Street Calls of the Week
SHANGHAI - U Power Limited (NASDAQ:UCAR), a micro-cap EV technology company currently valued at $10.33 million, announced Monday it has completed its Real-World Assets (RWAs) issuance through a partnership with blockchain platform IoTeX, according to a company press release. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with a notably low Price/Book multiple of 0.25.
The collaboration aims to create a blockchain-based electric vehicle battery swapping system using U Power’s proprietary UOTTA technology. The issued RWAs are backed by U Power’s battery swapping business and assets in China and Southeast Asia. Despite impressive revenue growth of 124% in the last twelve months, InvestingPro data reveals the company faces challenges with negative EBITDA of -$6.1 million.
The companies had previously signed a Memorandum of Understanding and Business Cooperation Agreement in July 2025 to explore asset tokenization. The corporate asset-backed RWAs have been approved for trading on HabitTrade, a multi-asset trading platform.
U Power has also completed development of its foundational Web3.0 infrastructure with IoTeX, which the company plans to leverage for new investment opportunities as it expands its battery-swapping technology in existing and potential markets.
"By digitalizing and tokenizing these core assets through the issuance of RWAs, we not only enhance market liquidity, but also strengthen the foundation for sustainable development," said Johnny Lee, CEO and Chairman of U Power, in the statement.
The company describes this RWA implementation as the first step in its Web3.0 strategy to leverage the electrification and digitalization of the EV and battery industry.
U Power provides AI-integrated energy solutions that connect electric vehicles with energy infrastructure, having evolved from a distributor of battery-swapping stations to a provider of comprehensive energy grid and transportation system solutions. The company maintains a healthy current ratio of 1.85, indicating strong short-term liquidity. For deeper insights into U Power’s financial health and growth potential, InvestingPro subscribers have access to over 10 additional key metrics and analysis tools.
In other recent news, U Power Limited has been actively expanding its operations and partnerships across various regions. The company announced a $113,000 deal with Peru’s Treep Mobility Group to supply electric vehicles and battery-swapping cabinets, following a successful pilot in Peru. U Power also entered the Singapore market with an agreement to deploy battery-swapping stations and sell compatible electric vehicles, marking its expansion into Southeast Asia. In Thailand, U Power signed a memorandum of understanding with Chia Tai and ICBC Thai to develop agricultural drones equipped with battery-swapping technology.
Additionally, U Power plans to build 50 battery-swapping stations in Hong Kong through a partnership with Shandong Hi-Speed New Energy Group and BOCOM International, focusing on commercial electric vehicles. The company also inked a deal with IoTex to explore blockchain-backed asset purchases, aiming to enhance its capital structure and support its battery-swapping technology. These developments reflect U Power’s strategic efforts to expand its technological footprint and market presence.
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