U Power Limited (NASDAQ:UCAR) ("U Power" or the "Company"), a provider of AI-integrated solutions for next-generation energy grids and intelligent transportation systems, building on its proprietary UOTTATM electric vehicle ("EV") battery-swapping technology, today announced that its controlled joint venture, the Hydro Data Limited joint venture (the "Hydro Data JV"), CEWA Group, the regional infrastructure developer (the "CEWA Group"), and Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd., the hydrogen systems provider ("Guofu Hydrogen Energy"), have entered into an agreement to develop an integrated energy solution for a 100MW data center ("IDC") project in Rayong, Thailand (the "Agreement"), which project the Company believes will represent a key milestone in the Company's expansion into comprehensive energy solutions for IDCs in Southeast Asia.
The Hydro Data JV agreement with Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. and Cloud Digital Chain Limited was entered into in April 2026 to establish a U Power-controlled joint venture aimed at providing AI-driven energy management solutions for data centers, initially in Thailand, and with plans for global expansion. The Company expects to establish a Thailand-based subsidiary by July 31, 2026 and commence operations of the Hydro Data JV within 90 days thereafter.