SHANGHAI, Dec. 11, 2024 /PRNewswire/ -- U Power Limited (the "Company" or "U Power"), a comprehensive EV battery power solution provider in China, announced today that the AI technology-based autonomous unmanned battery swapping logistics vehicle has been launched and has undergone road testing. This advancement represents a key milestone in U Power's comprehensive electrification strategy for sustainable logistics operations, achieving full coverage of autonomous battery swapping and self-driving capabilities across long-haul, regional, and last-mile delivery scenarios.
Jia Li, Founder and CEO of U Power noted that to meet the rapidly growing global demand for last-mile logistics delivery, delivery vehicles often need to operate continuously for 24 hours under high-intensity conditions. This creates significant demand for fully autonomous driving and energy replenishment capabilities in electric logistics vehicles. The integration of autonomous driving technology with UOTTA's automated battery swapping system presents an optimal solution for achieving fully automated, unmanned operations.
Currently available autonomous logistics vehicles in the market rely on manual plug-in charging for energy replenishment, making it impossible to achieve truly unmanned operations. However, based on UOTTA's battery swapping technology and through deep integration with AI technology, the system has achieved self-adaptive autonomous battery swap station matching in terms of perception, decision-making, and control mechanisms. "This has enabled the complete automation and unmanning of electric vehicle battery swap stations, ultimately achieving unmanned energy replenishment for autonomous vehicles, creating the world's first fully autonomous new energy vehicle operating solution.
Discussing the technical value of this product, Li Jia explained that U Power's autonomous battery-swapping logistics vehicle employs an AI algorithm system based on Convolutional Neural Network (CNN) architecture to process multi-sensor data streams. This generates real-time path planning and decision-making, enhancing the vehicle's emergency response capabilities in unexpected road situations. Additionally, the product's data interface and cloud platform can integrate with various logistics enterprises and park systems, significantly improving transportation efficiency.
Regarding market potential, Li Jia indicated that autonomous logistics vehicles with self-operating battery swap capability are primarily targeted at various logistics parks and industrial parks. With the development needs of industrial internet and lighthouse factories under the low-carbon economy, automated green logistics systems centered on autonomous vehicles have become an irreplaceable transportation mode for these facilities. This technological innovation will reduce overall green logistics operating costs by over 46%, presenting a massive market opportunity worth hundreds of billions of dollars globally.
"We have already initiated contact with prominent logistics companies in multiple markets, including Hong Kong, Thailand, Mexico, Peru, and Portugal, to jointly promote the comprehensive application of autonomous logistics vehicles with self-operating battery swap capability and supporting solutions. Through continuous technological innovation and market expansion, we will meet the green logistics transportation needs of various industry clients, providing robust momentum for low-carbon sustainable development," Li Jia added.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
U POWER Pioneers the Industry with the Launch of Autonomous Unmanned Battery Swapping Logistics Vehicles
Funding from Teachers' Venture Growth and Other Investors to Scale Exploration Solutions Powered by Space & AI for Faster Energy Transition Mineral Discovery
ADELAIDE, Australia, Dec. 12, 2024 /PRNewswire/ -- Fleet Space Technologies (Fleet Space), Australia's leading space exploration company, today announced the closing of a A$150M Series D funding round, led by Teachers' Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, and joined by existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures. The new investment will be used to expand the capabilities of Fleet Space's global end-to-end exploration platform, ExoSphere, to accelerate the discovery of critical minerals needed for Earth's clean energy future.
"The ability to meet the rapidly increasing demand for critical minerals presents a significant challenge to achieving global net-zero targets," said Rick Prostko, Senior Managing Director, Teachers' Venture Growth. "Current mineral exploration methods are inadequate for efficient discovery and production. Fleet Space addresses this with advanced 3D subsurface imaging and AI analysis tools, which have the potential to sustainably transform the industry. We are proud to support the multidisciplinary team at Fleet Space in their efforts to accelerate the global energy transition."
"We're proud to continue our investment in Fleet Space, building on many years of history," added Niki Scevak, Partner at Blackbird. "Quite simply, the discovery of critical minerals must exponentially increase if we are to electrify our society by 2050 and breakthroughs, like ExoSphere, are needed to make it happen."
Real-Time Exploration Powered by Space & AI
Founded by former propulsion engineer at the European Space Agency, Flavia Tata Nardini, and aerospace entrepreneur, Matt Pearson, Fleet Space was created to harness the capabilities of space exploration technologies for a new wave of solutions that can accelerate decarbonisation and the global energy transition. By integrating Fleet Space's satellites in LEO, smart seismic sensors, and AI into an end-to-end solution, Fleet Space's ExoSphere technology streamlines the acquisition, processing, and integration of exploration datasets, providing the global mining industry with high-quality targeting insights faster than ever before while minimising environmental impact.
"There are two versions of the future. One where we bend the latest advances in space, AI, and big data towards building a clean energy future and another where we risk net-zero targets falling out of reach as the rate of new discoveries of energy transition minerals continues to decline," added Flavia Tata Nardini, CEO & Co-Founder of Fleet Space. "With ExoSphere, we have combined these technologies into an end-to-end platform that seamlessly integrates with and compliments modern mining operations - making the frontier of exploration technology accessible to the global mining industry within a single workflow. This is a fundamental step to unlock humanity's potential for making extraordinary discoveries with less environmental impact."
Exponential Growth
Today's announcement caps a period of exponential growth for Fleet Space. In the past year, Fleet Space has:
"This funding is not just a testament to Fleet Space's growth, strong investor confidence, and sustained innovation in core technologies needed to address dual challenges of climate change and mineral exploration. It's a signal that in a period of turbulent macroeconomic conditions, the shared commitment to build technologies needed for Earth's clean energy future combined with solid business execution can attract the right partners," said Federico Tata Nardini, Chief Financial Officer and Chief Investment Officer of Fleet Space. "We are proud to be among the few companies globally to close a Series D round in the context of reduced activity in the venture ecosystem and look forward to furthering our vision, strategic initiatives, and roadmap to scale the business to the next level."
Technology Roadmap for Explorers of New Worlds
While advancing the capabilities of data-driven exploration on Earth with ExoSphere, Fleet Space has also laid the technology foundation to rapidly accelerate the exploration of new worlds. The smart seismic sensors used as part of Fleet Space's terrestrial ExoSphere system represent the technological precursor for its lunar variant – SPIDER – which will be deployed on the Moon in 2026 to enhance humanity's understanding of the lunar subsurface. Collaborating with MIT Media Lab's Space Exploration Initiative, Fleet Space is also helping to advance off-world research needed for the planning of future missions to the Moon, Mars, and beyond. Additionally, Fleet Space unveiled a cost-effective, resilient full duplex SATCOM system using microsatellites and reprogrammed Centauri-4 to become the world's smallest voice-enabled satellite.
"The convergence of innovation in space, AI, and 3D subsurface imaging represents a foundational pillar of the core technology set that will enable humanity to build permanent research stations on the Moon, Mars, and beyond," said Matt Pearson, Chief Exploration Officer at Fleet Space. "The flywheel we've created by continuously enhancing the subsurface understanding of Earth through the global deployment of ExoSphere simultaneously drives advances in the technology needed to build highly scalable, data-driven exploration systems for new worlds. A bold new chapter in the history of space exploration is about to begin and we are positioned to play a significant role as humanity boldly ventures deeper into our solar system."
About Fleet Space Technologies
Fleet Space Technologies, Australia's leading space exploration company, is revolutionizing critical mineral discovery with its end-to-end mineral exploration solution, ExoSphere, which combines satellite connectivity, 3D multiphysics, and AI to image mineral systems in real-time. Over 40 leading exploration companies like Rio Tinto, Barrick Gold, and Core Lithium have used ExoSphere's real-time 3D subsurface imaging on projects across five continents. Due to global demand for ExoSphere, Fleet Space's international footprint has expanded to the US, Canada, Chile, and Luxembourg with over 130+ employees, representing 37 nationalities, worldwide. In 2024, Fleet Space was recognised as the winner of the Innovation category at the Mining Technology Excellence Awards and received the Climate Impact Technology Award by the Banksia Foundation. To learn more about ExoSphere, please reach out to the Fleet Space team here.
About Teachers' Venture Growth
Teachers' Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide. We partner with founders with bold missions, looking to expand their product offering, scale geographically, and become the leaders in their markets. We bring long-term thinking and active investing to help build better businesses and a better world. We think globally and act locally through our direct presence across Asia, North America and Europe.
TVG is part of the Ontario Teachers' Pension Plan Board (Ontario Teachers'), a global investor with net assets of CAD 255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.
Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com/teachersventuregrowth and follow us on LinkedIn.
Logo - https://mma.prnasia.com/media2/2578404/Fleet_Space_logo.jpg?p=medium600
Photo - https://mma.prnasia.com/media2/2578405/Fleet_Space_Series_D_Funding.jpg?p=medium600
Photo - https://mma.prnasia.com/media2/2578406/Fleet_Space_Co_Founders.jpg?p=medium600
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Fleet Space Closes A$150M Series D with A$800M+ Valuation
Fleet Space Closes A$150M Series D with A$800M+ Valuation
