U Power signs MoU in Thailand with Chia Tai and ICBC Leasing

U Power (UCAR) announced that it has signed a Memorandum of Understanding, or MOU, with Chia Tai, Thailand’s agricultural company and the founding seed business of the Charoen Pokphand Group, and ICBC Leasing, a majority-owned subsidiary of Industrial and Commercial Bank of China Limited, specializing in vehicle and equipment financing. Together, the three parties will co-develop and promote a drone platform to support the adoption of agricultural drones in Thailand, advancing sustainable farming practices through smart, efficient, and tech-driven solutions. The goal of the partnership between U Power, Chia Tai, and ICBC Thai, is to accelerate the transformation of Thailand’s farming sector by introducing battery-swapping-compatible drones into mainstream farming operations. These advanced drones will support a wide range of functions such as crop spraying, seeding/spreading, field assessment, and aerial monitoring and mapping, aimed at improving operational efficiency, reducing costs, and enabling more precise, data-driven farming practices. Through this collaboration, the partners seek to equip farmers with next-generation tools that can drive smarter, more sustainable agricultural production across the country. Pursuant to the MOU, U Power will provide customized swapping and charging-enabled battery modules for dedicated agricultural drones. The Company will also take the lead in providing technical support, managing platform operations, and ensuring the security and regulatory compliance of operational data. In addition, U Power will oversee the payment platform, facilitating transparent and compliant order processing, profit distribution, as well as payment security. Leveraging insights from operational data, U Power also plans to continuously upgrade and scale the platform, enhancing performance and adaptability over time.