U Power Limited (Nasdaq: UCAR) Announces Landmark Joint Venture with SUSCO, Targeting Thailand's Multi-Billion EV Infrastructure Boom

Strategic Partnership to Address Rapid EV Growth Driven by Government Policy Changes in Thailand

SHANGHAI, March 24, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR), a world leader in rapid battery swapping technology for EV's, ("U Power" or the "Company") announced today that it has signed a joint venture agreement between its Thai subsidiary, U SWAP, and SUSCO Public Company Limited (BK: SUSCO), a publicly listed energy provider with a robust network of fueling stations throughout Thailand. The joint venture will deploy U Power's innovative UOTTA battery-swapping technology across SUSCO's extensive station network, significantly advancing sustainable transportation solutions in the country. The JV positions U Power as a first-mover in Thailand Commercial EV Battery Swapping Market.

"This joint venture represents a significant milestone in U Power's global expansion strategy, particularly in Southeast Asia," said Li Jia, Chairman and CEO of U Power. "Thailand's ambitious EV targets make our partnership with SUSCO timely and strategically important, creating immediate opportunities for scaling our battery-swapping technology across the region."

Expanding EV Infrastructure with UOTTA Technology

SUSCO is a publicly traded energy provider listed in Thailand, recognized for its widespread network of fueling stations. By partnering with U Power, SUSCO aims to integrate battery-swapping capabilities into its existing infrastructure to meet the growing demand for electric vehicle (EV) energy solutions.

Through the joint venture, U Power's UOTTA battery-swapping system will be strategically positioned at SUSCO's fueling stations nationwide. This infrastructure will serve as a rapid, efficient, and scalable energy solution tailored to the needs of commercial vehicle fleets, including taxis and ride-sharing services, significantly reducing downtime and improving operational efficiency.

Integrating U Power's innovative battery-swapping technology into SUSCO's extensive station network allows SUSCO to directly support Thailand's ambitious EV adoption goals, enhance customer convenience, and position SUSCO at the forefront of the nation's evolving transportation infrastructure.

Leading Asian Investors Back Joint Venture with Strategic Investment

Chatchaval Jiaravanon, a member of the family controlling the Charoen Pokphand Group (CP Group)—a diversified conglomerate generating over $82 billion in annual revenue—has personally invested in the joint venture between U Swap and SUSCO.

Mr. Jiaravanon currently serves as chairman and founder of Charoen Energy and Water Asia and independently owns Fortune magazine.

As highlighted in a recent press release, Mr. Jiaravanon expressed optimism regarding the significant potential for growth and profitability of this partnership within Thailand's rapidly expanding electric transportation sector. Leveraging his extensive financial and business relationships across the region, Mr. Jiaravanon is expected to create meaningful opportunities for U Swap's accelerated growth.

Strategic Growth Aligned with Thailand's Green Energy Goals

This partnership directly aligns with Thailand's "30@30" policy, which mandates that 30% of new vehicle sales be electric by 2030. To accelerate this transition, Thailand's National New Generation Vehicle Committee has prioritized infrastructure development through investment incentives, targeting the nationwide deployment of 12,000 charging piles and 1,450 battery-swapping stations by the policy deadline. Positioned at the intersection of government strategy and market demand, the joint venture is uniquely equipped to capitalize on these tailwinds and establish a dominant footprint in Thailand's rapidly evolving EV ecosystem.

The agreement builds on U Power's previous strategic collaboration with CP-MG, reinforcing the company's systematic approach to market expansion and highlighting the trust major Thai corporations have in U Power's battery-swapping technology.

Addressing Market Demand and Business Potential

Given Thailand's significant taxi and ride-hailing fleet, currently exceeding 300,000 vehicles, battery swapping provides an attractive alternative to lengthy charging times. By deploying this technology within SUSCO's extensive network, the partnership will directly address the practical challenges faced by high-utilization vehicles, boosting profitability and accelerating EV adoption.

"Thailand is entering a transformative period in electric mobility, and our partnership with SUSCO positions U Power at the forefront of this exciting transition," said Li Jia. "Together, we aim not only to enhance Thailand's green transportation infrastructure but also to establish a profitable and scalable model for other markets in Southeast Asia and beyond."

About SUSCO

SUSCO Public Company Limited, a leading oil and gas retail company in Thailand, has been a key player in the energy sector since its establishment in 1981. Listed on the Stock Exchange of Thailand, SUSCO operates an extensive network of service stations across Bangkok and its surrounding areas, offering a wide range of products and services, including fuel retailing, aviation fuel supply, and CNG/LPG refueling.

SUSCO is renowned for its strong market presence and operational expertise, particularly in serving major international airports in Bangkok, including Suvarnabhumi and Don Mueang. In recent years, the company has actively pursued innovation and sustainability, exploring opportunities in electric vehicle charging, hydrogen fuel, and biofuel technologies to align with global energy transition trends. The partnership with U Power aligns perfectly with SUSCO's commitment to leading Thailand's transition toward sustainable energy solutions.

Through strategic partnerships, such as its collaboration with Sinopec (Hong Kong) Limited, SUSCO has expanded its footprint in Thailand's retail fuel market and introduced new business models. With a proven track record of excellence and a forward-looking approach, SUSCO continues to solidify its position as a trusted energy solutions provider in Thailand and beyond.

About U Power Limited

U Power Limited (Nasdaq: UCAR) is a vehicle sourcing services provider with a vision to become an EV market player primarily focused on its proprietary battery-swapping technology, UOTTA technology. UOTTA is an intelligent modular battery-swapping solution designed to provide comprehensive battery power solutions for EVs. Since its inception in 2013, U Power has established a vehicle sourcing network in China's lower-tier cities, developed multi-types of battery-swapping stations for compatible EVs, and operates a manufacturing facility in Zibo City, Shandong Province, China.

For more information, please visit: https://www.upower-limited.com/

Forward-Looking Statements

This press release contains "forward-looking statements." Forward-looking statements reflect the company's current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections about future events that the company believes may affect its financial condition, results of operations, business strategy, and financial needs.

Investors can identify these forward-looking statements by words or phrases such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue" or similar expressions. The company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law.

Although the company believes the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors are encouraged to review other factors that may affect future results in the company's registration statement and other filings with the U.S. Securities and Exchange Commission (SEC).

For more information, please visit: https://www.upower-limited.com/

Contact:
Circadian Group IR
Xing.wang@upower-limited.com

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

U Power Limited (Nasdaq: UCAR) Announces Landmark Joint Venture with SUSCO, Targeting Thailand's Multi-Billion EV Infrastructure Boom

KUALA LUMPUR, Malaysia, March 27, 2025 /PRNewswire/ -- Subang Jaya Medical Centre (SJMC) has achieved a significant milestone in patient care, becoming the first hospital in Asia-Pacific to hold four Australian Council on Healthcare Standards International (ACHSI) Centre of Excellence certifications. The latest accreditations recognise SJMC's Cardiology, Gastroenterology, and Paediatric services, complementing its existing certification for oncology.

This latest achievement further enhances SJMC's impressive record of healthcare excellence, which includes three-time Joint Commission International (JCI) accreditations and six-time Malaysian Society for Quality in Health (MSQH) accreditations. SJMC is also one of the four (4) finalists for the Flagship Medical Tourism Hospital Programme 2023–2025, an initiative by the Malaysia Healthcare Travel Council (MHTC), supported by the Ministry of Health Malaysia, aimed at establishing Malaysia as a global leader in healthcare tourism. These accolades demonstrate the hospital's commitment to meeting both national and international standards.

Deputy Australian High Commissioner to Malaysia, Mr Simon Fellows, who attended the certification ceremony, congratulated SJMC, stating, "The accreditations that SJMC has been awarded certify that SJMC meets the highest international standards for healthcare services. Australia is proud to support Malaysia's growing reputation for healthcare excellence, and we look forward to strengthening the healthcare partnership between our two countries."

The ACHSI evaluation process follows the EQuIP7 Core and Ambulatory Standards, as well as the Advanced Person-Centred Systems (PCS) Module Guide. SJMC was assessed against key criteria such as patient experience, corporate management, workforce competency, measurable outcomes, and overall care value.

Commitment to Excellence

"For 40 years, SJMC has been a leading tertiary private hospital, transforming care and continually refining our practices to deliver comprehensive, value-based healthcare. These four Centres of Excellence certify and validate our multidisciplinary team's approach to person-centred care, which focuses on improving patients' overall health and well-being for a more effective and efficient healthcare experience," said Mr Bryan Lin, CEO of SJMC.

"We are proud to lead as the first private hospital in the Asia-Pacific region to receive four ACHSI Centre of Excellence certifications. This certification is more than an accolade - it is a commitment to continuous improvement, to pushing boundaries in medical science, and to ensuring that every patient who walks through our doors receives world-class treatment with complete peace of mind," he added.

Ms Louise Cuskelly, Executive Director of ACHSI and Consulting, congratulated SJMC on its achievement, stating, "The ACHSI Centre of Excellence accreditation is awarded to healthcare organisations that have demonstrated exceptional leadership in clinical outcomes, patient experience, governance, and innovation. By meeting the rigorous assessment standards, SJMC reaffirms its leadership in Malaysian and regional healthcare."  

Esteemed Global Recognition

Since its inception in 1974, ACHSI has been an independent, not-for-profit organisation dedicated to improving healthcare quality through globally recognised standards and accreditation, helping healthcare providers deliver safe, high-quality patient care that meets universal needs.

SJMC's multidisciplinary services continue to receive global recognition, including its recent prestigious inclusion in Newsweek's World's Best Hospitals 2025 and Best Specialised Hospitals APAC 2024. In the latter, seven of its specialties - Paediatrics, Cardiology, Cardiac Surgery, Oncology, Endocrinology, Neurology, and Orthopaedics - ranked among the top in the Asia-Pacific region.

In addition to providing comprehensive patient care, SJMC is committed to offering cutting-edge medical technologies and facilities, such as the Radixact-X9 Tomotherapy with Synchrony and ExacTrac Dynamic for radiotherapy, advanced cardiac imaging with the CARTO® 3 System, and a state-of-the-art paediatric chemo daycare ward. These innovations support SJMC in providing patients with a seamless journey from detection, treatment to recovery.

For more information on SJMC, visit https://subangjayamedicalcentre.com/.

ABOUT SUBANG JAYA MEDICAL CENTRE (SJMC)

SJMC is part of Asia OneHealthcare (A1Health), a leading healthcare provider in the region. With an impeccable reputation as one of Malaysia's most trusted private medical centres, SJMC is best known for its clinical outcomes. The hospital is an award-winning 442-bed multi-disciplinary tertiary hospital providing comprehensive and complex care in all specialities.

It is one of the few internationally accredited Joint Commission International (JCI) hospitals in Malaysia and Malaysian Society for Quality in Health (MSQH) accredited. SJMC's laboratory is also an internationally recognised MS ISO 15189 accredited since 2009. In 2024, SJMC Oncology (Cancer), Cardiology, Gastroenterology and Paediatric Services are certified by Australian Council of Healthcare Standards (ACHS) International as a Centre of Excellence, making it the first in Asia-Pacific.

SJMC is recognised as a finalist for the Flagship Medical Tourism Hospital Programme 2023 – 2025 by Malaysia Healthcare Travel Council (MHTC) to establish Malaysia as a globally renowned icon for healthcare travel, delivering exceptional end-to-end patient experiences anchored on medical excellence, service excellence, and international branding. It receives both local patients across Malaysia and international patients across the Asia Pacific with over 47,000 admissions and almost half a million outpatient visits annually.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

SJMC First in Asia Pacific to Achieve Four ACHSI Centre of Excellence Certifications, Setting a Benchmark for World-Class Care