U Power Enters Singapore Market with the Signing of Its Second Electric Service Provider ("ESP") Agreement

Rhea-AI Summary

U Power Limited (Nasdaq: UCAR), an EV battery-swapping solutions provider, has signed its second Electric Service Provider (ESP) agreement to enter the Singapore market. This follows their first ESP agreement in Macau signed in June 2025.

The agreement involves deploying UOTTA smart battery-swapping stations and facilitating compatible EV sales in Singapore. The local ESP partner will handle sales, installation, and maintenance of the stations, along with vehicle sales and after-sales service. The partner plans to purchase and sell approximately 5,000 compatible battery-swapping vehicles over three years and retrofit 300 existing MG EP taxis for battery-swapping compatibility.

Positive

• Entry into Singapore market expands company's global footprint
• ESP partner commits to selling 5,000 compatible vehicles over 3 years
• Additional retrofit opportunity for 300 existing MG EP taxis
• Second ESP agreement in two months shows execution of expansion strategy

Negative

• None.

News Market Reaction – UCAR

+4.50%

+4.50% Session move

In the trading session that priced this news, UCAR gained 4.50%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

U Power and its Partners to Deploy UOTTA Smart Battery-Swapping Stations and Facilitate the Sale of Compatible Passenger and Commercial EVs in Singapore

SHANGHAI, July 7, 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 another Electric Service Provider ("ESP") agreement to facilitate the deployment of its UOTTA battery-swapping stations and the sale of compatible EVs in Singapore.

This new ESP agreement which represents U Power's official entry into the Singapore market, follows the signing of the Company's first ever ESP agreement in Macau in June 2025. Pursuant to the agreement, the local ESP partner will promote the sale, installation, and maintenance of U Power's UOTTA smart battery-swapping stations, as well as sale and after-sale maintenance of compatible vehicles in Singapore, more specifically, passenger cars and commercial vans. These stations and compatible EVs will be provided and delivered by U Power and its partner, UNEX EV B.V., (a Netherlands-based new energy and technology company which cooperates with OEM partners to design intelligent battery-swapping vehicles).

Over the next three years, the ESP partner expects to be purchasing and then selling to the end users approximately 5,000 compatible battery-swapping vehicles, in addition to retrofitting its own 300 MG EP taxis currently in use into battery-charging and -swapping compatible EVs. Furthermore, the ESP partner will be operating U Power's UOTTA battery-swapping stations and provide corresponding battery-swapping services to the vehicles sold.

Johnny Lee, CEO and Chairman of U Power commented, "Following U Power's official entry into the Macau market, we are excited to announce another milestone in our strategy of expanding our global footprint, by entering the Singapore market. We are on track to establish a mature battery-swapping ecosystem in the Southeast Asia market, and believe this replicable ESP model will enable us to capture market share by working with reputational and resourceful local partners."

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
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-singapore-market-with-the-signing-of-its-second-electric-service-provider-esp-agreement-302498407.html

SOURCE U Power Limited

FAQ

What is U Power's (UCAR) new expansion announcement in Singapore?

U Power has signed an ESP agreement to deploy UOTTA battery-swapping stations and facilitate compatible EV sales in Singapore, marking its entry into the Singapore market.

How many vehicles does U Power's Singapore ESP partner plan to sell?

The ESP partner plans to purchase and sell approximately 5,000 compatible battery-swapping vehicles over the next three years.

What is included in U Power's (UCAR) Singapore ESP agreement?

The agreement includes sales, installation, and maintenance of UOTTA battery-swapping stations, plus sales and after-sale maintenance of compatible passenger cars and commercial vans.

How many ESP agreements has U Power (UCAR) signed in 2025?

U Power has signed two ESP agreements in 2025: one in Macau in June and the second in Singapore in July.

How many existing taxis will be retrofitted under U Power's Singapore agreement?

The ESP partner will retrofit 300 MG EP taxis currently in use to make them compatible with battery-charging and -swapping technology.