U Power Limited and SUSCO Public Form Joint Venture to Launch Battery Swapping Business in Thailand

U Power Limited, the world’s first battery swapping technology company listed on NASDAQ (Nasdaq: UCAR), through its Thai subsidiary “U SWAP,” has recently signed a strategic joint venture agreement with SUSCO Public, one of Thailand’s leading listed energy companies. This collaboration will leverage the complementary strengths of both parties to actively promote the deployment of an intelligent battery swapping model for electric vehicles (EVs) in Thailand.

SUSCO Will Employ UOTTA Battery Swapping Technology to Establish a Comprehensive Thailand Network
At the signing ceremony, a SUSCO executive announced that the new venture will invest in the construction of various battery swapping facilities across SUSCO’s network of approximately 1,000 gas stations throughout Thailand. These facilities are designed to provide fast and efficient battery exchange services for taxis, ride-hailing vehicles, buses, and logistics trucks. It is estimated that each station will serve between 50 and 120 vehicles per day, with projected annual revenues reaching up to USD 100 million. The battery swapping solution is expected to address concerns regarding EV charging efficiency and battery performance degradation, while offering significant operational cost benefits that will encourage broader EV adoption in the transport sector.

Promising Prospects for Thailand’s Electric Vehicle Market
Thailand’s electric vehicle market is poised for robust growth, driven by government initiatives such as the “EV 3.5” policy. From 2024 to 2027, electric vehicles in Thailand will benefit from substantial incentives, including purchase subsidies and tax reductions (for example, EVs priced under 2 million THB may receive subsidies of up to 100,000 THB, and consumption tax will be reduced from 8% to 2%). Furthermore, the government aims for EVs to constitute 30% of total vehicle sales by 2030, alongside a major expansion of charging and battery swapping infrastructure. In this supportive policy environment, the joint venture is exceptionally well positioned to capture significant market opportunities in Thailand’s new energy infrastructure sector.

The signing ceremony was also attended by Mr. Xie Zhan, Co-Chairman of U Power Limited’s Board, a third-generation member of the Charoen Pokphand family and Chairman of the Global Wealth Media Group’s Board of Directors. Public information indicates that Mr. Xie has made several strategic investments in U Power Limited and its major projects. With strong support from the management teams, strategic investors, and local partners, the joint venture is committed to advancing a comprehensive “solar-storage-charging-swapping” ecosystem and promoting battery standardization, thereby accelerating the growth of the EV and new energy industries in Thailand.

Battery Swapping Model Poised to Unlock Further Growth Opportunities in Southeast Asia and Hong Kong
According to industry insiders, while electric vehicles offer numerous advantages, the underdeveloped power grid in Southeast Asia cannot support the high electrical load required for fast-charging commercial transport networks. As a result, the battery swapping model has emerged as the critical solution for enabling large-scale EV adoption in the region.

At the joint venture signing ceremony, U Power Limited Founder and Co-Chairman Mr. Johnny Lee stated, “Solar, storage, charging, and battery swapping form the essential infrastructure and industrial chain that underpin the development of overseas new energy industries. U Power Limited and our joint venture partner are committed to collaborating with global new energy stakeholders—including battery manufacturers, vehicle OEMs, parts suppliers, and green finance institutions—to fully integrate and share industry resources, and to actively promote the international expansion of China’s new energy industry through a shared, sustainable ecosystem.”

Beyond Southeast Asia, the Hong Kong government’s Roadmap on Popularisation of Electric Vehicles also presents significant opportunities for U Power’s battery-swapping business. The head of U Power’s Hong Kong and Greater Bay Area operations stated that the company will actively expand into Hong Kong’s EV battery-swapping market, aligning with the government’s vision to promote electric vehicle adoption, achieve zero carbon emissions, improve air quality, and build a smart city. U Power aims to be at the forefront of introducing advanced battery-swapping technology and operational models to Hong Kong’s commercial EV sector, including taxis, light goods vehicles, minibuses, public buses, tourist coaches, and heavy-duty trucks. Additionally, U Power will establish strategic alliances with both public and private transportation, logistics, and fleet operators to expand the operation and management of battery-swapping stations.

Furthermore, U Power plans to collaborate with globally renowned EV brands to introduce a diverse range of electric vehicle models tailored to the Hong Kong market. The company is also considering extending its battery-swapping R&D operations to the Hong Kong Science Park and the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, leveraging Hong Kong’s status as an international financial hub to develop a battery-swapping and battery-financing platform while exploring the integration of blockchain-based assets with the battery-swapping industry.

As an innovative next-generation green smart energy grid enterprise, U Power also intends to offer customized battery-swapping and charging solutions for airports, container terminals, and large-scale logistics warehouses. In alignment with China’s clean energy and carbon neutrality goals, the company aims to introduce integrated solar energy storage and battery-swapping stations, striving to establish Hong Kong’s first comprehensive green energy hub.

About SUSCO
SUSCO Public Company Limited, a leading oil and gas retail company in Thailand, has been a key player in the energy sector since its establishment in 1981. Listed on the Stock Exchange of Thailand, SUSCO operates an extensive network of service stations across Bangkok and its surrounding areas, offering a wide range of products and services, including fuel retailing, aviation fuel supply, and CNG/LPG refueling. SUSCO is renowned for its strong market presence and operational expertise, particularly in serving major international airports in Bangkok, including Suvarnabhumi and Don Mueang. In recent years, the company has actively pursued innovation and sustainability, exploring opportunities in electric vehicle charging, hydrogen fuel, and biofuel technologies to align with global energy transition trends. The partnership with U Power aligns perfectly with SUSCO’s commitment to leading Thailand’s transition toward sustainable energy solutions. Through strategic partnerships, such as its collaboration with Sinopec (Hong Kong) Limited, SUSCO has expanded its footprint in Thailand’s retail fuel market and introduced new business models. With a proven track record of excellence and a forward-looking approach, SUSCO continues to solidify its position as a trusted energy solutions provider in Thailand and beyond.

About U Power Limited
U Power Limited (Nasdaq: UCAR), a next-generation green smart energy grid innovator, was established in 2013, and went public on the NASDAQ in 2023, becoming the first stock globally in the battery swap technology sector, building intelligent ecosystems that integrate distributed renewable energy, modular energy storage, and AI-driven grid optimization. At the heart of its solutions lies UOTTA technology—a patented, modular battery-swapping platform that transforms electric vehicles (EVs) into dynamic energy assets. By linking EV battery-swapping stations, solar farms and power grids, U Power enables bidirectional energy flows, grid stabilization, and peer-to-peer energy trading, positioning itself as a leader in sustainable energy infrastructure.

For more information, please visit: https://www.upower-limited.com/