U Power raises $16M to fund Thailand hydrogen, Europe battery-swap push
What's the deal? U Power Limited (Nasdaq: UCAR) raised $16 million through a private placement subscribed entirely by four existing shareholders. The company sold 9,756,100 Class A ordinary shares at $1.64 each, closing the transaction on August 3, 2026.
The deal was structured under Regulation S as an offshore transaction to non-US persons, and was approved by U Power's board of directors.
What's the endgame? U Power provides AI-integrated solutions for energy grids and intelligent transportation. Originally a pioneer in EV battery-swapping, it built its proprietary UOTTA modular technology and is now expanding into hydrogen power and smart energy management.
Where's the money going? The company plans to fund its push into hydrogen energy solutions for intelligent data centers in Thailand. The rest supports core operations and its battery-swapping expansion overseas.
That expansion spans three markets: a battery-swapping heavy truck project in Thailand, an electric van project in Southern Europe, and a taxi project in Hong Kong.
Why now? The raise comes as U Power evolves beyond battery-swapping into what it describes as an AI-driven, multi-energy ecosystem. Through a joint venture with Jiangsu GuoFu Hydrogen Energy EquipmentDealroom has a profile for this one. Try Dealroom →, it is targeting power solutions for AI data centers and next-generation transport.
The signal: Backing from existing shareholders points to internal conviction rather than fresh outside validation. For U Power, the capital marks a bet that battery-swapping infrastructure and hydrogen power can scale together across Asian and European markets.
Read more: PR Newswire
