U Power Enters Singapore Market with the Signing of Its Second Electric Service Provider ("ESP") Agreement
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.
U Power Limited (Nasdaq: UCAR), fornitore di soluzioni per lo scambio di batterie per veicoli elettrici, ha firmato il suo secondo accordo come Fornitore di Servizi Elettrici (ESP) per entrare nel mercato di Singapore. Questo segue il primo accordo ESP firmato a Macao nel giugno 2025.
L'accordo prevede l'installazione di stazioni intelligenti di scambio batteria UOTTA e la promozione della vendita di veicoli elettrici compatibili a Singapore. Il partner locale ESP si occuperà della vendita, installazione e manutenzione delle stazioni, oltre alla vendita dei veicoli e al servizio post-vendita. Il partner ha in programma di acquistare e vendere circa 5.000 veicoli compatibili con lo scambio batteria in tre anni e di adattare 300 taxi MG EP esistenti per la compatibilità con lo scambio batteria.
U Power Limited (Nasdaq: UCAR), proveedor de soluciones de intercambio de baterías para vehículos eléctricos, ha firmado su segundo acuerdo como Proveedor de Servicios Eléctricos (ESP) para ingresar al mercado de Singapur. Esto sigue a su primer acuerdo ESP firmado en Macao en junio de 2025.
El acuerdo incluye el despliegue de estaciones inteligentes de intercambio de baterías UOTTA y la facilitación de ventas de vehículos eléctricos compatibles en Singapur. El socio local ESP se encargará de la venta, instalación y mantenimiento de las estaciones, así como de la venta de vehículos y el servicio postventa. El socio planea comprar y vender aproximadamente 5,000 vehículos compatibles con intercambio de baterías en tres años y adaptar 300 taxis MG EP existentes para la compatibilidad con el intercambio de baterías.
U Power Limited (나스닥: UCAR)는 전기차 배터리 교환 솔루션 제공업체로서 싱가포르 시장 진출을 위한 두 번째 전기 서비스 제공자(ESP) 계약을 체결했습니다. 이는 2025년 6월 마카오에서 체결한 첫 번째 ESP 계약에 이은 것입니다.
이번 계약에는 UOTTA 스마트 배터리 교환 스테이션 설치와 싱가포르 내 호환 전기차 판매 지원이 포함됩니다. 현지 ESP 파트너는 스테이션의 판매, 설치, 유지보수와 차량 판매 및 애프터서비스를 담당합니다. 파트너는 향후 3년간 약 5,000대의 배터리 교환 호환 차량을 구매 및 판매하고 기존 MG EP 택시 300대를 배터리 교환 호환 차량으로 개조할 계획입니다.
U Power Limited (Nasdaq : UCAR), fournisseur de solutions d’échange de batteries pour véhicules électriques, a signé son deuxième accord de Fournisseur de Services Électriques (ESP) pour pénétrer le marché de Singapour. Cela fait suite à leur premier accord ESP signé à Macao en juin 2025.
L’accord prévoit le déploiement de stations d’échange de batteries intelligentes UOTTA et la facilitation des ventes de véhicules électriques compatibles à Singapour. Le partenaire ESP local prendra en charge la vente, l’installation et la maintenance des stations, ainsi que la vente des véhicules et le service après-vente. Le partenaire prévoit d’acheter et de vendre environ 5 000 véhicules compatibles avec l’échange de batteries sur trois ans et de convertir 300 taxis MG EP existants pour les rendre compatibles avec l’échange de batteries.
U Power Limited (Nasdaq: UCAR), ein Anbieter von Batterie-Wechsel-Lösungen für Elektrofahrzeuge, hat seine zweite Vereinbarung als Elektrizitätsdienstleister (ESP) unterzeichnet, um in den Markt in Singapur einzutreten. Dies folgt auf die erste ESP-Vereinbarung in Macau, die im Juni 2025 unterzeichnet wurde.
Die Vereinbarung umfasst den Einsatz von UOTTA intelligenten Batterie-Wechselstationen und die Förderung des Verkaufs kompatibler Elektrofahrzeuge in Singapur. Der lokale ESP-Partner übernimmt den Verkauf, die Installation und Wartung der Stationen sowie den Fahrzeugverkauf und den Kundendienst. Der Partner plant, innerhalb von drei Jahren etwa 5.000 kompatible Batterie-Wechsel-Fahrzeuge zu kaufen und zu verkaufen und 300 bestehende MG EP-Taxis für den Batterie-Wechsel nachzurüsten.
- 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
- None.
Insights
U Power's Singapore expansion represents meaningful market growth through 5,000 vehicle sales and recurring battery-swap revenue potential over three years.
U Power's expansion into Singapore marks a strategic advancement in their Southeast Asian market development, following their June entry into Macau. The agreement's structure reveals a calculated approach to international expansion through their Electric Service Provider (ESP) model, which leverages local partners for operations while U Power maintains control of core technology.
The deal's economics are substantial, encompassing approximately
Singapore represents an ideal expansion market due to its compact geography, advanced infrastructure, and progressive EV adoption policies. The city-state's limited land area makes battery swapping particularly advantageous compared to traditional charging infrastructure that requires extensive physical footprint.
The partnership with UNEX EV B.V. for compatible vehicle design strengthens U Power's ecosystem approach, addressing the historical chicken-and-egg problem in EV infrastructure by simultaneously deploying both vehicles and swapping stations. This integrated strategy differentiates U Power from competitors focused solely on charging infrastructure.
The company's characterization of their ESP model as "replicable" signals confidence in further geographic expansion, potentially accelerating their international growth trajectory beyond Southeast Asia.
U Power and its Partners to Deploy UOTTA Smart Battery-Swapping Stations and Facilitate the Sale of Compatible Passenger and Commercial EVs in
This new ESP agreement which represents U Power's official entry into the
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
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
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
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SOURCE U Power Limited
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