Technology

U Power Limited (Nasdaq: UCAR) Announces Landmark Joint Venture with SUSCO, Targeting Thailand’s Multi-Billion EV Infrastructure Boom

Published

6 days ago

March 24, 2025

Strategic Partnership to Address Rapid EV Growth Driven by Government Policy Changes in Thailand

SHANGHAI, March 24, 2025 /PRNewswire/ — U Power Limited (Nasdaq: UCAR), a world leader in rapid battery swapping technology for EV’s, (“U Power” or the “Company”) announced today that it has signed a joint venture agreement between its Thai subsidiary, U SWAP, and SUSCO Public Company Limited (BK: SUSCO), a publicly listed energy provider with a robust network of fueling stations throughout Thailand. The joint venture will deploy U Power’s innovative UOTTA battery-swapping technology across SUSCO’s extensive station network, significantly advancing sustainable transportation solutions in the country. The JV positions U Power as a first-mover in Thailand Commercial EV Battery Swapping Market.

“This joint venture represents a significant milestone in U Power’s global expansion strategy, particularly in Southeast Asia,” said Li Jia, Chairman and CEO of U Power. “Thailand’s ambitious EV targets make our partnership with SUSCO timely and strategically important, creating immediate opportunities for scaling our battery-swapping technology across the region.”

Expanding EV Infrastructure with UOTTA Technology

SUSCO is a publicly traded energy provider listed in Thailand, recognized for its widespread network of fueling stations. By partnering with U Power, SUSCO aims to integrate battery-swapping capabilities into its existing infrastructure to meet the growing demand for electric vehicle (EV) energy solutions.

Through the joint venture, U Power’s UOTTA battery-swapping system will be strategically positioned at SUSCO’s fueling stations nationwide. This infrastructure will serve as a rapid, efficient, and scalable energy solution tailored to the needs of commercial vehicle fleets, including taxis and ride-sharing services, significantly reducing downtime and improving operational efficiency.

Integrating U Power’s innovative battery-swapping technology into SUSCO’s extensive station network allows SUSCO to directly support Thailand’s ambitious EV adoption goals, enhance customer convenience, and position SUSCO at the forefront of the nation’s evolving transportation infrastructure.

Leading Asian Investors Back Joint Venture with Strategic Investment

Chatchaval Jiaravanon, a member of the family controlling the Charoen Pokphand Group (CP Group)—a diversified conglomerate generating over $82 billion in annual revenue—has personally invested in the joint venture between U Swap and SUSCO.

Mr. Jiaravanon currently serves as chairman and founder of Charoen Energy and Water Asia and independently owns Fortune magazine.

As highlighted in a recent press release, Mr. Jiaravanon expressed optimism regarding the significant potential for growth and profitability of this partnership within Thailand’s rapidly expanding electric transportation sector. Leveraging his extensive financial and business relationships across the region, Mr. Jiaravanon is expected to create meaningful opportunities for U Swap’s accelerated growth.

Strategic Growth Aligned with Thailand’s Green Energy Goals

This partnership directly aligns with Thailand’s “30@30” policy, which mandates that 30% of new vehicle sales be electric by 2030. To accelerate this transition, Thailand’s National New Generation Vehicle Committee has prioritized infrastructure development through investment incentives, targeting the nationwide deployment of 12,000 charging piles and 1,450 battery-swapping stations by the policy deadline. Positioned at the intersection of government strategy and market demand, the joint venture is uniquely equipped to capitalize on these tailwinds and establish a dominant footprint in Thailand’s rapidly evolving EV ecosystem.

The agreement builds on U Power’s previous strategic collaboration with CP-MG, reinforcing the company’s systematic approach to market expansion and highlighting the trust major Thai corporations have in U Power’s battery-swapping technology.

Addressing Market Demand and Business Potential

Given Thailand’s significant taxi and ride-hailing fleet, currently exceeding 300,000 vehicles, battery swapping provides an attractive alternative to lengthy charging times. By deploying this technology within SUSCO’s extensive network, the partnership will directly address the practical challenges faced by high-utilization vehicles, boosting profitability and accelerating EV adoption.

“Thailand is entering a transformative period in electric mobility, and our partnership with SUSCO positions U Power at the forefront of this exciting transition,” said Li Jia. “Together, we aim not only to enhance Thailand’s green transportation infrastructure but also to establish a profitable and scalable model for other markets in Southeast Asia and beyond.”

About SUSCO

SUSCO Public Company Limited, a leading oil and gas retail company in Thailand, has been a key player in the energy sector since its establishment in 1981. Listed on the Stock Exchange of Thailand, SUSCO operates an extensive network of service stations across Bangkok and its surrounding areas, offering a wide range of products and services, including fuel retailing, aviation fuel supply, and CNG/LPG refueling.

SUSCO is renowned for its strong market presence and operational expertise, particularly in serving major international airports in Bangkok, including Suvarnabhumi and Don Mueang. In recent years, the company has actively pursued innovation and sustainability, exploring opportunities in electric vehicle charging, hydrogen fuel, and biofuel technologies to align with global energy transition trends. The partnership with U Power aligns perfectly with SUSCO’s commitment to leading Thailand’s transition toward sustainable energy solutions.

Through strategic partnerships, such as its collaboration with Sinopec (Hong Kong) Limited, SUSCO has expanded its footprint in Thailand’s retail fuel market and introduced new business models. With a proven track record of excellence and a forward-looking approach, SUSCO continues to solidify its position as a trusted energy solutions provider in Thailand and beyond.

About U Power Limited

U Power Limited (Nasdaq: UCAR) is a vehicle sourcing services provider with a vision to become an EV market player primarily focused on its proprietary battery-swapping technology, UOTTA technology. UOTTA is an intelligent modular battery-swapping solution designed to provide comprehensive battery power solutions for EVs. Since its inception in 2013, U Power has established a vehicle sourcing network in China’s lower-tier cities, developed multi-types of battery-swapping stations for compatible EVs, and operates a manufacturing facility in Zibo City, Shandong Province, China.

For more information, please visit: https://www.upower-limited.com/

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements reflect the company’s current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the company’s current expectations and projections about future events that the company believes may affect its financial condition, results of operations, business strategy, and financial needs.

Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law.

Although the company believes the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors are encouraged to review other factors that may affect future results in the company’s registration statement and other filings with the U.S. Securities and Exchange Commission (SEC).

For more information, please visit: https://www.upower-limited.com/

Contact:
Circadian Group IR
Xing.wang@upower-limited.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/u-power-limited-nasdaq-ucar-announces-landmark-joint-venture-with-susco-targeting-thailands-multi-billion-ev-infrastructure-boom-302409101.html

SOURCE U Power Limited

Technology

Local Moving Company in San Jose Earns Customer Loyalty Award

Published

2 hours ago

March 30, 2025

ALL REASONS MOVING & STORAGE awarded Top Quality Award

SAN JOSE, Calif., March 30, 2025 /PRNewswire-PRWeb/ — ALL REASONS MOVING & STORAGE, an agent of Wheaton World Wide Moving, recently earned the distinctive Customer Loyalty Award, an award from the van line honoring moving companies that achieve a Net Promoter Score® (NPS) of 70 or above.

All Reasons Moving & Storage earned a Customer Loyalty Award, while achieving a Net Promoter Score of 70; almost unheard of in the service industry.

“An NPS score of 70 is almost unheard of in the service industry,” said Mark Kirschner, CEO of Wheaton World Wide Moving. “We’re proud to announce that ALL REASONS MOVING & STORAGE has garnered this rating from customers through their exceptional work in 2024.”

The Customer Loyalty program is designed to recognize moving companies in the Wheaton World Wide Moving network that offer the highest possible quality experiences to those using their services. Agents must receive at least ten responses throughout the program year and meet or exceed the van line’s average response rate.

ALL REASONS MOVING & STORAGE is located at 600 East Trimble Road, San Jose CA 95131 and can be reached at 408-240-0244 or online at www.allreasonsmoving.com.

About Wheaton World Wide Moving

Wheaton | Bekins is one of the world’s most highly regarded providers of transportation services. The van line owns five household goods relocation brands, Wheaton World Wide Moving, Bekins Van Lines, Stevens Worldwide Van Lines, Arpin Van Lines and Clark & Reid. The van line is the fourth largest household goods carrier. Headquartered in Indianapolis, Ind., through its brands Wheaton | Bekins offers private and corporate domestic and international household goods relocation services as well as special commodities and logistic services. The United States military is one of the company’s largest customers. The van line is partner to more than 350 Wheaton and Bekins agents nationwide. To learn more, visit www.wheatonworldwide.com/why-wheaton/partners.

Media Contact

Jo Torres, Top Shelf Logic, 1 4694552777, jo@topshelflogic.com, https://topshelflogic.com/

View original content:https://www.prweb.com/releases/local-moving-company-in-san-jose-earns-customer-loyalty-award-302414717.html

SOURCE Wheaton World Wide Moving

Technology

Ligent Inc. and Hisense to Showcase Innovations at OFC 2025

Published

5 hours ago

March 30, 2025

Ligent Inc. and Hisense will be showcasing their latest innovations at the 2025 Optical Fiber Communication Conference and Exhibition (OFC) from March 30th to April 3rd. You can find them at booth #4321 and OIF’s booth #5745. Additionally, they will present a leading research paper at the event.

SAN JOSE, Calif., March 30, 2025 /PRNewswire-PRWeb/ — Ligent Inc., a global leader in optical transceivers, active optical cables (AOCs), ONTs, and Terminal Devices, is excited to announce its participation in the Optical Fiber Communication Conference and Exhibition (OFC) 2025. Ligent will be showcasing a series of groundbreaking demos highlighting its latest advancements in high-speed optical communication.

“We’re here to lead, innovate, and showcase how our cutting-edge technologies support and empower our customers” Dr. Jin Hong, CEO and President of Ligent.

Featured Demos at Booth #4321:

1.6T OSFP 2xDR4 Silicon Photonics and EML-based fully and half re-timed: Demonstrating unmatched performance and efficiency for next-generation AI clusters.1.6T 2xVR4 VCSEL and peek into 400G per Lane for 3.2T Transceivers: Showcasing advancements with 200G VCSELs and 400G TFLN modulators, setting the stage for high-capacity, ultra-efficient future data centers.800G QSFP-DD ZR & LR4: Live demonstrations of long-range, high-capacity optical connectivity for demanding DCI/metro applications.Interoperability of 400/800G fully re-timed, LPO and half re-timed LRO or TRO: Featuring products like 800G 2xFR4/2xDR4 Silicon Photonics-based LPO, 800G 2xFR4 EML-based half retimed LRO or TRO, and 800G 2xFR4/2xDR4 EML-based fully retimed with I3C support.

Interop Demos at Booth #5745:

In addition to these demos, Ligent Inc. and Hisense will also participate in OIF interoperability demonstrations:

CEI-448G, 224G, and 112G: Multi-vendor demos of 224Gbps and 112Gbps CEI across various applications, including a live 448G demo for AI network scaling. Featured products include OSFP 1.6T 2xDR4+ Silicon Photonics half retimed LRO or TRO, and OSFP 1.6T 2xDR4+ Silicon Photonics fully retimed.800ZR, 400ZR, and Multi-Span Optics: Showcasing advancements in pluggable coherent optics interoperability, featuring 800ZR and 400ZR applications, and multi-span connections like OpenZR+, 100ZR, and 800G OpenROADM (PCS). Featured products include the 800G QSFP-DD ZR.CMIS: Demonstrating physical layer management interoperability across diverse network equipment and pluggable modules, highlighting the CMIS industry-standard management interface. Featured products include the 800G 2xSR4/2xDR4+/2xFR4 LPO.

Research Presentation:

Ligent will unveil an important research paper by Dr. Jianying Zhou and his team, titled “Performance Limitations and Optimizations of Linear Driver Optics for 200G/Lane and Beyond.” This presentation, scheduled for March 31 at 10:30 AM in room 213-214, will explore the challenges and solutions for optimizing 1.6T LPO optics, paving the way for future AI and cloud applications.

“Our presence at OFC 2025 shows our new commitment to our vision to be a leading force in the optical connectivity space,” said Dr. Jin Hong, CEO and President of Ligent. “We’re here to lead, innovate, and showcase how our cutting-edge technologies support and empower our customers. At Ligent, our mission is clear: to align deeply with our customers and provide solutions that exceed expectations.”

Media Contact

Media Relations, Ligent, 1 4083530623, mediarelations@ligent.com, www.ligent.com

View original content:https://www.prweb.com/releases/ligent-inc-and-hisense-to-showcase-innovations-at-ofc-2025-302415075.html

SOURCE Ligent

Technology

BFA’s 10th Religious Sub-forum Highlights Global Digitization Project of Buddhist Scriptures

Published

6 hours ago

March 30, 2025

QIONGHAI, China, March 30, 2025 /PRNewswire/ — The Sub-forum on Religious Harmony and Mutual Learning Among Civilizations took place at the BFA (BFA) Annual Conference 2025 on March 28. The sub-forum focused on the theme “Countless Dharma Doors Converge in a Square Inch: A Discussion on the Future of Digitization Project of Buddhist Scriptures.” The gathering brought together 12 eminent monks and cultural researchers from six countries and regions to explore the current state and future of digitizing Buddhist scriptures. Chaired by Venerable Master Yin Shun, Vice President of the Buddhist Association of China, and President of the Buddhist Association of Hainan Province, the event aimed to advance the preservation and development of Buddhist culture through international collaboration.

BFA’s Decade of Progress: A Solid Foundation for the Future

Yin Shun, reflecting on the ten-year journey of the BFA Religious Sub-forum, noted its steadfast commitment to the foundational goal of building a global community united by a common destiny. The sub-forum has been instrumental in promoting religious harmony and fostering cross-cultural dialogues, while also enhancing international cooperation in the fundamental domains of religion, culture, education, philanthropy, and healthcare. A notable achievement of the sub-forum has been in the area of digital preservation and accessibility of Buddhist teachings. It has effectively used digital technology to compile the Encyclopedic Dictionary of Chinese Buddhist Terms and has facilitated the digital translation of Buddhist classics across the economically important Pan-South China Sea region. Furthermore, it has proposed initiatives to raise the digitization of these texts as a major national concern. The South China Sea Buddhist Academy, China’s premier international Buddhist educational platform targeting Southeast Asia, has made significant contributions by educating 106 international students from several nations, most notably from Laos, Mongolia, Cambodia, and Nepal, and, by doing so, playing a crucial role in the international effort to digitize Buddhist scriptures.

Digital Empowerment: Advocating for the Chinese Adaptation of Buddhism

Ven. Guang Quan, Deputy Secretary General of the Buddhist Association of China and President of the Buddhist Association of Zhejiang Province, noted the crucial role of digitizing Chinese Buddhist scriptures in enhancing the international dissemination of Buddhist culture. He highlighted the accomplishments of Hangzhou Lingyin Temple in this area, including the development of an AI-based OCR engine for ancient books, production and tool platforms for digitizing ancient books, and a Buddhist scriptures reading hub. Building on these advancements, efforts are underway to digitize Buddhist canons, citing, in particular, the Jingshan Canon, the Yongle Northern Canon and the Siji Canon. Guang Quan’s initiatives aim to further the interconnection of civilizations through digital technology, breathing new life into Asian Buddhist wisdom in the digital realm.

Bhikshu HUIMIN, President, Comprehensive Buddhist Electronic Text Archive Foundation (CBETA) Taiwan, China, reflected on the establishment of the Electronic Buddhist Text Initiative (EBTI). He provided an overview of the current status of global Buddhist text digitization, highlighting its evolution from digital archives (DA) to digital humanities (DH). Additionally, he unveiled the groundbreaking concept of Artificial Intelligence and Brain-Computer Interface (AI – BCI) for the digitization of Buddhist culture. He stressed that the transition of Buddhism from traditional scriptures to cloud-based platforms represents not only the future of Buddhism but also a new civilization where mindfulness and technology merge.

Hong Xiang, Research Assistant at the Centre of Buddhist Studies, The University of Hong Kong, highlighted the transformative impact of digital technology on the collation and proofreading of the Dunhuang manuscripts, starting from the digitization project. He noted that the preservation of the Dunhuang manuscripts, which embody the essence of a multi-faceted and symbiotic civilization, demands interdisciplinary collaboration. Moreover, he advocated for global resource sharing in the digitization of Buddhist scriptures.

Zhu Cuiping, Editor-in-Chief of Zhonghua Book Company GuLian (Beijing) Digital Media Tech Co., Ltd, China, pointed out that the digitization of Buddhist scriptures is an enormous undertaking that requires a collaborative effort among the government, religious organizations, universities, research institutes, and publishing entities. She called for the initiation of a global initiative to compile Buddhist literature to drive the worldwide project of digitizing Buddhist scriptures.

International Cooperation: Jointly Advancing the Global Digitization Project of Buddhist Scriptures

The sub-forum placed particular emphasis on the contributions of Japanese and Korean Buddhism to the digitization of Buddhist scriptures. KAWANAKA KOKYO, Director-General of Administration of Jodoshu, Japan, presented the “Digitization of Zōjō-ji’s Three Great Buddhist Canons” project. He urged all parties to collaborate in furthering the global effort to digitize Buddhist scriptures, with the aim of fostering a more peaceful and harmonious future for humanity.

JONG-RIM, Honorary Chairman of Tripitaka Koreana Research Institute, Jogye Order of Korean Buddhism, shared insights from the digitization efforts of the Tripitaka Koreana at Haeinsa Temple in Korea. He proposed the future goal of completing a comprehensive Tripitaka and developing a dictionary of concepts and terms utilizing digital technology.

South China Sea Buddhist Friendship Circle: Fostering Digital Connections

The sub-forum highlighted the role of the South China Sea Buddhist Friendship Circle in the digitization of Buddhist scriptures. Ven. PHRAPROMMASITH (Thongchai Sukkayano) Supreme Patriarchs, elaborated on Thailand’s experience in safeguarding Buddhist cultural heritage. He urged international cooperation to facilitate the digitization of Buddhist scriptures, aiming to provide convenient access to anyone anywhere with an interest in reading and better understanding the Dharma.

SANDI MARBHIVAMSA, Chairman of Sangha Maha Nayaka Committee, Myanmar, and Ven. (Dr.) KIRINDE ASSAJI, Chief Prelate (Malwatta Chapter) Sanghanayaka of Sri Lanka’s Western Province, provided insights into the current state of Buddhism in their respective countries and the advancements made in the digitization of Buddhist scriptures. They both expressed a strong willingness to collaborate with Buddhist communities from other nations in these endeavors.

Looking to the Future: Consultation, Collaboration, and Sharing

Ven. YAN JUE, President of the Buddhist Association of China, concluded by emphasizing that Buddhist scriptures represent a shared cultural heritage of humanity. He noted that their digitization presents not only a technical challenge but also a cultural mission. He also underscored the commitment of the Chinese Buddhist community to the global governance principles of consultation, collaboration, and sharing. By partnering with Buddhist and academic communities worldwide, they aim to advance the digitization of Buddhist texts, share the outcomes of these efforts, and further disseminate the teachings and scriptures of Buddhism.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bfas-10th-religious-sub-forum-highlights-global-digitization-project-of-buddhist-scriptures-302415071.html

SOURCE The Buddhist Association of Hainan Province