U Power establishes JV in Thailand to supply hydrogen energy to data centers

U Power (UCAR) signed an agreement with Guofu Hydrogen Energy Hong Kong and Cloud Digital Chain to establish a strategic U Power-controlled joint venture, or JV, entity aiming at providing comprehensive AI-driven energy management solutions for Intelligent Data Centers, or IDCs, initially in the Thailand market, and expected to gradually expand into global markets. U Power will hold a majority equity stake in the JV. The Parties anticipate providing initial capital for the establishment and incorporation of one or more subsidiaries in Hong Kong SAR on or before July 31. The JV is expected to commence operations within 90 days thereafter. Through this JV, U Power aims to expand its business scope into hydrogen energy services tailored for IDCs, marking a strategic step beyond its core battery-swapping operations, and create a new and scalable revenue stream that complements its existing battery-swapping business. Expansion in other markets will proceed gradually, using a replicable operational model. Guofuhee is an integrated solutions provider for the full hydrogen energy equipment value chain in China. Cloud Digital is a technology-focused company operating in the emerging digital asset and new technology sectors.