U Power & SUSCO Partner to Advance EV Battery Swapping

U Power, a global leader in rapid battery-swapping technology, has announced a strategic joint venture with SUSCO Public Company Limited, a key player in Thailand’s energy sector. The collaboration, through U Power’s Thai subsidiary, U SWAP, will introduce UOTTA battery-swapping technology across SUSCO’s extensive fueling station network, marking a significant milestone in the country’s transition to sustainable transportation.

Thailand’s multi-billion-dollar EV market is growing rapidly and U Power’s innovative technology aims to play a pivotal role in supporting its expansion.

By integrating battery-swapping stations into SUSCO’s well-established infrastructure, the partnership seeks to enhance convenience for EV users while positioning both companies as frontrunners in the country’s evolving transport ecosystem.

The partnership

Established in 1981, SUSCO has built a strong reputation in Thailand’s energy market. It operates a vast network of service stations that cater to retail customers and major international airports, including Suvarnabhumi and Don Mueang. 

U Power, founded in 2013, is known for its proprietary UOTTA battery-swapping technology, an intelligent modular solution designed to streamline energy replenishment for EVs.

It has developed various battery-swapping stations for different EV models and operates a manufacturing facility in Zibo City, Shandong Province, China.

The deployment of UOTTA technology across SUSCO’s stations will enable rapid battery replacement, reducing downtime for commercial fleets such as taxis and ride-sharing services. The innovation will improve operational efficiency and accelerate the transition to electric mobility across Thailand.

Strong investment backing and industry confidence

Chatchaval Jiaravanon, a family member behind the Charoen Pokphand Group (CP Group), has personally invested in the joint venture. With CP Group generating more than US$82n in annual revenue, his involvement signals strong industry confidence in the partnership’s potential.

Chatchaval, chairman and founder of Charoen Energy and Water Asia and independent owner of Fortune magazine, has extensive business relationships that are expected to facilitate U SWAP’s growth across the region. He has expressed optimism about the joint venture’s ability to capitalise on Thailand’s surging demand for electric transportation solutions.

Supporting Thailand’s EV policy and infrastructure goals

The joint venture aligns with Thailand’s “30@30” policy, which mandates that 30% of new vehicle sales be electric by 2030. The government has committed to significant infrastructure investments to achieve the target, including 12,000 charging piles and 1,450 battery-swapping stations nationwide.

By leveraging SUSCO’s existing infrastructure and U Power’s advanced battery-swapping technology, the partnership is poised to significantly impact these national targets.

The collaboration builds upon U Power’s prior agreements, such as its strategic partnership with CP-MG, further cementing the company’s presence in Thailand’s growing EV sector.

Meeting market demand and enhancing EV adoption

Thailand’s taxi and ride-hailing industry, which exceeds 300,000 vehicles, faces operational challenges due to prolonged charging times. Battery-swapping technology offers a viable alternative by enabling instant energy replenishment, thereby enhancing fleet efficiency and profitability.

Li Jia highlighted the broader impact of the venture: “Thailand is entering a transformative period in electric mobility and our partnership with SUSCO positions U Power at the forefront of this exciting transition.

"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.”

As Thailand continues its push towards electrification, the joint venture between U Power and SUSCO marks a significant step in advancing sustainable transport infrastructure. Combining U Power’s cutting-edge battery-swapping technology with SUSCO’s established network, the partnership is well-positioned to drive widespread EV adoption and reshape the region’s mobility landscape.

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