U Power Limited has entered into a Letter of Intent with a Hong Kong-based technology company to purchase 300 battery-swapping compatible electric vehicles (EVs), expanding the use of its UOTTA™ battery-swapping platform in the city. An initial deposit has been submitted, and the agreement will move forward following a definitive sales contract, according to the company.
The vehicles, based on U Power’s MGEP platform, will operate using the company’s smart battery-swapping station launched in Hong Kong in June. The facility enables drivers to exchange depleted batteries for fully charged ones in minutes and includes an incentive system where “each swap earns drivers tokens, redeemable for electricity tariff credits,” U Power said.
“We see strong potential in U Power’s innovative battery-swapping ecosystem,” a spokesperson for the Hong Kong-based client said, adding that the partnership would improve operational efficiency and reduce emissions. U Power CEO Johnny Lee said, “This collaboration underscores our technological leadership and market presence.”
The initiative supports Hong Kong’s shift toward greener transportation and reflects U Power’s strategy to grow its platform globally, combining vehicle sales with energy services revenue. The company’s AI-powered energy solutions are designed to balance energy loads and improve replenishment efficiency, further enhancing the battery-swapping network’s scalability.