U Power Enters Macau Market; Signs of Its First Electric Service Provider ("ESP") Agreement in Macau

ESP Agreement to Facilitate the Deployment of UOTTA Battery-Swapping Stations and Sales of Four-Wheeled and Two-Wheeled Battery-Swapping Vehicles

SHANGHAI, June 30, 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 its first agreement with an Electric Service Provider (the "ESP") in Macau, aiming to facilitate the deployment and operation of U Power's UOTTA battery-swapping stations and cabinets, as well as the sale of compatible electric vehicles (EVs).

Pursuant to the agreement, the local ESP will be responsible for the installation and maintenance of U Power's UOTTA smart battery-swapping stations and cabinets in Macau. In addition, leveraging its existing partnership with UNEX EV B.V. (a Netherlands-based new energy and technology company which cooperates with OEM partners to design intelligent battery-swapping vehicles), U Power will work with the ESP to facilitate the sale and provide after-sale maintenance of compatible battery-swapping vehicles including four-wheeled passenger and commercial vehicles, and two-wheeled electric motorcycles, in the Macau market.

Over a three-year period, the ESP partner expects to be buying and then selling to the end users approximately 600 four-wheeled and 5,000 two-wheeled compatible battery-swapping vehicles, along with operating a corresponding number of battery-swapping stations and cabinets.

Johnny Lee, CEO and Chairman of U Power commented, "We are thrilled to announce U Power's official entry into Macau via the signing of our first local ESP partnership agreement, a significant step forward towards establishing a battery-swapping ecosystem in this key market. We believe the ESP model will help us seize market share in Macau and we look forward to replicating this model in more regional markets including Hong Kong SAR and Singapore, thus accelerating U Power's global expansion plan."

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
[email protected]

The Equity Group

Lena Cati, Senior Vice President
212-836-9611 / [email protected] 

Alice Zhang, Associate
212-836-9610 / [email protected]  

SOURCE U Power Limited