U POWER Tech nabs hundreds of millions of yuan in Series B funding

Shanghai (Gasgoo)- Chinese innovative smart electric vehicle (EV) startup U POWER Tech announced on December 19 it has successfully closed its Series B financing, which raised for the company hundreds of millions of yuan.

The fresh round was led by Hefei Industry Investment Holding (Group) Co., Ltd., with participation from Xuzhou Industrial Development Fund and Boyuan Capital, a subsidiary of Bosch. The funds will be used to advance mass production of U POWER Tech's UP VAN light-duty commercial vehicle, enhance production capacity, and accelerate the company's growth in the electric commercial vehicle market and global adoption of its skateboard chassis technology.

Dedicated to providing innovative electric intelligent vehicle solutions, U POWER Tech's UP VAN series is built on standardized and modular skateboard chassis technology. In August this year, the UP VAN electric urban logistics vehicle, developed in collaboration with King Long, obtained EU Whole Vehicle Type Approval (WVTA) and made its debut at the IAA Transportation 2024 in Hanover, Germany, marking its official entry into the European market.

Additionally, U POWER Tech's customized vehicle chassis products have been delivered to customers in the United States, opening a new chapter in overseas sales and offering diverse, high-performance electric vehicle options to international clients.

Li Peng, Founder and CEO of U POWER Tech, remarked, "The success of this financing round will help us achieve breakthroughs in product mass production and capacity expansion, providing more competitive electric vehicle solutions to our clients. It also marks a critical step forward in our global EV strategy."