U Power, which is launching automated battery-swapping stations for electric vehicles in China, filed on Thursday with the SEC to raise up to $25 million in an initial public offering.
U Power, which also operates as Upincar and UNEX, started as a vehicle sourcing service provider in China, and brokers vehicle sales between wholesalers and buyers, which include dealerships and individuals in lower-tier cities. In 2020, it shifted its focus and also began developing its proprietary automated battery-swapping stations, under the UOTTA brand. In 2021, it partnered with auto manufacturers to adapt certain EV models to work with its UOTTA stations. In January 2022, it started operating a battery-swapping station, pursuant to a cooperation agreement with a local gas station operator in Quanzhou City.
The Shanghai, China-based company was founded in 2013 and booked $2 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol UCAR. U Power filed confidentially on August 12, 2022. AMTD Global Markets is the sole bookrunner on the deal. No pricing terms were disclosed.
