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U Power Accelerates EV Adoption in Portugal with Customized UOTTA Battery-swapping Stations
Prnewswire· 2025-01-27 11:00
Core Insights - U Power Limited has announced the expansion of its UOTTA battery swapping solutions with a new compact 8-slot battery-swapping station to be delivered to ANTRAL, Portugal's national taxi association, in the first half of 2025, marking a significant step in the company's European market presence [1] Group 1: Product and Technology - The UOTTA 8-slot compact swap station is designed for urban environments, occupying only 90 square meters and capable of serving 30-50 vehicles daily, with a modular design for future capacity expansion [2] - U Power has developed a comprehensive solution portfolio since launching UOTTA in 2020, with customizable configurations for various vehicle types, including taxi-focused swap stations that can handle up to 200 swaps daily [3] - The integration of AI into station management and cloud platforms enhances operational efficiency and optimizes power consumption [4] Group 2: Economic Advantages - U Power's battery swapping solution presents a more economical alternative to traditional fast-charging infrastructure, requiring lower capital investment while serving the same number of taxis and mileage, which is particularly advantageous in space-constrained European cities [4] Group 3: Company Background - U Power Limited, established in 2013, focuses on vehicle sourcing services and aims to become a key player in the EV market through its proprietary battery-swapping technology, UOTTA [5]
U Power Announces Pricing of $5.0 Million Registered Direct Offering
Prnewswire· 2025-01-24 14:18
Core Viewpoint - U Power Limited has entered into a securities purchase agreement to sell 1,041,668 Class A ordinary shares and issue warrants for an additional 1,562,502 shares, aiming to raise approximately $5.0 million through this offering [1][2]. Group 1: Offering Details - The effective offering price for each Class A ordinary share and accompanying warrant is set at $4.80 [1]. - The warrants are immediately exercisable, expire five years from issuance, and have an initial exercise price of $4.80 per share, subject to standard adjustments [1]. - The offering is expected to close on or about January 27, 2025, pending customary closing conditions [2]. Group 2: Existing Warrants Amendment - Existing Series A warrants, which allow the purchase of approximately 100,000 Class A ordinary shares at an exercise price of $120.00, will be amended to an exercise price of $4.80 upon the closing of the offering [3]. Group 3: Regulatory Compliance - The Class A ordinary shares are being offered under a shelf registration statement on Form F-3, effective since November 8, 2024 [4]. - The warrants issued in the private placement have not been registered under the Securities Act or applicable state securities laws [4]. Group 4: Company Overview - U Power Limited is focused on becoming a comprehensive EV battery power solution provider in China, primarily through its proprietary battery-swapping technology [6]. - The company has established a vehicle sourcing network in lower-tier cities in China and operates a manufacturing factory in Zibo City, Shandong Province [6].
U Power Limited Commences Commercial Operations in Peru with UOTTA Battery-Swapping Technology
Prnewswire· 2025-01-23 11:00
Core Insights - U Power Limited's UOTTA battery-swapping technology has been selected by Treep Mobility Group in Peru for their electric vehicle fleet transition [1][2] - Treep Mobility plans to convert its traditional fuel-powered vehicles to UOTTA's battery-swapping model, with expected orders exceeding US$1 million [2] - The partnership highlights the economic benefits of the battery-swapping model, which can reduce operating costs by 30-40% compared to traditional fuel vehicles [3] Company Overview - U Power Limited aims to become a comprehensive EV battery power solution provider, focusing on its proprietary UOTTA battery-swapping technology [6] - The company has established a vehicle sourcing network in China's lower-tier cities and operates a manufacturing factory in Zibo City, Shandong Province [6] Market Opportunity - The Moto Taxi market in Peru presents significant growth potential, with over 100,000 registered Moto Taxis and an annual addition of over 300,000 new electric two-wheeler and three-wheeler motorcycles in South America [5] - The partnership with Treep Mobility is expected to drive sustainable business growth and attract more companies in South America to adopt the battery-swapping model [5] Technology Integration - UOTTA's solution incorporates AI technology to predict customer demand and optimize charging and swapping efficiency, enhancing overall operational efficiency [4]
U Power Limited Expands European Presence with UOTTA Technology Implementation in Portugal
Prnewswire· 2025-01-06 11:00
Core Insights - U Power Limited's subsidiary, Energy U Limited, has formed a joint venture with Portugal's national taxi association ANTRAL to deploy battery swapping solutions in the European market, marking a strategic advancement for the company [1][4] - Initial operations will commence with 40 vehicles per battery-swapping station, following successful pilot testing in Portugal, with full integration expected to begin next year [2] - The joint venture aims to accelerate Portugal's transition to electric mobility by developing an integrated EV ecosystem, addressing challenges such as limited charging infrastructure and battery lifecycle management for taxi operators [3] Company Overview - U Power Limited is focused on becoming a key player in the EV market, primarily through its proprietary UOTTA battery-swapping technology, which is designed to provide comprehensive battery power solutions for electric vehicles [5] - The company has established a vehicle sourcing network in China's lower-tier cities and operates a manufacturing facility in Zibo City, Shandong Province, China [5]
U Power and Ualabee Join Forces to Bring Innovative Battery-Swapping Solutions to South America's Ride-Hailing Market
Prnewswire· 2024-10-21 11:00
Core Insights - U Power Limited has signed a Memorandum of Understanding with Ualabee Corp to integrate its UOTTA battery-swapping technology into Ualabee's ride-hailing services in South America, marking a significant step in U Power's global expansion strategy [1][3]. Company Overview - U Power Limited is a vehicle sourcing services provider aiming to become a comprehensive electric vehicle (EV) battery power solution provider, primarily focused on its proprietary UOTTA battery-swapping technology [5]. - The company has been operational since 2013 and has established a vehicle sourcing network in China's lower-tier cities, with a manufacturing facility in Zibo City, Shandong Province, China [5][6]. Partnership Details - The partnership with Ualabee aims to revolutionize South America's ride-hailing industry by integrating U Power's UOTTA battery-swapping system and compatible EVs into Ualabee's operations [3]. - The collaboration includes deploying battery-swapping infrastructure, implementing digital payment systems, and utilizing data analytics to optimize operations [3]. - U Power plans to introduce its first UOTTA battery-swapping station in Peru in Q1 2025, with a capacity to serve 100 vehicles, and aims to build an additional 6-8 stations throughout 2025, increasing total capacity to 800-1,000 vehicles [3]. Market Context - The South American ride-hailing market is expected to exceed $1.5 billion, with a significant transition towards electric vehicles anticipated over the next three years, including the replacement of 80,000-100,000 fuel-powered vehicles [2]. - Ualabee intends to replace 5,000 of its fuel-powered vehicles with electric vehicles each year for the next five years, with an estimated 30% adopting the UOTTA battery swapping model [3]. Strategic Goals - The partnership is expected to create synergies by leveraging U Power's technology and Ualabee's market presence, addressing key concerns about EV adoption and reducing costs [4]. - U Power's Chairman and CEO emphasized that this collaboration validates the scalability of their technology and business model, opening new revenue streams in a high-growth market [4].
U Power Announces First Half of 2024 Financial Results
Prnewswire· 2024-10-08 10:00
Core Viewpoint - U Power Limited reported a significant revenue growth of 595.7% year-over-year, reaching RMB 13.2 million (US$ 1.8 million) in the first half of fiscal year 2024, driven by increased orders for battery-swapping stations as the economy recovers from the COVID-19 pandemic [1][2]. Financial Performance - Total revenues increased to RMB 13.2 million (US$ 1.8 million) in the first half of 2024, a 595.7% increase compared to the same period in 2023 [2]. - Product sales revenues were RMB 12.4 million (US$ 1.7 million), accounting for 93.9% of total net revenues, compared to nil in the same period of 2023 [3]. - Sourcing services revenues decreased to RMB 0.1 million (US$ 10,000), down from RMB 1.4 million in the same period last year, representing 0.6% of total net revenues [3]. - Battery-swapping services revenues increased to RMB 0.7 million (US$ 0.1 million), up from RMB 0.5 million in the same period of 2023, representing 5.5% of total net revenues [3]. Cost and Profitability - Total cost of revenues surged by 1,893.6% year-over-year to RMB 11.9 million (US$ 1.6 million) due to significant revenue growth and supply chain shifts [4]. - Total gross profit slightly decreased by 0.8% year-over-year to RMB 1.3 million (US$ 0.2 million), resulting in a gross margin of 9.8% [4]. Operating Expenses - Total operating expenses rose to RMB 27.7 million (US$ 3.8 million), an increase of 26.8% from the same period last year [5]. - Sales and marketing expenses increased by 46.5% to RMB 1.5 million (US$ 0.2 million) due to higher marketing costs for battery swapping stations [5]. - General and administrative expenses increased by 55.8% to RMB 26.2 million (US$ 3.6 million), primarily due to higher audit and professional service costs [5]. - Research and development expenses decreased by 70.4% to RMB 0.6 million (US$ 0.1 million) as key projects were completed [6]. Net Loss and Liquidity - The net loss for the first half of 2024 was RMB 26.5 million (US$ 3.6 million), compared to RMB 7.2 million in the same period last year [7]. - Basic and diluted loss per share were both RMB 7.42 (US$ 1.02), compared to RMB 6.88 in the same period last year [7]. - As of June 30, 2024, the company had cash and cash equivalents of RMB 40.5 million (US$ 5.6 million), up from RMB 36.2 million as of December 31, 2023 [7]. Business Developments - On August 5, 2024, the company signed a Memorandum of Understanding with Velo Labs Technology Ltd. to establish a battery infrastructure investment ecosystem in Thailand [8]. - On July 3, 2024, the company signed a Memorandum of Understanding with Pattaya AI Terminal Co., Ltd. to develop green logistics and EV infrastructure in Thailand [8]. - On June 5, 2024, the company announced a strategic collaboration in Portugal to adopt its UOTTA technology and battery swapping station model, aiming to reduce greenhouse gas emissions in the transport sector by 2030 [9].
U Power (UCAR) - 2024 Q2 - Quarterly Report
2024-10-04 20:37
Exhibit 99.1 U POWER LIMITED | | | | For the six months ended June 30, | | | --- | --- | --- | --- | --- | | | Notes | 2023 | 2024 | 2024 | | | | RMB | RMB | US$ | | Net revenues | | | | | | Product sales | | - | 12,389 | 1,705 | | Sourcing services | | 1,435 | 75 | 10 | | Battery-swapping services | | 461 | 726 | 100 | | Total net revenues | | 1,896 | 13,190 | 1,815 | | Cost of revenues | | (597) | (11,902) | (1,638) | | Gross profit | | 1,299 | 1,288 | 177 | | Operating expenses: | | | | | | Sales and mar ...
U Power and Velo Labs Collaborate to Establish Asset Fund Trading Platform for Battery Banks
Prnewswire· 2024-08-05 11:00
SHANGHAI, Aug. 5, 2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive electric EV battery power solution provider in China, today announced that it has signed a Memorandum of Understanding with Velo Labs Technology Ltd. ("Velo Labs"), a global fintech company, to establish a battery infrastructure investment ecosystem in Thailand. This collaboration aims to accelerate the development of battery bank ...
Plug Receives Industry Certification for its High-Powered Stationary System
GlobeNewswire News Room· 2024-06-20 13:20
LATHAM, N.Y., June 20, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, secured industry certification for its one MW (megawatt) high-powered stationary system. Plug achieved certification of its high-powered stationary system to the American National Standards Institute/CSA Group’s FC 1-2021 standard covering the safe operation, performance, and construction of stationary fuel cell power systems. Plug’s stationary s ...
UOTTA Technology to Be Adopted by a Portuguese National Taxi Association to Drive Decarbonization and Electric Mobility
Prnewswire· 2024-06-05 10:00
SHANGHAI, June 5, 2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive electric EV battery power solution provider in China, today announced that its UOTTA technology and battery swapping station model is to be adopted in a strategic collaboration between UNEX EV B.V. ("UNEX") and Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros ("ANTRAL").ANTRAL is an association of companies in ...