U Power Secures $25.7M Placement to Fund Thailand JV and Battery-Swapping Expansion
U Power Limited sold 15.67 million shares at $1.64 in a $25.7 million private placement to ten investors including CEO Johnny Lee ($3 M), Fortune Light Assets ($2 M) and Guofu Hydrogen Energy ($3.6 M). Proceeds will fund a Thailand hydrogen-energy venture and expand battery-swapping projects for trucks, vans and Hong Kong taxis.
1. Private Placement Overview
On April 27, 2026, U Power Limited entered into subscription agreements under Regulation S to sell 15,670,737 Class A shares at $1.64 each, generating gross proceeds of $25.7 million. The transaction, approved by the board of directors, is expected to close upon satisfaction of customary conditions.
2. Major Subscribers
Ten purchasers subscribed, notably CEO Johnny Lee (subscribing $3.0 million), Fortune Light Assets Ltd ($2.0 million) and Guofu Hydrogen Energy (Hong Kong) Development Co., Ltd. ($3.6 million). The related-party subscription by Mr. Lee was reviewed and approved by the audit committee.
3. Deployment of Capital
U Power plans to allocate proceeds primarily to establish a hydrogen-energy joint venture for Intelligent Data Centers in Thailand and to fund its core operations and overseas expansion of proprietary battery-swapping solutions, including heavy-truck projects in Thailand, electric-van projects in Southern Europe and a taxi initiative in Hong Kong SAR.