-Energy U Limited, Subsidiary of U Power, Forms Joint Venture to Deploy Battery Swapping Solutions-

SHANGHAI, Jan. 6, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced its wholly-owned subsidiary, Energy U Limited, has signed a joint venture agreement with Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros ("ANTRAL"), Portugal's national taxi association representing public passenger road transport companies operating light vehicles, marking the Company's strategic advancement in the European market.

Following successful pilot testing of U Power's battery-swapping technology in Portugal, initial operations are commencing with 40 vehicles per battery-swapping station. Full integration of the battery-swapping stations and vehicle deployment is scheduled to begin next year, marking a significant milestone in establishing U Power's presence in the European electric vehicle market.

The newly formed venture will focus on accelerating Portugal's transition to electric mobility by developing an integrated EV ecosystem that combines vehicles and battery-swapping infrastructure. This initiative addresses critical challenges faced by Portugal's taxi operators in their transition to electric vehicles, including limited charging infrastructure and concerns about battery lifecycle management. The UOTTA battery swapping solution effectively resolves these operational barriers while supporting Portugal's decarbonization goals in the transportation sector, creating a scalable model for expansion across other European markets.

"This joint venture represents a significant milestone in our European expansion strategy," said Jia Li, Chairman and CEO of U Power. "Building upon our previous collaboration agreement and comprehensive market research, ANTRAL has expressed strong confidence in our taxi fleet battery-swapping solution. We are moving forward with plans for nationwide deployment of battery-swapping taxi services across Portugal in 2025. This partnership establishes a solid foundation for U Power's growth, creating value for our shareholders through strategic market expansion. "

About U Power Limited

U Power Limited is a vehicle sourcing services provider, with a vision to becoming an EV market player 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 its operation in 2013, the Company has established a vehicle sourcing network in China's lower-tier cities. The Company has developed two types of battery-swapping stations for compatible EVs and is operating one manufacturing factory in Zibo City, Shandong Province, China. For more information, please visit the Company's website: .

Forward-Looking 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 statement and other filings with the U.S. Securities and Exchange Commission.

Contact

U Power Limited
Investor Relations Department
Email: [email protected]

Robin Yang, Partner
ICR, LLC
Email: [email protected]
Phone: +1 (212) 475-0415

SOURCE U Power Limited