U Power Limited announced on January 26 2026 that it has launched a regulatory‑compliant tokenized real‑world asset (RWA) platform on the BNB Chain, partnering with infrastructure provider PicWe to digitise its battery‑swapping stations and related energy assets. The platform represents each physical battery‑swap location as an on‑chain token, creating a tradable asset that can be bought, sold, or used as collateral.
The actual issuance of the UCAR tokens occurred on January 20 2026, with the public announcement following six days later. On‑chain data shows the UCAR token’s market capitalization surpassed $7 million and the token price rose 68 % within 12 hours of launch, reflecting strong investor demand for a new class of energy‑infrastructure securities.
By tokenising its battery‑swap network, U Power unlocks liquidity that can be deployed to expand its commercial fleet in Southern Europe, Southeast Asia, Hong Kong SAR, and South America. The secondary market for battery capacity allows fleet operators and investors to trade usage rights and revenue streams, providing the company with a non‑dilutive capital source that supports further station deployment without issuing additional equity.
Financially, U Power reported a 57.22 % year‑over‑year revenue growth to $6.82 million, a modest debt‑to‑equity ratio of 0.1, and a cash burn that underscores the need for new funding sources. The company’s micro‑cap valuation of $7.83 million and share price of $1.58 illustrate the market’s valuation of its growth prospects amid rapid expansion.
Strategic partnerships reinforce the RWA initiative: a joint venture with FTT Holding Company LLC will commit up to $50 million to battery‑swap infrastructure in Southern Europe, while a collaboration with Whale Logistics (Thailand) Co., Ltd. secured an order for up to 1,000 battery‑swapping electric vehicles, with the first batch expected in April 2026. U Power’s proprietary UOTTA™ modular technology underpins the AI‑driven battery‑swapping systems that enhance operational efficiency.
Market reaction to the token launch was robust. On‑chain analytics reported a 68 % price surge and a market cap exceeding $7 million within hours, signaling investor confidence in the company’s ability to monetize its physical assets through blockchain. The rapid appreciation reflects the perceived value of a tradable, regulated asset class that offers predictable revenue streams from battery usage.
CEO Johnny Lee highlighted the strategic significance of the launch: “We are excited to debut Hong Kong’s first smart battery‑swapping station, demonstrating a replicable zero‑carbon, energy‑efficient charging infrastructure for densely populated urban areas. As we continue our investments in next‑generation AI technologies, we look forward to working with our partners in Asia, Europe and South America to create a sustainable and efficient urban transportation ecosystem.”
The tokenization marks a pivotal step for U Power, positioning it at the intersection of renewable energy infrastructure and Web3.0 finance. By converting physical battery assets into liquid, tradable tokens, the company gains a new financing channel that can accelerate its global expansion while preserving shareholder equity. The move also signals a broader industry shift toward blockchain‑enabled asset monetisation, potentially reshaping how energy infrastructure is funded and managed.
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