original: U Power Limited Announces Private Placement of $25.7 Million
US Market News
3月前
U Power Limited Announces Closing of $6.0 Million Public OfferingMarch 20, 2026 2:40 PM
PR Newswire (US)
SHANGHAI, March 20, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced the closing of its underwritten public offering of 13,360,000 Units, on a firm commitment basis, at a price to the public of $0.449 per Unit (the "Offering").Each Unit consists of one Class A ordinary share, par value $0.00001 per share (each, a "Class A Ordinary Share," and collectively, the "Class A Ordinary Shares"), and one Class A warrant (each, a "Warrant," and collectively, the "Warrants"). Each Warrant expires one year from the date of issuance, and is exercisable immediately on the date of issuance at the initial exercise price of US$0.449 per share, subject to adjustment on the 2nd and 5th trading days following the closing of this Offering to the price that is equal to 70% and 50%, respectively, of the initial exercise price of the Warrants, and the number of Class A Ordinary Shares underlying the Warrants will be proportionately increased. The Warrants may, at any time following the closing of the Offering and in the holders' sole discretion, be exercised in whole or in part by means of a zero exercise price option, in which the holders will receive twice the number of Class A Ordinary Shares that would be issuable upon a cash exercise of the Warrant, without payment of additional consideration.The Company has granted the underwriter a 45-day option to purchase up to an additional 2,004,000 Class A Ordinary Shares and/or additional 2,004,000 Warrants, or any combination thereof, as determined by the underwriter, at its respective public offering price less underwriting discounts and commissions. On March 20, 2026, the underwriter partially exercised such option with respect to 1,890,000 Warrants.The gross proceeds from the Offering, before deducting underwriting discounts and other offering expenses, and excluding any proceeds from exercise of the Warrants, were $6.0 million.Maxim Group LLC acted as the exclusive underwriter for the Offering. Hunter Taubman Fischer & Li LLC served as U.S. securities counsel to the Company and Ellenoff Grossman & Schole LLP served as U.S. securities counsel to the underwriter.The securities described above were offered pursuant to a registration statement on Form F-1 (File No. 333-294161) initially publicly filed with the U.S. Securities and Exchange Commission (the "SEC") on March 10, 2026, under the Securities Act of 1933, as amended (the "Registration Statement"), which was declared effective by the SEC on March 18, 2026. The Offering was made only by means of a prospectus which forms a part of the effective registration statement. A preliminary prospectus relating to the Offering has been filed with the SEC, and a final prospectus relating to the Offering was filed with the SEC on March 20, 2026. Electronic copies of the preliminary prospectus and final prospectus may be obtained on the SEC's website at www.sec.gov and may also be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.About U Power Limited U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI-driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.For more information, please visit the Company's website: https://www.upower-limited.com/.Safe Harbor Statements This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.ContactU Power Limited
Investor Relations Department
ir@upincar.comThe Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati @ruefd-9610 / azhang@theequitygroup.com
View original content:https://www.prnewswire.com/news-releases/u-power-limited-announces-closing-of-6-0-million-public-offering-302720075.htmlSOURCE U Power Limited
Original: U Power Limited Announces Closing of $6.0 Million Public Offering
US Market News
3月前
U Power Limited Announces Pricing of $6.0 Million Public OfferingMarch 19, 2026 8:45 AM
PR Newswire (US)
SHANGHAI, March 19, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced the pricing of an underwritten public offering of 13,360,000 Units, on a firm commitment basis, at a price to the public of $0.449 per Unit. Each Unit consists of one Class A ordinary share, par value $0.00001 per share (each, a "Class A Ordinary Share," and collectively, the "Class A Ordinary Shares"), and one Class A warrant (each, a "Warrant," and collectively, the "Warrants"). Each Warrant will expire one year from the date of issuance, and is exercisable immediately on the date of issuance at the initial exercise price of US$0.449 per share, subject to adjustment on the 2nd and 5th trading days following the closing of this Offering to the price that is equal to 70% and 50%, respectively, of the initial exercise price of the Warrants, and the number of Class A Ordinary Shares underlying the Warrants will be proportionately increased. The Warrants may, at any time following the closing of the Offering and in the holders' sole discretion, be exercised in whole or in part by means of a zero exercise price option, in which the holders will receive twice the number of Class A Ordinary Shares that would be issuable upon a cash exercise of the Warrant, without payment of additional consideration. The Company has granted the underwriter a 45-day option to purchase up to an additional 2,004,000 Class A Ordinary Shares and/or additional 2,004,000 Warrants, or any combination thereof, as determined by the underwriter, at its respective public offering price less underwriting discounts and commissions.The gross proceeds from the offering, before deducting underwriting discounts and other offering expenses, and excluding any proceeds from exercise of the Warrants, are expected to be approximately $6.0 million. The closing of the offering is expected to occur on or about March 20, 2026, subject to the satisfaction of customary closing conditions. Maxim Group LLC is acting as the exclusive underwriter for the offering.The securities described above are being offered pursuant to a registration statement on Form F-1 (File No. 333-294161) initially publicly filed with the U.S. Securities and Exchange Commission (the "SEC") on March 10, 2026, under the Securities Act of 1933, as amended (the "Registration Statement"), which was declared effective by the SEC on March 18, 2026. The offering is being made only by means of a prospectus which forms a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC, and a final prospectus relating to the offering will be filed with the SEC before closing of the offering. Electronic copies of the preliminary prospectus and final prospectus, when available, may be obtained on the SEC's website at www.sec.gov and may also be obtained by contacting Maxim Group LLC at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Prospectus Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.About U Power Limited U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.For more information, please visit the Company's website: https://www.upower-limited.com/.Safe Harbor Statements This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, which include, without limitation, the expected completion, timing and size of the offering, and the expected closing date of the offering. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.ContactU Power Limited
Investor Relations Department
ir@upincar.comThe Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati @ruefd-9610 / azhang@theequitygroup.com
View original content:https://www.prnewswire.com/news-releases/u-power-limited-announces-pricing-of-6-0-million-public-offering-302718733.htmlSOURCE U Power Limited
Original: U Power Limited Announces Pricing of $6.0 Million Public Offering
subslover
3月前
U POWER Announces Completion of Production of 30 Battery-Swapping Electric Heavy Trucks For Thailand; Pilot Shipment Scheduled for Late May 2026 as Part of 1,000-Vehicle Plan
Thailand Pilot Deployment to Provide Key Insights for Global Battery-Swapping Truck Commercialization
BANGKOK, March 17, 2026 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) ("U Power" or the "Company"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, today announced that production of the first batch of 30 battery-swapping electric heavy-duty trucks designated for the Thailand market has been completed. Delivery of these vehicles to Thailand is scheduled for late May 2026, where they will enter pilot deployment as part of the Company's strategic rollout in this market and Southeast Asia.
The completion of production follows the successful conclusion of comprehensive operational testing and full-stack battery-swapping system integration in early March 2026, validating the vehicles' performance, safety, and compatibility with U Power's intelligent battery-swapping ecosystem.
This milestone marks a significant step towards the full commercialization of battery-swapping heavy trucks through U Power's collaboration with its strategic partner, Whale Logistics (Thailand) Co., Ltd. ("Whale Logistics"), one of Thailand's leading integrated logistics service providers with extensive nationwide distribution and fleet operations. Under the existing agreement between the two companies, U Power and Whale Logistics plan to deploy up to 1,000 battery-swapping heavy trucks in Thailand over the next three years, establishing one of the region's largest electrified logistics fleets powered by battery-swapping technology.
The heavy-duty trucks manufactured by SAIC Hongyan Automotive Co., Ltd. ("SAIC Hongyan"), a company focused on the development, manufacture, sales and services of heavy trucks, under the brand of UNEX EV, a new energy and technology company, combine advanced vehicle engineering with U Power's proprietary battery-swapping technology and intelligent energy management systems. The collaboration aims to accelerate the transition toward clean and efficient freight transportation, initially in Thailand's rapidly growing logistics sector, and then in additional markets in the region.
By integrating battery-swapping capability into heavy commercial vehicles, the collaboration addresses one of the primary barriers to electric truck adoption, charging downtime, allowing fleet operators to replace depleted batteries with fully charged units in just minutes. This approach significantly improves vehicle utilization rates, lowers operational costs, and reduces carbon emissions across logistics networks.
Beyond the Thailand deployment, the collaboration is also designed to establish a scalable and replicable commercial model for electrified heavy-duty transportation. U Power plans to leverage the operational data and market validation from the Thailand pilot program to accelerate the adoption of its smart battery-swapping infrastructure and commercial EV platforms across additional markets in Southeast Asia and other global regions.
Johnny Lee, Founder and Chief Executive Officer of U Power Limited, stated: "Leveraging our long-standing partnerships with SAIC Hongyan, UNEX EV, and Whale Logistics, combined with our respective technological strengths, we are proud to enter the delivery phase of the first batch of battery-swapping heavy trucks for the Thailand market. The completion of production and upcoming delivery represent a critical milestone in our strategy to electrify commercial transportation using our intelligent battery-swapping ecosystem. We look forward to shipping these market-ready vehicles to our key Thailand market where our UOTTA taxi solutions are already serving local drivers. Working closely with Whale Logistics, we expect this pilot deployment to demonstrate the operational advantages of our battery-swapping technology for heavy trucks, and support the broader expansion of our commercial EV solutions across regional logistics markets."
The pilot deployment in Thailand is expected to provide valuable operational insights into fleet performance, battery-swapping efficiency, and logistics network integration, helping U Power refine its technology and accelerate the commercialization of battery-swapping heavy-duty transportation worldwide.
About U Power Limited
U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.
Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power's comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.
For more information, please visit the Company's website: https://www.upower-limited.com/.
Safe Harbor Statements
This press release contains "forward-looking statements". Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company's registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
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