U Power Announces Construction of 55 Smart Battery Swap Stations in Hong Kong

Inauguration of Hong Kong ' s First Operational Demonstration

Smart Battery Swap Station

World's First "Vehicle-Electricity Separation + Battery Token "

to Promote Zero-Carbon Living in Hong Kong

HONG KONG, June 20, 2025 /PRNewswire/ --U Power Limited (Nasdaq: UCAR), a global leader in new energy technology, today announced that it will build 55 smart battery swap stations in Hong Kong in three phases, including four bus-only stations and the world's first ferry swap stations. The announcement was made today at the "Inauguration Ceremony of Hong Kong's First Demonstration Smart Swap Station cum Web 3.0 Swapping Ecosystem Strategy Launching Ceremony", marking Hong Kong's crucial step towards the zero-emission target of 2050 in the Roadmap for the Popularization of Electric Vehicles. A number of guests, including government officials of the Hong Kong Special Administrative Region, business leaders, industry experts and cross-sector partners, attended the event to witness this historic moment.

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.

• Intelligent Battery Swap Technology: U POWER's self-developed UOTTA™ Intelligent Battery Swap System realizes automatic battery swap and the battery can be swapped in 3 minutes, faster than traditional fast charging, which takes 30-60 minutes and 10 times faster energy replenishment efficiency;
• New Generation of Electric Vehicles: U Power has collaborated with several internationally renowned automotive brands to launch electric vehicle models specifically designed for the fast-paced lifestyle of Hong Kong. Utilizing a "vehicle-battery separation" model, they are also introducing a battery subscription service, which significantly reduces the cost of purchasing a vehicle;
  
• Web 3.0 Incentive Mechanism: The world's first "Battery Token", which is earned by users through the act of swap electricity, can be exchanged for electricity tariff credits, and promote universal participation in carbon reduction.

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.

• Hong Kong: Secured intentions to purchase hundreds of battery-swapping vehicles, demonstrating market recognition of the innovative model. Established a strategic alliance with Hong Kong Taxi Owners Association to collaborate on battery-swapping services for the region's taxis. Currently, there are 18,000 taxis in Hong Kong, accelerating the transition to electric vehicles in the taxi sector;
• Macau: Collaborating with local ESPs to expand the market, with plans to sell and service 600 battery-swapping vehicles and to establish and operate six battery-swapping stations;
  Singapore: Partnering with local ESPs to plan the sale and servicing of 5,000 battery-swapping vehicles and to establish and operate 50 battery-swapping stations.

Mr. Li Jia, Founder and CEO of U Power, (left 1) at U Power's first smart battery swap station in Hong Kong leading other guests in the cutting ceremony at the opening ceremony

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.