U Power FTT Holding to establish joint venture to expand in Southern Europe

U Power (UCAR) announced the signing of a Letter of Intent with FTT Holding Company, a US-based technology focused investment firm, for the establishment of a strategic Joint Venture aimed at accelerating the company’s expansion in Southern Europe. Under the terms of the LOI, FTT Holding plans to invest up to $50M into the JV, once established. This capital infusion is expected to support U Power’s strategic growth initiatives including its business expansion in Southern Europe, establishment of smart EV charging, battery-swapping and next-generation energy infrastructures.. In addition, U Power has entered into a Share Subscription Agreement with FTT Holding via the private placement of up to $10M Class A ordinary shares, which will be issued at a significant premium to the current trading price and with a 39-month lock up period. The Agreement is anticipated to be finalized in January 2026, is subject to customary closing conditions.