PR Newswire·Aug 4, 2026, 7:00 AM ET

U Power Limited Announces US$16 Million Private Placement Subscribed by Existing Shareholders

U Power Limited announced the sale of 9,756,100 Class A Ordinary Shares to four existing shareholders at US$1.64 per share for aggregate gross proceeds of US$16 million.
The transaction closed on August 3, 2026, following board approval & satisfaction of customary closing conditions under Regulation S.
Net proceeds will primarily fund expansion into hydrogen energy solutions for intelligent data centers in Thailand & support core operations.
Funding will also cover the expansion of battery-swapping solutions across overseas markets, including heavy truck projects in Thailand, electric van projects in Southern Europe, & a taxi project in Hong Kong SAR.
The shares were offered in an offshore transaction to non-U.S. persons & are not registered under the U.S. Securities Act.
U Power is evolving from a battery-swapping pioneer into an AI-driven multi-energy ecosystem integrating hydrogen power generation & smart grid optimization.