Key Takeaways:
U Power Limited (Nasdaq: UCAR) will raise $25.7 million in a private placement to fund its expansion into hydrogen energy and battery-swapping solutions, the company announced today.
The company entered into subscription agreements to sell 15,670,737 Class A ordinary shares at a price of $1.64 per share. The transaction, conducted under Regulation S, is expected to close on or about April 27, 2026, subject to customary conditions.
Key participants in the placement include founder and CEO Johnny Lee, who subscribed for $3.0 million worth of shares. Strategic investors Fortune Light Assets Ltd, a family office of The Charoen Pokphand Group's Chatchaval Jiaravanon, and Guofu Hydrogen Energy (Hong Kong) Development Co., Limited, committed $2.0 million and $3.6 million, respectively. A total of ten purchasers participated in the deal.
U Power said it intends to use the proceeds to support a new strategic joint venture for hydrogen energy solutions for Intelligent Data Centers in Thailand. The capital will also fund the expansion of its core battery-swapping business, including projects for heavy trucks in Thailand, electric vans in Southern Europe, and taxis in Hong Kong.
This financing follows a series of capital raises and operational announcements over the past six weeks. On April 7, the company raised $3.19 million in a similar subscription agreement, and on March 20, it closed a $6.0 million public offering. The company has recently secured orders for its battery-swapping heavy trucks in Thailand.
The new capital provides U Power with funds to execute its dual strategy of hydrogen power and battery-swapping. Investors will watch for the establishment of the Thailand-based joint venture and progress on its European and Hong Kong expansion projects as the next catalysts.
This article is for informational purposes only and does not constitute investment advice.
