U Power Signs an MOU with NV Gotion to Supply Swapping-Enabled EV Batteries and Develop Battery-Bank Solutions for Thailand and the Broader ASEAN Markets

SHANGHAI, July 9, 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 a Memorandum of Understanding (the "MOU") with NV Gotion Co., LTD ("NV Gotion"), a globally recognized leader in new energy battery manufacturing, to deploy swapping-enabled EV batteries, and develop battery-bank solutions for compatible EVs in Thailand and the broader Southeast Asia region.

Specifically, pursuant to the MOU, both parties will establish a strategic partnership to jointly develop battery modules and packs for a variety of EVs including two- and three-wheelers, pickup trucks, vans, light-duty trucks, as well as heavy-duty trucks and establish a battery-swapping infrastructure in Thailand. In addition, both parties will jointly develop comprehensive battery-bank operations to support this infrastructure, including battery leasing and vehicle-to-grid (V2G) solutions.

Of note, over the last year, U Power has signed several MOUs and joint ventures aiming to create an ecosystem comprised of battery-swapping stations (agreement with Pattaya AI Terminal Co., Ltd) strategically positioned at fueling stations (agreement with SUSCO Public Company Limited (BK: SUSCO)), to support a variety of compatible EVs (agreements with SAIC, EZZY Transporter, Sumitomo Mitsui and Auto Drive EV Public Co.) throughout Thailand.

Johnny Lee, CEO and Chairman of U Power commented, "We are excited to partner with NV Gotion, a vertically integrated battery company spanning the entire value chain from mining of raw materials to battery manufacturing, and battery recycling. This partnership strengthens our capabilities in addressing a growing demand for a reliable supply of compatible EV batteries in the Southeast Asia market, and marks a significant step forward towards the acceleration of our battery-bank operations. We believe this new strategic partnership will empower us to seize market share and create a fully integrated battery-swapping ecosystem."

About NV Gotion Co., LTD

NV Gotion Co., LTD is a strategic joint venture between Thailand–based Nuovo Plus (a subsidiary of PTT Group, Thailand's largest state-owned energy and petrochemical conglomerate and a Fortune Global 500 enterprise.) and Gotion Singapore Pte. Ltd. (part of Gotion High–tech Co. Ltd.). NV Gotion specializes in the assembly of high–voltage battery modules and packs tailored for electric vehicles (EVs), as well as providing advanced energy storage system (ESS) solutions for ASEAN region. Backed by Gotion High–tech's vertically integrated global battery ecosystem — spanning upstream materials to battery recycling — the NV Gotion and U Power alliance is poised to support and accelerate electric mobility and renewable energy initiatives across Southeast Asia.

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
[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