U Power Limited, the Nasdaq-listed provider of AI-integrated energy solutions, announced that its controlled joint venture has secured an agreement to develop an integrated energy solution for a 100-megawatt data center project in Rayong, Thailand.

The deal involves three parties: the Hydro Data Limited joint venture, which U Power controls; CEWA Group, a regional infrastructure developer; and Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd., a hydrogen systems provider. The project will begin with a 3MW pilot phase before scaling to the full 100MW capacity.

Structure of the Joint Venture and Agreement Timeline

The Hydro Data JV agreement with Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. and Cloud Digital Chain Limited was entered into in April 2026. The stated purpose of the joint venture is to provide AI-driven energy management solutions for data centers, beginning in Thailand with plans for global expansion.

U Power expects to establish a Thailand-based subsidiary by July 31, 2026, and commence operations of the Hydro Data JV within 90 days of that subsidiary's formation.

Each party to the arrangement carries a defined role. The Hydro Data JV will contribute AI-enabled energy management and system integration capabilities. Guofu Hydrogen Energy will provide power generation equipment and after-sales services. CEWA Group will lead local infrastructure development on the ground in Thailand.

The Phased Deployment Model

The project has been structured in phases, with the initial 3MW pilot designed to validate both the technology and the economics of deploying integrated hydrogen-based and clean energy solutions for large-scale digital infrastructure.

The company has described the pilot as representing approximately 3% of the total planned 100MW capacity, functioning as a technical and commercial validation platform.

U Power stated that the successful execution of the pilot phase is expected to support broader deployment across the full project scope. The integrated energy solution is intended to support both primary and backup power needs for the data center, with the company citing increasing reliability and sustainability requirements for large-scale digital infrastructure as the market conditions driving demand for such a product.

The company expects the project to generate recurring revenue across several service categories, including system design, equipment supply, installation, operations and maintenance, fuel supply, and energy management.

Market Conditions Driving the Project

U Power has pointed to Thailand's growing data center market as the immediate context for the Rayong project, attributing that growth to digital economy initiatives and grid constraints within the country.

The company believes those grid constraints are creating demand for reliable, flexible, and low-carbon energy alternatives that its platform is positioned to address.

Southeast Asia, more broadly, is identified by the company as a high-growth region for both digital infrastructure and energy transition initiatives. U Power has stated its intention to use the Rayong project to establish a replicable project model that can be deployed across additional data center projects in Thailand and in broader regional markets.

Strategic Fit Within U Power's Evolving Business

U Power originally built its business around distributing battery-swapping station models using its proprietary modular battery-swapping technology, branded as UOTTA.

The company has since described itself as having evolved into a provider of AI-integrated solutions for energy grids and transportation systems. The Rayong data center project represents an extension of that AI-driven energy management capability from electric vehicle applications into what the company calls high-value, stationary energy use cases.

The company has outlined several strategic objectives it expects the project to advance. These include expanding its total addressable market into the energy-intensive data center infrastructure sector, deepening its geographic footprint in Southeast Asia, and building what it described as a scalable pipeline of similar projects.

U Power also cited the project as a means of strengthening its positioning in the market for reliable, low-carbon, and off-grid or hybrid energy solutions for mission-critical infrastructure.

Comments from U Power Leadership

Jia Li, Founder and Chief Executive Officer of U Power Limited, said in a statement accompanying the announcement that the agreement marks an important step in executing the company's strategy to expand into integrated energy solutions for digital infrastructure. Li described Southeast Asia as experiencing rapid data center growth while grid constraints drive demand for alternatives to conventional power sources.

Li characterized the 3MW pilot specifically as a milestone to demonstrate performance and economics, with a pathway to scale. He said the company aims, through its collaborations with CEWA Group and Guofu Hydrogen Energy, to establish a replicable model for data center energy solutions across Thailand and the broader region.

Li also referenced U Power's existing expertise in electrified transportation and its market presence in Thailand as assets the company intends to leverage as it pursues what he described as a transition to becoming a provider of comprehensive and diversified smart energy solutions.

Company Background

U Power Limited trades on the Nasdaq exchange under the ticker symbol UCAR. The company describes itself as a provider of comprehensive AI-integrated energy solutions that connect electric vehicles with advanced energy infrastructure, with the stated goal of optimizing both mobility and grid performance.

The company's stated technology strategy involves building intelligent ecosystems that integrate AI-driven solutions capable of transforming electric vehicles into dynamic energy assets.

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