U POWER closes Series B financing

Shanghai (Gasgoo)- U POWER, a leading Chinese skateboard chassis developer, announced the completion of its Series B funding round which raised for the company hundreds of millions of yuan.

The fresh round was led by Hefei Industry Investment Group, with continued participation from such returning shareholders as Matrix Partners China, China Creation Ventures, ZhenFund, and other investors.

U Super Board; photo credit: U POWER

The proceeds from this round will primarily be used to advance the technological innovation of the U POWER’s UP Super Board and to facilitate the R&D and mass production of an electric commercial vehicle and an electric off-roader based on this chassis.

Meanwhile, U POWER has established its headquarters in Feixi county, Hefei city. In the future, it plans to build a complete R&D, production, and sales system covering commercial vehicles, passenger vehicles, and skateboard chassis with Hefei as the center.

On the UP DAY 2023 held in Mar. this year, U POWER unveiled China's first mass-produced skateboard chassis-by-wire, which allows smart EV customization at lower costs.

At the same time, two business milestones were announced: UP VAN, the first product built on UP Super Board, will be delivered to customers who have placed an order by year-end; U POWER will join hands with fblife.com, an online community of off-road enthusiasts, to create a series of electric off-road vehicles.