U Power raises $25.7 million in private placement

U Power Limited (NASDAQ: UCAR) completed a private placement of $25.7 million through the sale of 15,670,737 Class A ordinary shares at $1.64 per share, according to a company statement.

The transaction involved ten purchasers, including CEO Johnny Lee, who subscribed for $3.0 million worth of shares. Other notable investors include Fortune Light Assets Ltd, a family office of Chatchaval Jiaravanon from the Charoen Pokphand Group, which purchased $2.0 million in shares, and Guofu Hydrogen Energy (Hong Kong) Development Co., Limited (HKSE: 2582), which acquired $3.6 million in shares.

The shares were sold under Regulation S of the Securities Act of 1933 in an offshore transaction to non-U.S. persons. The company's board of directors approved the transaction, with the audit committee separately reviewing Lee's participation as a related-party transaction.

U Power plans to use the proceeds primarily for two purposes: expanding into hydrogen energy solutions for intelligent data centers in Thailand through a strategic joint venture, and funding core operations and overseas expansion of its battery-swapping solutions. The overseas expansion includes battery-swapping heavy truck projects in Thailand, electric van projects in Southern Europe, and taxi projects in Hong Kong.

The company provides AI-integrated energy solutions for electric vehicles and energy infrastructure, built on its proprietary modular battery-swapping technology UOTTA. The transaction closed on the same day it was announced, according to the company filing with the Securities and Exchange Commission.

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