Breakthroughs in the popularization of electric vehicles in Hong Kong, three innovative solutions landed in Hong Kong

Taking Hong Kong as a starting point, U Power has officially launched its first demonstration smart swap station in Hong Kong, providing a replicable zero-carbon transportation model for a high-density city and launching 3 groundbreaking solutions to realize Hong Kong's zero-emission vision.

U Power builds global ESP Power Swap ecosystem and realizes strategic breakthroughs in three markets 

At the press conference, U Power signed memorandums of cooperation with partners across the industry chain, achieving several important collaborations. Among these, the ESP (Electric Service Provider) authorized operating model has been implemented in three key strategic markets: Hong Kong SAR, Macau SAR and Singapore. Agents can only obtain ESP qualification by creating high-quality user experiences and high-tech products. The signing of the ESP marks a significant advancement for the company in the Hong Kong SAR, Macau SAR, and Singapore markets, but also demonstrates the industry's strong commitment to working together to build a global power swap eco-system.

Strategic Cooperation Highlights.

Creating a new era of green mobility

Mr. Li Jia, Founder and CEO of U Power, said, "Today we are not only witnessing the completion of Hong Kong's first demonstration of a smart swap station, but it is also an important milestone in our business expansion. By partnering with C.P. Group to set up 55 smart switching stations in Hong Kong, we will create the world's first switching network for the highest-density city, making Hong Kong a model for electrification of high-density cities around the world. We have commercially launched our operations in China, Portugal, Thailand and Peru, and the Hong Kong model will be replicated in other overseas countries."

Mr. Chatchaval Jiaravanon, Strategic Investor of U Power, said in his speech, "Hong Kong, as an international financial center with a well-established rule of law environment and an innovative atmosphere, is an ideal place to validate the business model of smart swapping. Our vision is, firstly, to make electric vehicles 'replenish energy' faster than buying coffee; secondly, to make batteries a tradable digital asset; and thirdly, to build a carbon reduction ecosystem that involves the participation of all people."

Mr. Pitak Pruittisarikorn, Senior Chief Executive Officer of U Power, said, "We believe that U Power's 'Vehicle-Station-Cloud-Token' ecosystem will reshape the urban energy infrastructure. The Hong Kong project is an important milestone in our globalization, and this strategic cooperation with our partners in Hong Kong SAR, Macau SAR and Singapore marks U Power's full-scale deployment in the Southeast Asian market. We look forward to providing more cities with innovative green mobility solutions."

About U Power 

U Power Limited (NASDAQ: UCAR) is a global leader in new energy technology. Founded in 2013, the Company is committed to developing the commercialization of new energy vehicles and providing solutions for commercial electric vehicles to continuously replenish energy, reduce costs and improve operational efficiency. The Company's self-developed UOTTA™ intelligent power switching system has served the logistics, public transportation and personal mobility markets. The Company's four-dimensional ecosystem, "Vehicle-Station-Cloud-Token", promotes the efficient flow and fair distribution of energy. Listed on NASDAQ in 2023, the Company has become the world's first and only listed company in power swap technology. Currently, we have deployed in six markets around the world (Hong Kong SAR, Macau SAR, Southeast Asia, Europe, Central America, South America, and the Middle East), serving logistics, public transportation and personal mobility.

SOURCE U Power Limited