U Power, a global leader in battery-swapping technology, has entered a strategic joint venture with SUSCO Public Company Limited, a key player in Thailand’s energy sector. Through U Power’s Thai subsidiary, U SWAP, the partnership will introduce UOTTA battery-swapping technology across SUSCO’s extensive fueling station network, significantly advancing the nation’s shift toward sustainable transportation.
Expanding Thailand’s EV Infrastructure
With Thailand’s multi-billion-dollar EV market experiencing rapid growth, U Power’s innovative battery-swapping stations will play a critical role in facilitating the transition. By integrating these stations into SUSCO’s well-established service network, the venture aims to enhance convenience for EV users, particularly in commercial fleets such as taxis and ride-sharing services.
SUSCO, established in 1981, operates a vast energy infrastructure, including retail fueling stations and service points at major airports like Suvarnabhumi and Don Mueang. U Power, founded in 2013, has pioneered its UOTTA battery-swapping technology, a modular solution designed for seamless energy replenishment.
Strategic Investment and Industry Confidence
The venture has attracted strong industry backing, including investment from Chatchaval Jiaravanon, a member of the Charoen Pokphand Group (CP Group) family. CP Group, which generates over US$82 billion in annual revenue, brings immense market credibility to the partnership.
Jiaravanon, chairman and founder of Charoen Energy and Water Asia, has expressed confidence in the venture’s potential, highlighting its role in expanding Thailand’s EV infrastructure and addressing market demand.
Supporting Thailand’s National EV Targets
This collaboration aligns with Thailand’s “30@30” policy, which aims for 30% of new vehicle sales to be electric by 2030. The Thai government is making substantial investments to support this goal, including plans for 12,000 charging piles and 1,450 battery-swapping stations.
By leveraging SUSCO’s infrastructure and U Power’s advanced battery-swapping technology, the partnership is positioned to make a significant impact on these national targets while accelerating Thailand’s green mobility transition.
Addressing Market Demand for Fast Charging
Thailand’s taxi and ride-hailing industry, with over 300,000 vehicles, faces operational challenges due to prolonged charging times. Battery-swapping technology offers a game-changing solution, enabling instant energy replenishment and improving fleet efficiency.
Li Jia, Chairman and CEO of U Power, emphasized the venture’s broader impact:
“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.”
A Major Step Toward Sustainable Mobility
As Thailand continues its push toward electrification, the U Power-SUSCO joint venture represents a pivotal step in advancing the country’s EV ecosystem. By combining U Power’s cutting-edge battery-swapping technology with SUSCO’s extensive fueling network, the partnership is set to drive widespread EV adoption and reshape the future of sustainable mobility in Southeast Asia.
