UCAR Stock Surged More Than 25% Today – What's Driving The Super Rally?

• U Power said it intends to use gross proceeds from the private placement to expand its operations in hydrogen energy solutions for Intelligent Data Centers in Thailand.
• The company entered into a joint venture to develop hydrogen-based energy management solutions for AI data centers in Thailand.
• Earlier this month, the company signed a $3.19 million subscription agreement with strategic investors.

Shares of U Power (UCAR) surged more than 25% on Monday after the company announced a $25.7 million private placement backed by strategic investors, and a joint venture to develop hydrogen-based energy management solutions for AI data centers in Thailand.

U Power said it entered into subscription agreements with 10 buyers to sell 15.67 million Class A ordinary shares at $1.64 per share, generating $25.7 million in gross proceeds.

​The company intends to use these proceeds to expand its operations in hydrogen energy solutions for Intelligent Data Centers (IDCs) in Thailand and to support its battery-swapping operations in the international market.

U Power added that the funds will also help its battery-swapping heavy-truck project in Thailand, its electric van project in Southern Europe, and its taxi project in Hong Kong SAR.

​The transaction was approved by U Power's board and audit committee, with closing expected on or about April 27, 2026.

​This was the second subscription agreement U Power had signed in April. Earlier this month, the company closed a separate deal with seven purchasers for 2.9 million Class A shares at $1.10 each, raising $3.19 million. 

U Power said it planned to use funds from this sale to expand into new and existing markets, scale its core operations, and speed up deployment of its proprietary battery-swapping technology. 

The Hydrogen-AI Data Center Joint Venture

U Power also stated it formed a strategic joint venture with Guofu Hydrogen Energy and Cloud Digital Chain to develop AI-driven hydrogen energy solutions for IDCs in Thailand.

​U Power said it will hold a majority equity stake in the joint venture. The parties expect to provide initial capital to establish one or more Hong Kong subsidiaries by July 31, 2026. The joint venture should begin operations within 90 days of that date.

​With this agreement, U Power aims to enter the hydrogen-based energy management market for data centers. By adding hydrogen capabilities to its existing tech platform, the company hopes to deliver more resilient and sustainable power systems for energy-hungry data centers.

​It also aims to expand beyond its battery swapping operations to build new revenue streams. Additionally, the company said this deal will strengthen its foothold in Thailand, a key Southeast Asian market, and enable expansion into other international markets using a replicable operational model.

​How Did Retail Traders React?

On Stocktwits, retail sentiment surrounding the stock has remained in the ‘neutral’ territory amid ‘extremely low’ message volumes.

​The message volume on the stock soared 100% in the last 24 hours.

Shares of U Power have slipped more than 85% so far this year.

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