The Shares are being offered for the account of the Company to certain of its existing shareholders in an offshore transaction pursuant to Regulation S.

The closing of the Transaction took place on August 3, 2026, following the satisfaction of customary closing conditions. The Transaction has been approved by the Company's board of directors.

The Company intends to use the net proceeds from the Transaction primarily to 1) support its expansion into hydrogen energy solutions for intelligent data centers (IDCs) in Thailand, and 2) fund its core operations and the expansion of its proprietary battery-swapping solutions across overseas markets, including its battery-swapping heavy truck project in Thailand, electric van project in Southern Europe, and taxi project in Hong Kong SAR. The Company's management retains discretion over the use and timing of the proceeds.

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 August 3, 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 an AI-integrated energy solutions provider building next-generation intelligent transportation and clean energy infrastructure. Originally a pioneer in EV battery-swapping, the Company developed proprietary modular technology, UOTTA™, and built a scalable network supporting commercial EV operations across multiple international markets.

U Power is now evolving beyond battery-swapping into an AI-driven, multi-energy ecosystem spanning EV infrastructure, smart energy management, and hydrogen power generation. Through a joint venture with Jiangsu GuoFu Hydrogen Energy Equipment Co., Ltd., the Company delivers intelligent hydrogen-based power solutions for Artificial Intelligence Data Center (AIDC) and next-generation transportation systems, supporting autonomous mobility, smart grid optimization, and the high-performance power demands of global digital industries with future-ready energy systems.

For more information, please visit the Company's website: https://www.upower-limited.com/.

Safe Harbor Statements

This press release contains "forward-looking statements," including statements regarding the Company's intended use of proceeds. 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
Email: ir@upincar.com

Piacente Financial Communications
Email: ucar@tpg-ir.com

As one of the leading data center and digital infrastructure events in the Asia-Pacific region organized by Informa Markets, DCA 2026 gathered more than 200 exhibitors, over 8,000 professional attendees, and more than 60 industry forums covering AI computing, cloud infrastructure, digital infrastructure, and energy technologies, providing an important platform for global data center ecosystem participants.

At the event, Mr. Jia Li, Founder and Chairman of U Power and CEO of HYDRO DATA, delivered a keynote speech titled "Hydrogen-Powered AI Data Centers: A New Business Paradigm – Balancing Economic Viability, Environmental Sustainability and Long-Term Resilience." He shared insights on the growing power demands of AI-driven data centers and how hydrogen-powered solutions can support sustainable and resilient digital infrastructure development.

Mr. Li also participated in the panel discussion "Enabling AI Data Centers with Advanced Power and Energy Solutions," together with industry leaders including Virat Patel, Managing Director of Pioneer Consulting Asia-Pacific; Ben Boudreau, Chief Technology Officer of Zerra DC; and Anthony Ho, Director of Product & Solution Marketing at Equinix. The discussion highlighted that rapidly increasing AI workloads are creating significant challenges for traditional power infrastructure, making reliable, scalable, and low-carbon energy solutions increasingly critical for future data center growth.

This industry trend aligns with U Power's strategic vision that energy infrastructure will become a key factor determining the development of AI computing infrastructure. As global AI adoption accelerates, data centers require power solutions that provide reliability, rapid deployment, cost efficiency, and sustainability.

In response to this market opportunity, U Power established HYDRO DATA in May 2026 together with industry partners, with strategic investment from the Charoen Pokphand Group ("CP Group") family, to develop hydrogen-powered energy infrastructure solutions for next-generation AI data centers. Since its establishment, HYDRO DATA has secured a letter of intent for a data center energy infrastructure project in Rayong, Thailand. The project is planned with a total IT load capacity of 100MW, with a 3MW demonstration phase already underway.

HYDRO DATA utilizes advanced Proton Exchange Membrane ("PEM") hydrogen fuel cell technology and modular deployment capabilities to provide stable, continuous, and low-carbon power solutions for data centers. Compared with conventional power generation solutions, PEM fuel cell systems offer advantages including faster deployment, high energy efficiency, reduced emissions, and enhanced energy independence, helping data centers address power supply constraints while meeting ESG and carbon reduction objectives.

"Since securing the 100MW data center energy infrastructure project opportunity in Rayong, Thailand, HYDRO DATA has continued to receive recognition from the global data center industry through invitations to participate in leading forums and discussions," said Mr. Jia Li, CEO of HYDRO DATA. "The AI era requires not only greater computing capacity, but also a more flexible, reliable, and sustainable energy ecosystem. HYDRO DATA is committed to advancing hydrogen fuel cell technology and intelligent energy management solutions to support the future growth of global digital infrastructure."

Looking ahead, U Power will continue leveraging its expertise in new energy infrastructure, intelligent energy management, and global market expansion, together with the strategic resources of the CP Group family, to accelerate the deployment of HYDRO DATA's hydrogen-powered energy solutions across the Asia-Pacific region and global markets.

DIFGC focuses on global digital infrastructure investment and cooperation to connect China with global data center industry resources and promotes cross-border investment and technology cooperation. The 2026 DIFGC event brings together over 500 attendees from government agencies, industry associations, data center operators, supply chain enterprises, and investment institutions. The DIF Awards are organized by the DIFGC 2026 Thailand Organizing Committee (the "Organizing Committee") and judged by an independent committee formed by the Digital Infrastructure Technical Council ("DITC") together with industry experts and leading institutions. Winners were selected based on the innovation of their technical solutions, adaptability to the Southeast Asian market, and business implementation.

As Thailand accelerates the development of intelligence data center ("IDC") projects, demand for electricity has grown significantly. However, existing power supply options, such as building new power plants, deploying diesel generators, or large-scale energy storage solutions, carry trade-offs in capital investment, implementation timelines, environmental impact, and/or scale. The Hydro Data JV marries both U Power's commercial operation of AI-integrated smart electricity solutions (battery-swapping and cloud platform) and Guofu Hydrogen Energy's expertise in comprehensive hydrogen energy solutions. The Company believes the Hydro Data JV's energy solution was recognized for its combination of:

• Economics and reliability: competitive cost per megawatt ("MW") and a flexible output range suited to IDC primary and backup power needs.
• Green energy profile: a low-carbon power source aligned with sustainability requirements for mission-critical infrastructure.
• Delivery timeline: deployment cycles that can be matched to IDC build schedules in Thailand.

Both U Power and Guofu Hydrogen Energy have existing operating activities in Thailand, which the Organizing Committee cited as a contributing factor in its decision. The Company recently announced the agreement between CEWA Group and Hydro Data JV to develop an integrated energy solution for a 100MW data center project in Rayong, Thailand, which begins with a 3MW pilot phase. The Company expects such project, upon completion, will create a replicable green IDC energy management solution for the growing Thailand market and potentially for the broader ASEAN region, which may contribute to a long-term, recurring revenue stream.

Mr. Jia Li, Founder and Chief Executive Officer of U Power Limited, stated: "We appreciate the award from the DIFGC 2026 Organizing Committee, which we believe reflects both the industry's recognition of Hydro Data's solutions, our expertise in smart energy solutions, and the relevance of integrated hydrogen and AI-driven energy management solutions to the current power supply challenges facing data center operators in Thailand. U Power has experience in smart energy management in Thailand, where our battery-swapping stations actively serve as endpoints within the smart grid infrastructure. We anticipate that our model will be compatible with Thailand's currently booming IDC sector."

"Our near-term focus for the Hydro Data JV's will be directed toward executing the 3MW pilot project in Rayong, validating performance and economics, and using that foundation to pursue additional data center energy opportunities in Thailand and the broader region, as we continue U Power's transition to a provider of comprehensive smart energy solutions."

About U Power Limited

U Power is an AI-integrated energy solutions provider focused on building next-generation intelligent transportation and clean energy infrastructure. Originally established as a pioneer in EV battery-swapping, U Power developed its proprietary modular battery-swapping technology, UOTTA™, and has built a scalable intelligent battery-swapping network across multiple international markets, supporting commercial EV operations with efficient and flexible energy replenishment solutions.

Building on this foundation, U Power has strategically undertaken an expansion of its business through establishing a joint venture with its hydrogen energy partner, Jiangsu GuoFu Hydrogen Energy Equipment Co., Ltd. Leveraging advanced hydrogen power generation technologies, the Company has launched a new business line to provide intelligent hydrogen-based power solutions for the Artificial Intelligence Data Center (AIDC) sector and next-generation intelligent transportation systems worldwide.

Today, U Power is endeavoring to evolve beyond battery swapping to create an AI-driven, multi-energy ecosystem that integrates EV infrastructure, smart energy management, and hydrogen power generation. By combining intelligent transportation infrastructure with stable, clean hydrogen energy, U Power is undertaking the building of future-ready energy systems that support autonomous mobility, smart grid optimization, and the high-performance power demands of global digital industries.

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.

Contact

U Power Limited
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lena.cati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / alice.zhang@theequitygroup.com

The Hydro Data JV agreement with Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. and Cloud Digital Chain Limited was entered into in April 2026 to establish a U Power-controlled joint venture aimed at providing AI-driven energy management solutions for data centers, initially in Thailand, and with plans for global expansion. The Company expects to establish a Thailand-based subsidiary by July 31, 2026 and commence operations of the Hydro Data JV within 90 days thereafter.

Project Overview

The project features a phased deployment structure, beginning with a 3MW pilot project to validate technology and economics and establish a framework for deploying integrated hydrogen-based and clean energy solutions for large-scale digital infrastructure, with potential to scale to 100MW.

The Company expects the project to provide its exposure to Thailand's growing data center market, driven by digital economy initiatives and grid constraints, while creating a recurring revenue opportunity across system design, equipment supply, installation, operations and maintenance, fuel supply, and energy management. 

The Hydro Data JV integrated energy solution is expected to support both primary and backup power needs, addressing increasing reliability and sustainability requirements for large-scale data centers. Pursuant to the Agreement, the Hydro Data JV will contribute AI-enabled energy management and system integration capabilities, Guofu Hydrogen Energy will provide power generation equipment and after-sales services, and the CEWA Group will lead the local infrastructure development.

While the initial 3MW pilot phase is expected to serve as a technical and commercial validation platform, representing approximately 3% of the total planned capacity, the successful execution is expected to support broader deployment across the full project scope.

Strategic Rationale

U Power anticipates that the project will:

• Expand total addressable market: Entrance into the energy-intensive data center infrastructure sector, may increase U Power's exposure to long-term structural demand driven by cloud, AI, and digitalization trends.
• Leverage core capabilities: U Power plans to extend AI-driven energy management and integrated energy solutions beyond EV applications into high-value, stationary energy use cases.
• Strengthen geographic presence: A deeper footprint in Southeast Asia is intended by the project, which area the Company believes to be a high-growth region for both digital infrastructure and energy transition initiatives.
• Build scalable pipeline: The project is meant to establish a replicable project model that can be deployed across additional data center projects in Thailand and broader regional markets.
• Drive recurring revenue: The Company expects to generate long-term, contracted revenue streams across system design, equipment supply, operations and maintenance, fuel supply, and energy management services.
• Enhance strategic positioning: U Power believes the project can serve the increasing demand for reliable, low-carbon, and off-grid or hybrid energy solutions for mission-critical infrastructure in the region and will support its goal for further expansion.

Mr. Jia Li, Founder and Chief Executive Officer of U Power Limited, stated: "This Agreement marks an important step in executing on our strategy to expand into integrated energy solutions for digital infrastructure. Southeast Asia is experiencing rapid data center growth, while grid constraints are driving demand for reliable, flexible, and low-carbon energy alternatives. We believe our platform is well-positioned to address this need. We view the 3MW pilot project as a milestone to demonstrate performance and economics, with a pathway to scale. Through our collaborations with the CEWA Group and Guofu Hydrogen Energy, we aim to establish a replicable model for data center energy solutions across Thailand and the broader region. Leveraging our expertise in the field of electrified transportation, our market growth in Thailand, and the joint efforts of our collaborating entities, we anticipate that this strategic initiative will accelerate U Power's transition to becoming a provider of comprehensive and diversified smart energy solutions."

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/.

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.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lena.cati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / alice.zhang@theequitygroup.com   

Gross proceeds to the Company from this Transaction will be $3,190,000. 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.

Johnny Lee, Founder and Chief Executive Officer of U Power, stated: "We deeply value the continued support of our shareholders and are especially encouraged by their participation in this Transaction. We believe, the Transaction reflects a strong alignment with investors who recognize the intrinsic value of our platform and the upside potential we are working to unlock through disciplined execution and strategic investments."

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 7, 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.

Contact
U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com
Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com

SHANGHAI, April 2, 2026 /PRNewswire/ -- U POWER Limited, a provider of specialized solutions for next-generation energy networks and intelligent transportation systems, 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 the second quarter of 2026. This development marks a new stage of full commercial rollout for U POWER LIMITED's battery-swapping business for commercial vehicles across the Asian market.

Successful Validation of Commercial Use Cases Supports Scaled Growth of the Battery-Swapping Model

As one of the earliest technology companies in the industry to invest in the R&D and commercialization of battery-swapping solutions, U POWER LIMITED began promoting its UOTTA battery-swapping model for commercial vehicles in 2020 and achieved proven success in mainland China. After becoming the world's first publicly listed battery-swapping technology company in 2023, U POWER accelerated its international expansion strategy, entering into partnerships with several major enterprises, including Thailand's SUSCO (Susco Public Company Limited) and Whale Logistics Group.

In 2025, the company successfully launched a taxi battery-swapping business in Phuket, Thailand, and introduced its UNEX heavy-duty truck battery-swapping project to the Thai market, becoming the first company in overseas markets to achieve scaled commercial operations of battery swapping for commercial transport vehicles.

Further Advancing Hong Kong Taxi Battery-Swapping Project

U POWER LIMITED began laying out its strategy for the Hong Kong taxi battery-swapping market in 2024. In June 2025, the company completed Hong Kong's first demonstration battery-swapping station capable of commercial operation. Since then, it has continued discussions with taxi industry partners regarding the broader rollout of battery-swapping taxis.

After identifying a vehicle model suitable for the Hong Kong market in October 2024, the company conducted ongoing road-testing and battery-swapping compatibility validation, while completing the relevant certifications in accordance with the Transport Department's market access requirements for taxi vehicles. According to the company, this batch of battery-swapping taxis has now met the conditions for on-road operation. In parallel with the construction of battery-swapping stations, U POWER is targeting market launch in the second quarter of 2026.

Focused on Commercial Vehicle Battery Swapping and Optimistic About the Hong Kong Market

Li Jia, Founder and CEO of U POWER LIMITED, said that the company has become an undisputed leader in the ecological development and commercialization of battery-swapping solutions for commercial vehicles in overseas markets outside mainland China.

"Leveraging our AI-driven energy management system and standardized battery-swapping infrastructure, we are building an ecosystem for a wide range of commercial battery-swapping vehicles and advancing the electrification of commercial transportation," Li said.

Li added that Hong Kong is one of the world's most representative high-density urban transportation markets, where the taxi sector places a strong premium on operating efficiency. Compared with conventional charging, U POWER's battery-swapping model is therefore better suited to the Hong Kong market.

Property owners do not need to install more land-intensive charging facilities or invest in costly grid upgrades. For taxi operators and fleet managers, there is no need to worry about battery performance degradation or daily battery maintenance, nor about range limitations affecting driver recruitment. In addition, the battery-swapping model can be integrated with a battery banking system, making day-to-day operating costs more economical.

For these reasons, the company believes battery swapping will gain broader acceptance within Hong Kong's taxi industry, and it will continue working alongside industry stakeholders to support the electrification transition of Hong Kong taxis.

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.

Contact

U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com

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.

Contact

U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com

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.

Contact
U Power Limited
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

This milestone marks a key step forward in U Power's collaboration with Whale Logistics (Thailand) Co., Ltd. ("Whale Logistics"), a strategic partner, to deploy 1,000 battery-swapping heavy-duty trucks in Thailand. The strategic partnership, formalized in December 2025, paves the way for the production and delivery of the first batch of heavy truck tractors by May 2026.

The battery-swapping heavy-duty truck project was jointly developed by U Power, SAIC Hongyan Automotive Co., Ltd., a company focused on the development, manufacture, sales and services of heavy trucks, and UNEX EV, a new energy and technology company. The prototype vehicles underwent three months of full-condition road testing, during which the key systems were thoroughly evaluated. Following full-stack integration, all technical parameters met design specifications and aligned with Whale Logistics' requirements for electrified highway logistics transportation, positioning the prototypes for immediate transition to mass production.

As Thailand's inaugural and flagship battery-swapping heavy-duty truck project, the cooperation between U Power and Whale Logistics aims to accelerate the adoption of green and sustainable battery-swapping solutions in the country's road logistics sector. Supported by U Power's UOTTA^TM battery-swapping solution that enables battery swaps within minutes, operational efficiency of electric transport vehicles can match that of conventional fuel-powered trucks. At the same time, vehicle operators can avoid substantial investments in grid expansion and charging infrastructure while eliminating concerns about battery performance degradation. This model offers a greener and more cost-efficient, and replicable transportation solution for the highway logistics industry.

Johnny Lee, Founder and Chief Executive Officer of U Power Limited, stated: "Completing full-condition road testing of our pilot vehicles confirms the reliability and efficiency of the UOTTA battery-swapping model. Via the partnership with Whale Logistics, we are set to deploy 1,000 vehicles in Thailand to meet high-frequency logistics demand and boost operational efficiency. Thailand is a strategic market in U Power's global growth plan. By pioneering battery-swapping solutions for taxis and heavy-duty trucks, we are strengthening our leadership in Southeast Asia and driving low-carbon commercial transportation, while laying the foundation for expansion across the region.

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.

Contact 
U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

U Power's main presentation is scheduled for Thursday, February 19 at 11:00 am ET. Investors can access the live presentation via: Virtual Investor Conference

Management will also host virtual one-on-one meetings with investors during February 19-20, and February 23-24. Investors can request meetings by visiting the registration link.

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.

SHANGHAI, Dec. 9, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-powered solutions for next-generation energy grids and intelligent transportation systems and, building on its proprietary UOTTA^TM electric vehicle (EV) battery-swapping technology, today issues a CEO's letter to shareholders.

Dear U Power shareholders,

We are excited to issue our first shareholder letter, to recap our 2025 year-end key business updates in major international markets, and to share the progress toward our mission of revolutionizing the electric vehicle (EV) ecosystem through scalable, efficient, and sustainable battery-swapping technologies.

2025 has been a truly transformative year for U Power. What began as a vision to make electric mobility more practical and accessible has grown into a global movement powered by innovation, partnerships, and people who believe in a cleaner, smarter future.

U Power successfully delivered measurable progress across all operational aspects. We have expanded our technology capabilities, optimized our cost structure, and enhanced the performance of our core platforms. Our presence on Nasdaq has further reinforced our commitment to transparency, governance, and sustainable growth. These milestones reflect the dedication of our entire team and the confidence of our shareholders.

Focusing on Global Expansion

This year marked a period of accelerated international growth for U Power. Building on our foundation in China, we successfully expanded our battery-swapping operations into several markets around the globe. We believe that each market brings unique characteristics and opportunities for U Power to demonstrate the flexibility, scalability, and impact of our technology.

Our entry into new regions reflects our commitment to making electric mobility accessible, efficient, and sustainable for all. In each location, we have adapted our solutions to local transportation needs and infrastructure conditions, through collaborations with fleet operators and in partnerships with energy providers.

By introducing our battery-swapping model to markets with growing EV demands, we aim to enable drivers and fleet owners to minimize downtime, lower operational costs, and extend vehicle lifespan, all while supporting the broader transition to clean energy transportation.

Investing in Technology and Product Development

We continued to refine our U Power modular battery-swapping platform, enhancing speed, compatibility, and cloud-based monitoring capabilities. This innovation remains central to our vision of building an open ecosystem that serves multiple EV manufacturers and fleet operators.

In 2025, we focused on improving efficiency and scalability, reducing swap times, broadening compatibility across vehicle types, and integrating smarter data analytics. Our cloud-based system now enables real-time monitoring of station performance and battery health, supporting predictive maintenance and optimized network operations.

We expect these advancements will strengthen U Power's position as an EV infrastructure innovator, as they enable faster, smarter, and more sustainable mobility solutions.

Significant Improvement of Financial Performance in H1 2025

During the first six months of 2025, we reported a 34.4% year-over-year increase in net revenues and an improvement in gross profit. These results were driven by the growing demand for our innovative UOTTA green and sustainable transportation solutions. Through strategic planning and operational execution, our customers are increasingly international, and the momentum and recognition we are gathering in our key markets strengthen our confidence in further improving our financial performance in the second half of 2025 and into 2026.

We expect to continue developing several partnerships to accelerate our market expansion and unlock new revenue channels. We believe that these collaborations—currently in advanced discussion—will position U Power at the forefront of innovation in our sector.

Key business updates and outlook in major international markets include:

Asia

• Hong Kong SAR: We initiated pilot deployments in partnership with local fleet operators, targeting high-utilization vehicles such as taxis and logistics fleets in 2025. Early results demonstrate significant reductions in downtime and improved vehicle efficiency. With the delivery of Hong Kong's first smart battery-swapping station, we anticipate expanding our presence in Hong Kong, with the goal of installing 50 battery-swapping stations in the region in the next few years to take advantage of a shared mission in such market towards accelerating green transportation.
• Thailand: Our collaboration with regional energy providers and EV distributors supports Thailand's national strategy for e-mobility. In 2026, building on the operation of the Southeast Asia's first smart battery-swapping station and leveraging the local partnership network, we expect to focus on expanding our smart battery-swapping solutions for taxi fleets and heavy trucks in the Thailand market.  

South America

• Peru: As part of our entry into Latin America, we established partnerships to adapt our technology for emerging-market conditions in 2025. We believe that the region's growing interest in sustainable transportation positions U Power for long-term impact. In 2025, we signed an initial sales agreement to deliver two- and three-wheeled vehicles for taxi services, and expect to focus on expanding the scope of our two/three-wheeled vehicle solutions, integrating U Power's modular swapping solutions into urban delivery fleets and shared mobility services.

Southern Europe 

• Italy, Spain, Portugal and Albania: We are pioneering battery-swapping electric van solutions in the region, initially with vans and a supporting station to be delivered in Italy and expect to gradually cover the other three countries.
• Our strategic initiatives in Southern Europe focus on integrating U Power's modular swapping solutions into urban delivery fleets and shared mobility services. In 2026, our Southern Europe market growth is centered on expanding its electric van solutions, with vans and a proportionate number of stations in the four main markets.

Looking Ahead to 2026

As we prepare to enter 2026, U Power remains focused on scaling our international footprint, deepening strategic collaborations, and advancing next-generation energy storage technologies. We believe our commitment to innovation and sustainability positions us to play a leading role in the global transition to electric mobility.

Building on the achievements in 2025 and our pipeline for 2026, we believe we are poised for a future filled with expansion, innovation, and sustainable success. 

Chairman & CEO
Johnny Lee

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.

Contact 
U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com 

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

SHANGHAI, Oct. 21, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-powered solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTA^TM electric vehicle (EV) battery-swapping technology, today announced that it has signed an initial sales agreement with Polestar Energy S.L. ("Polestar Energy"), a Spanish company specialized in sustainable and innovative energy solutions, for the purchase and deployment of twenty UOTTA™ battery-swapping Geely Farizon-UNEX electric vans and a supporting semi-autonomous three-slot smart battery-swapping station, valued at €540,000, for the Southern European market.

This sales agreement with Polestar Energy marks U Power's first ever order in Europe pertaining to electric vans and dedicated battery-swapping stations. By combining Polestar Energy's strong presence in Southern Europe with U Power's proprietary UOTTA^TM technology, the two parties aim to accelerate the adoption of smart battery-swappable electric vehicles in commercial use. Together, they seek to advance a sustainable transportation and smart energy replenishment model across Southern Europe, one of the world's fastest growing EV markets, anticipated to reach $65.7 billion by 2030, growing at a CAGR of 14%.

The signing of this sales agreement with Polestar Energy, U Power's first in Europe, marks U Power's pioneering efforts in bringing battery-swapping vans into the European market to support the region's green transportation transformation. The Company continues to expand its geographical footprint in key markets, carrying on the momentum from its first official order in South America, via the agreement with Treep Mobility in Peru, for the purchase and deployment of fifty battery-swapping two/three-wheeled vehicles, eight cabinets and corresponding number of batteries in September 2025.

Under the agreement, U Power will deliver twenty Geely Farizon-UNEX electric vans, a battery-swappable model co-developed with UNEX EV, to Polestar Energy for deployment initially in Italy. This initial order also includes a supporting three-slot smart battery-swapping station. The parties intend to expand their collaboration, potentially adding up to 2,000 additional vans and a proportionate number of battery-swapping stations to gradually expand operations in Spain, Portugal, and Albania. Of note, earlier this year, U Power established a joint venture with Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros ("ANTRAL") to deliver a number of battery swapping stations able to service 150-200 electric vehicles for taxi drivers in Portugal.

Johnny Lee, CEO and Chairman of U Power commented, "We are thrilled to announce our first sales agreement of electric vans with Polestar Energy, which marks another significant milestone, and reflects the growing market recognition of our battery-swapping solutions, spanning across Southeast Asia, South America, and now Southern Europe. We are confident this is only the first step of our expansion in this key market, and look forward to not only deepening our partnership with Polestar Energy, but also expanding U Power's market presence to help accelerate the adoption of clean energy and transportation solutions in the region."

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.

Contact

U Power Limited
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com 

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

SHANGHAI, Aug. 18, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-powered solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTA^TM electric vehicle (EV) battery-swapping technology, today announced that it has signed a Memorandum of Understanding ("MOU") with SAIC HONGYAN Automotive Co., Ltd ("SAIC Hongyan"), a company focused on the development, manufacture, sales and services of heavy trucks, and UNEX EV B.V. ("UNEX EV"), a new energy and technology company, to cooperate on the deployment of battery-swapping compatible electric heavy trucks initially in Thailand and explore similar expansion opportunities in additional markets.

The three parties will collaborate to deploy 3,000 electric heavy-duty tractors for long-haul transportation and 1,200 electric heavy-duty port-specific short-distance trucks in Thailand. This initiative aims to promote the adoption of green and sustainable commercial heavy trucks in Thailand. In addition, all parties have agreed to explore the expansion of this partnership into additional markets, including the broader Southeast Asia, Latin America, Europe, Hong Kong SAR and Macau SAR.

Pursuant to the MOU, U Power will lead the development and manufacture of compatible battery-swapping stations as well as provide related operational services. UNEX EV will be responsible for the adaption of SAIC Hongyan heavy trucks into battery swapping-enabled vehicles, developing of compatible battery modules, as well as promoting the sales of the heavy trucks in the Thailand market. SAIC Hongyan will supply heavy truck prototypes and provide the necessary technical support to ensure full compatibility between these adapted truck models and U Power's smart battery-swapping stations.

Together, the three parties aim to address a rising need for green and renewable logistic solutions in Thailand, with a focus on servicing major highway transportation enterprises and container port operators that require terminal tractors.

Pitak Pruittisarikorn, CEO of UNEX EV, commented, "We are excited to deepen our collaboration with U Power and SAIC Hongyan to bring cutting-edge, battery-swapping compatible heavy-duty EV solutions to Thailand's commercial transportation sector. This strategic partnership reflects our shared commitment to accelerating the global shift toward zero-emission logistics. By combining our deep local market insight and a global ecosystem of clean mobility technologies, we aim to pave the way for a scalable and sustainable heavy truck electrification model, not just for Thailand, but also for emerging logistics hubs across Southeast Asia and beyond."

"Partnering with U Power and UNEX EV allows SAIC Hongyan to bring our robust heavy truck platforms into a new era of electrification and intelligent mobility," said Ms. Xiong, General Manager of Overseas Sales at SAIC Hongyan. "Through compatibility with battery-swapping technology, we aim to deliver operational flexibility and enhanced efficiency to fleet operators in Thailand's long-haul and port logistics industries. We look forward to jointly creating a benchmark for green, intelligent heavy-duty transport that can be replicated across more regions globally."

Johnny Lee, CEO and Chairman of U Power commented, "We are pleased to expand our strategic partnership and scope of collaboration with SAIC and UNEX EV, two of U Power's key allies in the development and manufacturing of battery-swapping compatible vehicles. Together, we identified a growing demand for sustainable transportation solutions within Thailand's logistic industry. We believe our combined expertise positions us well to capitalize on this opportunity, enhance our presence in the Thailand market and further drive growth as we continue to build a battery-swapping ecosystem here. In July, we launched Southeast Asia's first operational smart battery-swapping station on Phuket Island, Thailand. Earlier, in April 2025, in collaboration with UNEX EV and SAIC CP-MG, we successfully delivered the first batch of swappable electric vehicles for taxi and ride-hailing services on the island. We look forward to extending our collaboration in more regional markets."

About SAIC HONGYAN Automotive Co., Ltd

SAIC Hongyan is the only heavy truck enterprise under SAIC Group (SSE: 600104). SAIC Hongyan is headquartered in Chongqing City, China, with more than 5,000 employees and an annual output of 120,000 vehicles. SAIC Hongyan has 300+ first-class heavy truck dealers, 1,000+ service providers, and global supply chain procurement of parts and components. SAIC Hongyan's heavy truck series products are exported to more than 40 countries and regions in the Middle East, Africa, Central America and Southeast Asia.

About UNEX EV B.V.

Founded in the Netherlands, UNEX EV is a global pioneer in electric mobility innovation, dedicated to revolutionizing how industries move, specializing in designing and deploying a comprehensive ecosystem of battery-swapping electric vehicles—including passenger cars, commercial vehicles, two-wheelers, drones, and barges—paired with cutting-edge energy infrastructure and AI-driven fleet management systems. With regional hubs in Portugal, Peru, Mexico, Thailand, and China, UNEX EV's solutions are transforming mobility challenges into opportunities.

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.

Contact 
U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com 

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

SHANGHAI, Aug. 6, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of AI-powered solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTA^TM electric vehicle (EV) battery-swapping technology, today announced that it has signed a Memorandum of Understanding ("MOU") with Chia Tai Co., Ltd. ("Chia Tai"), Thailand's leading innovative agricultural company and the founding seed business of the Charoen Pokphand Group (CP Group), and ICBC (Thai) Leasing Co., Ltd. ("ICBC Thai"), a majority-owned subsidiary of Industrial and Commercial Bank of China Limited, specializing in vehicle and equipment financing.

Together, the three parties will co-develop and promote a drone platform to support the adoption of agricultural drones in Thailand, advancing sustainable farming practices through smart, efficient, and tech-driven solutions.

The goal of the partnership between U Power, Chia Tai, and ICBC Thai, is to accelerate the transformation of Thailand's farming sector by introducing battery-swapping-compatible drones into mainstream farming operations. These advanced drones will support a wide range of functions such as crop spraying, seeding/spreading, field assessment, and aerial monitoring and mapping, aimed at improving operational efficiency, reducing costs, and enabling more precise, data-driven farming practices. Through this collaboration, the partners seek to equip farmers with next-generation tools that can drive smarter, more sustainable agricultural production across the country.

Pursuant to the MOU, U Power will provide customized swapping and charging-enabled battery modules for dedicated agricultural drones. The Company will also take the lead in providing technical support, managing platform operations, and ensuring the security and regulatory compliance of operational data. In addition, U Power will oversee the payment platform, facilitating transparent and compliant order processing, profit distribution, as well as payment security. Leveraging insights from operational data, U Power also plans to continuously upgrade and scale the platform, enhancing performance and adaptability over time.

Chia Tai will supply the agricultural drones and provide drone-related maintenance services for deployment in various application scenarios such as farmlands and orchards in across Thailand. Chia Tai will also lead the promotion and customer acquisition efforts, supporting the commercial implementation and local operation of the drone platform. Meanwhile, ICBC Thai will offer tailored financial leasing solutions for platform users, including dealers, farm owners, agricultural service providers, and agricultural cooperatives, to enable financial compliance and support the long-term sustainability of the platform's operations.

Following the signing of the MOU, Chia Tai and U Power will also commence discussions to establish joint ventures aimed at supporting the development and expansion of the agricultural drone platform. As part of the initial phase, Chia Tai will launch pilot programs where U Power will provide test battery modules in select farms in Thailand for operational validation. Concurrently, ICBC Thai will begin designing customized financing solutions for business customers, laying the groundwork for scalable and financially accessible platform adoption.

Johnny Lee, CEO and Chairman of U Power commented, "We see strong potential to contribute to Thailand's transition toward digitalized and intelligent agriculture, especially as the country reinforces its position as the 'Kitchen of the World,' supported by government initiatives such as the AGROWTH platform which encourages investments in and use of AI, robotics, and drones. Our goal is to scale the drone application platform nationwide, supporting an industry that contributes to 8-10% of national GDP. As per Data Breach Market Research, in 2024, the Thailand agriculture robot market, which includes drones, soil sensors, harvest robots, etc., was valued at approximately $207.35 million, is projected to reach $1.3 billion by 2032, growing at a CAGR of ~30.4%. Furthermore, with the APAC agriculture drone market projected to reach nearly $49 billion by 2034, this presents significant opportunities for the company to expand beyond Thailand's domestic drone market.

We are excited to expand our scope of offerings beyond EVs to include agriculture-specialized drones in collaboration with Thailand's leading agribusiness company and a trusted financial solutions provider. At the same time, we are further strengthening our market existence in Thailand, by collaborating with energy providers, taxi operators, and transportation solution providers, all of which are integral to our vision of building a comprehensive energy replenishment ecosystem."

About Chia Tai Company Limited

Established since 1921 on Songsawat Road in Yaowarat area, Chia Tai is now one of the leading integrated agribusiness companies providing upstream, midstream and downstream products and services. Chia Tai's offerings range from quality seeds, fertilizers, plant protection products, agricultural equipment and technologies, as well as efficient delivery of fresh, safe, and high-quality produce, in accordance with the company's vision to be the undisputed agribusiness leader that leverages innovative agriculture to offer food sustainability for the quality of life of people in all sectors within 2025.

About ICBC (Thai) Leasing Co., Ltd.

ICBC (Thai) Leasing Co., Ltd. is a company that specializes in providing both hire purchase and leasing services for personal cars, commercial cars, vehicles for large transportation, as well as commercial machinery and equipment. The company is a subsidiary of ICBC (Thai) Bank PLC, which is majority-owned by Industrial and Commercial Bank of China Limited (ICBC), a commercial bank with the largest market capitalization in the world (based on total market value of common stock, deposit base, net profit).

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.

Contact

U Power Limited
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com 

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

SHANGHAI, July 7, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a provider of comprehensive electric vehicle ("EV") battery-swapping solutions on track of becoming a smart energy grid solutions provider, today announced the signing of another Electric Service Provider ("ESP") agreement to facilitate the deployment of its UOTTA battery-swapping stations and the sale of compatible EVs in Singapore.

This new ESP agreement which represents U Power's official entry into the Singapore market, follows the signing of the Company's first ever ESP agreement in Macau in June 2025. Pursuant to the agreement, the local ESP partner will promote the sale, installation, and maintenance of U Power's UOTTA smart battery-swapping stations, as well as sale and after-sale maintenance of compatible vehicles in Singapore, more specifically, passenger cars and commercial vans. These stations and compatible EVs will be provided and delivered by U Power and its partner, UNEX EV B.V., (a Netherlands-based new energy and technology company which cooperates with OEM partners to design intelligent battery-swapping vehicles).

Over the next three years, the ESP partner expects to be purchasing and then selling to the end users approximately 5,000 compatible battery-swapping vehicles, in addition to retrofitting its own 300 MG EP taxis currently in use into battery-charging and -swapping compatible EVs. Furthermore, the ESP partner will be operating U Power's UOTTA battery-swapping stations and provide corresponding battery-swapping services to the vehicles sold.

Johnny Lee, CEO and Chairman of U Power commented, "Following U Power's official entry into the Macau market, we are excited to announce another milestone in our strategy of expanding our global footprint, by entering the Singapore market. We are on track to establish a mature battery-swapping ecosystem in the Southeast Asia market, and believe this replicable ESP model will enable us to capture market share by working with reputational and resourceful local partners."

About U Power Limited

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 is on track of becoming 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.

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.

Contact

U Power Limited

Investor Relations Department
ir@upincar.com

The Equity Group

Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com 

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

SHANGHAI, July 2, 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 a Memorandum of Understanding (the "MOU") with Beijing Foton International Trade Co., Ltd. ("Beijing Foton"), a wholly-owned subsidiary of Beijing Foton Motor Co., Ltd. ("Foton Motor"), a leading commercial vehicle manufacturer in China.

Pursuant to the MOU, the two parties will jointly promote battery-swapping compatible electric heavy trucks, buses and vans in the Southeast Asia, South America, Hong Kong SAR, and Macau SAR markets. U Power will provide technological support to enable incorporation of battery-swapping capabilities on Beijing Foton vehicles, development and testing of battery-swapping stations to serve electric vehicle models, as well as connection of vehicles with its battery-bank ecosystem. Additionally, Beijing Foton will gather and share performance data such as battery charging, health and capacity records. Both parties could potentially expand the agreement to include additional cooperation opportunities in the future.

Johnny Lee, CEO and Chairman of U Power commented, "This partnership marks another significant step forward in our strategy of expanding OEM partner base. Through joint promotional and sales efforts, U Power expects to accelerate the establishment of a comprehensive battery-swapping and battery-bank ecosystem in several of its existing key markets. We look forward to a strong collaboration with Beijing Foton to strategically expand our global footprint and increase our market share."

About Beijing Foton International Trade Co., Ltd.

Beijing Foton is mainly responsible for the export of Foton Motor's automotive products. In 2024, FOTON exported a total of 153,000 new energy vehicles, maintaining its leading position in China's commercial vehicle exports for the 14th consecutive year. As part of Beijing Automotive Group, Foton Motors focuses on the research and development, production, sales and service of commercial vehicles, and has a comprehensive product portfolio including heavy trucks, medium trucks, light trucks, buses, pickup trucks and new energy vehicles. Foton Motors has made substantial R&D investments in core EV technologies such as electronic control technology, electric drive, and power batteries. FOTON has actively expanded into global markets, with its partnership with U Power further strengthening their presence in Southeast Asia, Hong Kong SAR and Macao SAR, and South America.

About U Power Limited

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.

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.

Contact 
U Power Limited 
Investor Relations Department
ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com 

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

SHANGHAI, May 27, 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 that it has received the Beyond Impact Award at the 5^th BEYOND International Technology Innovation Expo (the "BEYOND Expo"), held from May 21-24, 2025 in Macau.

The BEYOND Expo is Asia's largest gathering of cutting-edge technology companies and the world's foremost tech leaders and pioneering minds under the theme "Empowering Asia, Bridging the World." More than 800 companies exhibited this year, covering a wide range of sectors from AI, HealthTech, Clean Energy and Robotics to Lifestyle Tech, SportsTech, FinTech and more.

The Beyond Impact Award, received by U Power for its advanced battery-swapping comprehensive ecosystem, recognizes companies with substantial contributions to the environment, society, economy, and technology, aligning with the UN's Sustainable Development Goals. This award is part of the broader BEYOND Awards which acknowledges innovations driving meaningful change, and positive impact on society.

Johnny Lee, CEO of U Power, commented, "We are honored that our UOTTA™-based solutions have been recognized by industry experts at this international expo. The receipt of the Beyond Impact Award is an acknowledgement of our efforts into creating a more sustainable world. Our UOTTA battery-swapping and charging ecosystem for EVs enhances driving efficiency, optimizes route planning, and plays a crucial role in supporting the widespread adoption of EVs. 

Following the successful commencement of the commercial operation of our battery-swapping solutions in mainland China and Thailand, we are on track to debuting our first battery-swapping station in Hong Kong in June 2025, which will also mark Hong Kong's first full-service taxi-focused battery-swapping station. We have a two-fold strategy; while we continue to expand our geographic footprint into more regional markets via joint ventures, we are also investing in developing comprehensive solutions for manufactures and drivers of EVs, aiming to transform EVs into dynamic assets for smart energy grids."

About U Power Limited  

U Power is a comprehensive provider of electric vehicle (EV) battery swapping solutions using a 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.

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.

Contact

At U Power Limited
Investor Relations Department
Email: ir@upincar.com

The Equity Group
Lena Cati, Senior Vice President
212-836-9611
lcati@theequitygroup.com 

Alice Zhang, Associate
212-836-9610
azhang@theequitygroup.com  

2024 Financial Highlights

• The Company achieved revenue growth of 124% year-over-year in fiscal 2024 to RMB44.29 million (US$6.16 million).
• Net profit margin improved from -248% to -130%, reflecting enhanced operational efficiency and progress toward profitability.
• Debt-to-asset ratio decreased from 19.7% to 16.7% as of December 31, 2024, reflecting a reduced reliance on external financing. This improvement strengthens Company's financial stability and enhances flexibility for future strategic initiatives.

"In fiscal year 2024, U Power achieved 124% year-over-year revenue expansion," said Mr. Jia Li, Chairman and Chief Executive Officer of U Power Limited.

"During the year, we forged strategic partnerships in Thailand, Portugal, Hong Kong (China), Peru, and Mexico. We believe these collaborations will catalyze global EV adoption and position U Power as a provider of scalable, reliable battery-swapping solutions. Looking ahead, we expect to accelerate our international rollout of our UOTTA™ battery-swapping platform."

"Supported by our financial discipline and growing international footprint, we remain confident in our path to profitability and long-term value creation for shareholders," added Ms. Bingyi Zhao, Chief Financial Officer of U Power Limited.

Annual Report

U Power's Form 20-F is available on the SEC's website at www.sec.gov or on the Company's investor relations website at https://ir.upincar.com. Shareholders may also request a free hard copy of the Form 20-F, which includes the Company's complete audited financial statements, by contacting the Company at the address provided below.

About U Power Limited

U Power Limited, through its operating subsidiaries in China, is a vehicle sourcing services provider, with a vision to becoming a key player in the EV market, primarily focused on its proprietary battery-swapping technology, or UOTTA technology, which is an intelligent modular battery-swapping technology designed to provide a comprehensive battery power solution for EVs. Since beginning its operations in 2013, the Company has established a vehicle sourcing network in China's lower-tier cities. The Company has developed multiple types of battery-swapping stations for compatible EVs and currently operates one manufacturing factory in Zibo City, Shandong Province, China. 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.

Contact

U Power Limited

Investor Relations Department

Email: ir@upincar.com

Pioneering Battery-Swapping Green Mobility in Southeast Asia

The vehicles are equipped with U Power's proprietary UOTTA fully automated battery-swapping technology, showcased at the 2025 Bangkok International Motor Show. This system enables a full battery replacement in just 3 minutes, ensuring minimal downtime for taxis, maximizing operational efficiency, and uninterrupted service for passengers. The deployment aligns with Thailand's EV 3.5 Policy, which aims to subsidize EV adoption and establish a nationwide charging/swapping network by 2027.

A Model for Sustainable Tourism

Phuket, a hub for international tourism, faces growing demand for efficient and environmentally responsible transportation. The deployment of battery-swapping fleet will not only improve air quality but also position the island as a leader in adopting smart EV solutions. The battery-swapping infrastructure, supported by U Power's network, ensures operational efficiency and cost-effectiveness for Auto Drive's taxi operators.

Leadership Insights

Johnny Lee, CEO of U Power Limited: "This delivery is not just a milestone for USWAP but a leap forward for Southeast Asia's EV transition. By partnering with Sumitomo Mitsui Auto Leasing and Auto Drive, we are proving that battery-swapping technology can revolutionize urban mobility while aligning with Thailand's carbon neutrality goals." 

Representative of Sumitomo Mitsui Auto Leasing & Service (Thailand): "Our financing model bridges the gap between cutting-edge technology and market accessibility. This project exemplifies how financial innovation can drive sustainable development in the EV sector."

Dr. Akaranun Ariyasripong, Chairman of Auto Drive EV Public Company Limited, revealed, "The integration of U Power's vehicles into Auto Drive's fleet reinforces our commitment to delivering up to 2,000 electric taxis within 2025 and reducing carbon emissions in key tourist cities. The partnership includes comprehensive support for battery-swapping infrastructure, operational management, and financial services."

Market Impact and Future Plans

This initiative establishes Thailand as a leading hub for EV innovation in ASEAN. USWAP is expanding its battery-swapping network across key urban centers and major transportation routes, with a focus on commercial applications including taxis, trucks, and logistics fleets. As Thailand's EV market continues its rapid growth, U Power's technology provides solutions to critical energy replenishment and grid stability challenges.

About U Power Limited

U Power Limited (Nasdaq: UCAR) is a vehicle sourcing services provider with a vision to become an EV market player primarily focused on its proprietary battery-swapping technology, UOTTA technology. UOTTA is an intelligent modular battery-swapping solution designed to provide comprehensive battery power solutions for EVs. Since its inception in 2013, U Power has established a vehicle sourcing network in China's lower-tier cities, developed multi-types of battery-swapping stations for compatible EVs, and operates a manufacturing facility in Zibo City, Shandong Province, China.

For more information, please visit: https://www.upower-limited.com/ 

About SMAT

Sumitomo Mitsui Auto Leasing & Service (Thailand) Co., Ltd. (SMAT) is a leading provider of corporate vehicle leasing and fleet management solutions in Thailand. Established in 2003 as a subsidiary of Japan's Sumitomo Mitsui Auto Service Co., Ltd., SMAT has over two decades of experience in supporting businesses with comprehensive mobility services and currently manages a fleet of over 10,000 vehicles nationwide.

About Auto Drive

Auto Drive EV Public Company Limited is a pioneering Thai company specializing in electric vehicle (EV) solutions aimed at promoting sustainable transportation and reducing air pollution. In collaboration with Grab Thailand, Auto Drive EV launched the "Electric Taxi Rental Project," aiming to deploy up to 2,000 electric taxis by 2025 in key tourist cities across Thailand.

Forward-Looking Statements

This press release contains "forward-looking statements." Forward-looking statements reflect the company's 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 events or circumstances, or changes in its expectations, except as may be required by law.

Although the company believes the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors are encouraged to review other factors that may affect future results in the company's registration statement and other filings with the U.S. Securities and Exchange Commission (SEC).

For more information, please visit: https://www.upower-limited.com/

Media Contact: xing.wang@upincar.com