U Power Limited (the “Company” or “U Power”), a provider of comprehensive electric vehicle (“EV”) battery-swapping solutions with a vision of becoming a smart energy grid solutions provider, today announced the launch of its innovative Battery-Bank initiative and the development of a Battery-Token solution, using Web 3.0 blockchain and token-based economics.

The launch of Battery-Bank and Battery-Token strategy was announced by U Power’s strategic investor, Mr. Chatchaval Jiaravanon, during the “Web 3.0 Battery Swap Ecosystem Strategy Launch” event held in Hong Kong on June 20, 2025. Of note, Mr. Jiaravanon is a core member of the CP Group family, one of Asia’s wealthiest families.

Mr. Jiaravanon, commented, “U Power’s strategy of building intelligent ecosystems that integrate resilient AI, blockchain driven solutions able to transform EVs into dynamic energy assets, has propelled the Company at the forefront of a global technological revolution for a more sustainable future. Via partnerships and investments in next-generation technologies, U Power is building a green, sustainable carbon-zero energy storage ecosystem in several markets including Hong Kong SAR, Singapore, Macau SAR, Peru, Mexico, Portugal.”

SOURCE: U Power