U Power Partners with IoTeX to Launch Tokenized Real-World Assets, Pioneering AI-Powered Web3 EV Battery Swapping Infrastructure

SHANGHAI, Sept. 29, 2025 /PRNewswire/ — U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a provider of AI-powered solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTATM electric vehicle (EV) battery-swapping technology, today announced the completion of its Real-World Assets (RWAs) issuance through a strategic partnership with IoTeX, a pioneering blockchain platform focused on transforming machine-generated data into collective intelligence for AI.

As per the terms of the agreement, U Power and IoTeX, will collaborate to create a next-generation electric vehicle (EV) battery swapping system that uses blockchain (Web3), AI, and tokenized RWAs. Of note, in July 2025, both companies signed a Memorandum of Understanding (“MOU”) and Business Cooperation Agreement to actively explore the tokenization of RWAs. These issued RWAs are backed by U Power’s battery swapping business and related assets in the China and Southeast Asia, marking a significant milestone in advancing U Power’s Web3.0 strategy to expand its battery-token and battery-bank operations. These corporate asset-backed RWAs have also been approved by IoTeX to be traded on HabitTrade, a global multi-asset trading and infrastructure platform.

At the same time, in collaboration with IoTeX, U Power has completed the development of its foundational Web3.0 infrastructure. Building on this progress, U Power plans to introduce new investment opportunities and value-driven financial instruments to the capital markets as it continues to expand the market share of its proprietary EV battery-swapping technology UOTTA^TM solutions in existing and potential markets.

Johnny Lee, CEO and Chairman of U Power commented, “Our partnership with IoTeX enables the tokenization of EV batteries, unlocking new revenue streams through Battery Tokens and crowdfunded infrastructure financing. By accelerating the deployment of battery swapping stations and enhancing data-driven operations via blockchain and AI, we reduce costs, improve asset utilization, and create scalable, recurring income models, all of which drive long-term revenue growth.  

In the era of electric transportation, we believe our proprietary battery swapping business and the battery bank business we share with our partners, represent a core asset base with significant growth potential and long-term value creation opportunities. By digitalizing and tokenizing these core assets through the issuance of RWAs, we not only enhance market liquidity, but also strengthen the foundation for sustainable development. The integration of financial services across our industry value chain allows us to attract a broader investor base and accelerate the expansion of our business.

As one of the first in our sector to bring corporate assets on-chain, we view the successful implementation of our RWAs as only the first step of U Power’s Web3.0 strategy, to leverage the conversion of the electrification and digitalization of the EV and battery industry. We seek to work closely with trading platforms, technology partners and various capital market participants to jointly advance a robust Web3.0 ecosystem for the EV and related sector.”

About U Power Limited

U Power is a provider of comprehensive AI-integrated energy solutions that connect electric vehicles (EVs) with advanced energy infrastructure, optimizing both mobility and grid performance. Originally a distributor of various battery-swapping station models built on its proprietary modular battery-swapping technology UOTTA™, U Power has evolved into a provider of AI-integrated solutions for energy grids and transportation systems.

Through investments in next-generation technologies, U Power is building intelligent ecosystems that integrate resilient AI driven solutions able to transform EVs into dynamic energy assets. By incorporating AI algorithms, U Power’s comprehensive solutions for smart energy grids are designed to support autonomous EV driving, optimize energy replenishment efficiency, and seamlessly connect EV assets with advanced AI-powered transportation systems, enabling peak and off-peak energy load balancing.

For more information, please visit the Company’s website: https://www.upower-limited.com/.

Safe Harbor Statements

This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results in the Company’s registration statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. References and links (including QR codes) to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

Contact

U Power Limited
Investor Relations Department
[email protected]

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / [email protected] 

Alice Zhang, Associate
212-836-9610 / [email protected]  

SOURCE U Power Limited