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

Rhea-AI Summary

U Power Limited (Nasdaq: UCAR), an EV battery-swapping solutions provider, has announced its entry into the Macau market through its first Electric Service Provider (ESP) agreement. The partnership aims to establish a comprehensive battery-swapping ecosystem in Macau.

Under the three-year agreement, the local ESP will manage the installation and maintenance of U Power's UOTTA smart battery-swapping stations and cabinets. Through collaboration with UNEX EV B.V., U Power will facilitate the sale and maintenance of compatible battery-swapping vehicles. The ESP partner projects sales of approximately 600 four-wheeled and 5,000 two-wheeled compatible battery-swapping vehicles to end users.

The company views this partnership as a strategic step in its global expansion plans, with intentions to replicate this ESP model in other regional markets including Hong Kong SAR and Singapore.

Positive

• Entry into new market (Macau) through first ESP agreement
• Projected sales of 600 four-wheeled and 5,000 two-wheeled vehicles over three years
• Strategic partnership for installation and maintenance of battery-swapping infrastructure
• Potential expansion to Hong Kong SAR and Singapore markets

Negative

• None.

News Market Reaction

-0.78%

1 alert

-0.78% News Effect

On the day this news was published, UCAR declined 0.78%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

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
ir@upincar.com

The Equity Group

Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com 

Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com  

View original content:https://www.prnewswire.com/news-releases/u-power-enters-macau-market-signs-of-its-first-electric-service-provider-esp-agreement-in-macau-302494099.html

SOURCE U Power Limited

FAQ

What is U Power's (UCAR) new agreement in Macau about?

U Power has signed its first Electric Service Provider (ESP) agreement in Macau for deploying UOTTA battery-swapping stations and selling compatible electric vehicles, including both four-wheeled and two-wheeled vehicles.

How many vehicles does U Power (UCAR) expect to sell in Macau?

Through its ESP partner, U Power expects sales of 600 four-wheeled and 5,000 two-wheeled compatible battery-swapping vehicles over a three-year period.

What is the role of the ESP partner in U Power's Macau operations?

The ESP partner will be responsible for the installation and maintenance of UOTTA smart battery-swapping stations and cabinets in Macau, as well as selling compatible vehicles to end users.

What are U Power's (UCAR) expansion plans beyond Macau?

U Power plans to replicate its ESP model in other regional markets, specifically targeting Hong Kong SAR and Singapore for future expansion.

Who is U Power's vehicle design partner for the Macau market?

U Power is partnering with UNEX EV B.V., a Netherlands-based new energy and technology company that cooperates with OEM partners to design intelligent battery-swapping vehicles.