U Power and FTT Holding Form Strategic Alliance for Southern European Expansion

U Power and FTT Holding Join Forces to Expand in Southern Europe

In a significant move aimed at advancing the energy landscape in Southern Europe, U Power Limited (NASDAQ: UCAR), known for its AI-driven solutions for energy grids and transportation systems, has announced the formation of a strategic joint venture (JV) with FTT Holding Company LLC, a U.S.-based investment firm specializing in technology. The partnership, formalized through a signed Letter of Intent (LOI), is positioned to accelerate U Power’s growth strategies within the European market.

The joint venture is set to receive substantial backing, with FTT Holding committing up to $50 million. These funds will aid U Power in its ambitious plans to establish smart electric vehicle (EV) charging stations, battery swapping facilities, and next-generation energy networks throughout Southern Europe. This initiative is a crucial step as U Power seeks to widen its operational footprint in a region that shows high potential for growth in electric mobility solutions.

CEO Jonny Lee expressed enthusiasm for the partnership, stating, "This investment from FTT Holding represents not just a financial commitment but a strategic collaboration aimed at enhancing our capabilities. Together, we strive for innovation that aligns with our long-term vision of transforming energy use in transportation."

Additionally, U Power has signed a Share Subscription Agreement with FTT Holding for the issuance of Class A ordinary shares valued at up to $10 million. The shares will be offered at a premium above the current market price, with a lock-up period of 39 months. This significant financial maneuver reflects U Power's commitment to maintaining a robust capital structure while ensuring that the venture aligns with its broader growth trajectory.

Aiming for operational completion by January 2026, both companies are optimistic about the collaborative opportunities this venture will yield. U Power is recognized for its unique UOTTATM battery-swapping technology, which enhances the usability and efficiency of electric vehicles by allowing quick battery replacements instead of lengthy charging procedures. The integration of this technology into Southern Europe’s transportation infrastructure could redefine the user experience for EV owners and bolster the region's move toward sustainable energy practices.

As electric vehicles continue to gain traction across Europe, U Power’s strategies—backed by cutting-edge technology and substantial financial resources—place it in an advantageous position to capitalize on this growth. The company’s commitment to smart energy solutions enables a seamless integration of innovative technologies that can optimize energy consumption and enhance grid performance.

U Power's vision complements FTT Holding's investment strategy which focuses on innovative technology sectors, including cryptocurrencies and digital assets, signifying a merger of different yet synergistic industry paths combining energy and advanced digital technologies.

Both companies anticipate sharing further details about their strategic plans and collaborative advancements as the joint venture progresses. Continued developments are expected to reflect their shared commitment to sustainable practices that not only aim to benefit their respective growths but also contribute positively to environmental sustainability efforts.

For further updates on this venture and more information about U Power, please visit their official website at U Power Limited.