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SHANGHAI - U Power Limited (NASDAQ:UCAR), a small-cap EV infrastructure company with a market capitalization of $17.06 million, announced Monday it has signed an agreement with an Electric Service Provider in Macau to deploy its UOTTA battery-swapping stations and facilitate sales of compatible electric vehicles.
Under the agreement, the local ESP will handle installation and maintenance of U Power’s battery-swapping stations and cabinets in Macau. The ESP will also work with U Power to sell and provide after-sale maintenance for compatible battery-swapping vehicles, including four-wheeled passenger and commercial vehicles, as well as two-wheeled electric motorcycles. According to InvestingPro data, the company has shown impressive revenue growth of 124% in the last twelve months, though it remains unprofitable.
Over a three-year period, the ESP partner expects to sell approximately 600 four-wheeled and 5,000 two-wheeled compatible battery-swapping vehicles to end users, while operating corresponding battery-swapping infrastructure.
"We are thrilled to announce U Power’s official entry into Macau via the signing of our first local ESP partnership agreement," said Johnny Lee, CEO and Chairman of U Power. "We believe the ESP model will help us seize market share in Macau."
The company stated it plans to replicate this model in other regional markets including Hong Kong and Singapore as part of its global expansion strategy.
U Power describes itself as a comprehensive provider of electric vehicle battery swapping solutions using its proprietary UOTTA technology. The company manufactures and sells battery-swapping stations for EVs, and provides related services.
The information in this article is based on a press release statement from U Power Limited.
In other recent news, U Power Limited has made significant strides in the electric vehicle sector with two notable developments. The company has delivered the first fleet of battery-swapping taxis in Southeast Asia to Auto Drive EV Public Company Limited in Thailand. This initiative, involving 21 MG EP vehicles equipped with U Power’s UOTTA battery-swapping technology, aims to enhance sustainable transportation in Phuket. The project aligns with Thailand’s EV 3.5 Policy, which supports the adoption of electric vehicles and the establishment of a national charging and swapping network by 2027.
Additionally, U Power Limited has partnered with Portugal’s national road transport association, ANTRAL, to introduce a similar battery-swapping initiative in Portugal. This collaboration, under the ELMO joint venture, plans to deploy between 150 and 200 electric vehicles specifically designed for taxi operations. The vehicles will be supported by UOTTA rapid-swap stations, reducing vehicle downtime and addressing lengthy charging times. Discussions are underway with Galp, Portugal’s leading energy provider, to integrate these stations into existing service locations.
Johnny Lee, CEO of U Power, emphasized the global relevance of these initiatives, suggesting that their technology could serve as a model for cities worldwide. Both projects highlight U Power’s commitment to sustainable urban mobility and its expanding influence in the electric vehicle market.
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