U Power and Guofu Hydrogen Energy launch Thailand IDC hydrogen energy project, jointly ushering in a new era of hydrogen application for IDCs in Southeast Asia

Charoen Energy and Water Asia Co., Ltd., U Power Limited (Nasdaq: UCAR), and Jiangsu Guofu Hydrogen Energy Technology & Equipment Co., Ltd. (HKEX: 2582) successfully held the 'Thailand IDC Integrated Energy Solutions Cooperation Signing Ceremony' at the JW Marriott Hotel Hong Kong from 2:30 PM to 4:30 PM on May 26, 2026. This signing marks the deep collaboration among the parties on Thailand’s Internet Data Center (IDC) project, jointly advancing integrated energy solutions—particularly hydrogen applications—for IDCs across Southeast Asia through pilot initiatives. The ceremony brought together senior management and industry representatives from all parties, signifying a new phase in U Power’s and Guofu Hydrogen Energy’s strategic expansion into the Southeast Asian market.

Hydro Data Limited officially established; Mr. Xie Zhan elected as Chairman

The cooperation agreement was jointly signed by CEWA, Hydro Data Limited, and Guofu Hydrogen Energy. Hydro Data Limited is a joint venture established by U Power Limited, Jiangsu Guofu Hydrogen Energy Technology & Equipment Co., Ltd., and relevant partners, with U Power holding a 51% stake, Guofu Hydrogen Energy holding 37%, and the related partners holding 12%. Leveraging each party's strengths in technology, market access, capital, and management within the new energy sector, the joint venture will drive multi-layered, in-depth global collaboration in areas including hydrogen energy, pure electric power, and data center power supply solutions. During the signing ceremony, all parties unanimously elected Mr. Xie Zhan, founder and chairman of CEWA, as Chairman of Hydro Data Limited to oversee regional strategic development, industrial resource coordination, and key project execution.

Three parties complement each other’s strengths to jointly advance integrated energy development for IDCs in Southeast Asia

As a new energy technology company listed on the Nasdaq in recent years, U Power continues to expand its footprint in integrated energy technologies and new energy transportation networks. By leveraging AI, the company enables cloud-based control and unmanned operations for electric vehicles and energy infrastructure. It has also pioneered the introduction of commercial vehicle battery-swapping technology and supporting facilities into the Thai market, successfully launching battery-swap services for taxis and heavy-duty trucks.

Guofu Hydrogen is a leading domestic hydrogen equipment company, deeply engaged across the entire industrial chain with core capabilities in hydrogen production, storage, transportation, refueling, and utilization technologies and products. Charoen Energy and Water Asia Co., Ltd. (CEWA), on the other hand, belongs to the family-owned industrial ecosystem affiliated with Thailand's Charoen Pokphand Group (CP Group), primarily focusing on investments in and development of renewable energy projects. Its operations span international markets including Thailand, Laos, Japan, and Indonesia, with multiple hydropower plants currently in operation. CEWA is also actively expanding into IDC and energy infrastructure across Southeast Asia, offering rich and diversified scenarios for integrated energy and hydrogen applications.

Thailand’s 100MW IDC project launches with a 3MW pilot project as its first implementation

According to the agreement, CEWA plans to invest in and construct an IDC project in Rayong, Thailand, designed with an IT load capacity of 100MW. The project intends to adopt the integrated energy solution provided by Hydro Data Limited as either its primary or backup power system. In this process, Guofu Hydrogen will supply power generation equipment and after-sales services based on the relevant solution to ensure overall system stability.

The recently signed 3MW pilot project represents the initial phase of the Rayong project, accounting for approximately 3% of the total planned capacity, and will serve as a critical demonstration foundation for the subsequent deployment of the integrated energy solution. The parties will further collaborate on aspects including installed capacity of the integrated power generation system, equipment supply, installation and commissioning, operation and maintenance support, fuel supply, and energy management. They will also advance the execution of follow-up documents such as technical specifications, equipment procurement agreements, and operation and maintenance service agreements. With rapidly growing demand for AI data centers and digital infrastructure in Southeast Asia, regional markets are increasingly seeking stable, efficient, and resilient energy solutions. This collaboration not only holds promise for the commercial deployment of IDC integrated energy solutions in Southeast Asia but will also further drive upgrades in regional energy infrastructure and support digital economic development.

Mr. Zhan Xie, Founder and Chairman of CEWA, stated: 'Southeast Asia is at a pivotal stage marked by rapid digital economic growth and accelerated energy transition. As energy demand driven by AI data centers and emerging industries continues to rise, the market is placing higher demands on the stability, efficiency, and flexibility of energy supply. The integration of integrated energy solutions with distributed energy technologies is becoming one of the key approaches to meeting regional energy needs. In the future, we hope to leverage synergies in technology, industrial resources, and market channels among all parties to continuously advance developments in energy supply for IDCs, transportation, and industrial applications, thereby further strengthening the stability and sustainability of the regional energy system.'

Mr. Jia Li, Founder and Chairman of U Power, stated: 'U Power is committed to advancing new energy infrastructure and integrated energy networks. The advancement of this pilot project marks a significant step in our strategic expansion into integrated energy and IDC power supply businesses. Going forward, U Power will combine its expertise in intelligent energy management and new energy networks with Guofu Hydrogen’s technological strength in energy equipment and CEWA’s extensive industrial resources and application scenarios in Southeast Asia to jointly promote the implementation and development of integrated energy solutions in Thailand and neighboring markets, while actively exploring more possibilities for the convergence of integrated energy and digital infrastructure.'

Mr. Pinfang Wu, Chairman and Executive Director of Guofu Hydrogen, stated: 'We are honored to collaborate with Mr. Zhan Xie and our partners to advance the development of integrated energy projects for IDCs in Southeast Asia. The signing of this project agreement not only represents a significant milestone in our overseas business expansion but also reflects the market’s recognition of our technological capabilities and integrated energy solutions. Moving forward, the company will continue leveraging its technological and product advantages to proactively capture opportunities arising from the global digital economy and the upgrading of energy infrastructure, and further drive the commercial deployment of hydrogen and integrated energy technologies across a broader range of application scenarios.'

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