U Power closes $16M private placement with existing shareholders

U Power Limited (NASDAQ: UCAR) has closed a $16 million private placement with four existing shareholders, according to a press release from the Hong Kong-based company.

The transaction, which closed on August 3, 2026, involved the sale of 9,756,100 Class A Ordinary Shares at $1.64 per share. The shares were offered under Regulation S of the Securities Act of 1933 to non-U.S. persons in an offshore transaction and have not been registered under the Securities Act.

The company stated it intends to use the net proceeds primarily to support expansion into hydrogen energy solutions for intelligent data centers in Thailand and to fund core operations and the expansion of its battery-swapping solutions in overseas markets. Specific projects include a battery-swapping heavy truck project in Thailand, an electric van project in Southern Europe, and a taxi project in Hong Kong SAR.

The transaction was approved by U Power's board of directors. Additional details are available in the company's Current Report on Form 6-K filed with the U.S. Securities and Exchange Commission on August 3, 2026.

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