U Power Limited to Deliver the Second UOTTA Battery-swapping Station for Electric Taxis by October 2023 in Anji County, Zhejiang Province, China
September 13 2023 - 8:00AM
U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a
vehicle sourcing services provider with a vision to becoming a
comprehensive EV battery power solution provider in China, today
announced that the Company’s subsidiary, Youpin Automobile Service
Group Co., Ltd., pursuant to a strategic cooperation agreement and
an equipment procurement contract for the sale and installation of
two UOTTA battery-swapping stations, with Zhejiang Petroleum Energy
Sales Co., Ltd. (“Zhejiang Petroleum”), has started the
installation for a second station for electric taxis in Anji
county, Zhejiang Province. Zhejiang Petroleum is a comprehensive
energy integrated supply and service provider owned by China’s
energy conglomerate, Zhejiang Provincial Energy Group. In July
2022, U Power delivered the first UOTTA battery-swapping station in
Anji county, which caters to the local battery-swapping needs of
electric taxis and endeavors to reduce the operational costs for
local taxi service providers. The second station is expected to be
delivered in September and open to the public by October 2023.
The new station will feature a design that
allows simultaneous battery swapping on both sides of the vehicle,
which is anticipated to enhance the efficiency of the
battery-swapping process, minimize waiting time, and optimize
battery usage. Additionally, through intelligent terminals, the
station integrates solar power generation, station-side energy
storage, as well as a municipal power supply system, and is
expected to provide electric taxis with superior, efficient and
convenient battery-swapping services.
Mr. Jia Li, Chief Executive Officer, and
Chairman of the Board of Directors of the Company, commented, “We
are excited to further our cooperation with Zhejiang Petroleum to
expand our presence in the new energy arena. Zhejiang Province
ranks fourth in terms of GDP in China in 2022 and places great
emphasis on the green economy, according to the National Bureau of
Statistics of China. Zhejiang Petroleum is accelerating its new
energy business development and jointly promoting electric vehicle
battery swapping services with U Power. Through continuous market
development, we believe the integration of new energy technologies
can effectively meet the need to fast-charge electric vehicles, and
the business model can be replicated. We are confident that the
integration of solar power generation, energy storage, charging,
and battery swapping can effectively promote new energy
vehicle-related businesses globally.”
About U Power Limited
U Power Limited is a vehicle sourcing services
provider, with a vision to becoming an EV market player primarily
focused on its proprietary battery-swapping technology, or UOTTA
technology, which is an intelligent modular battery-swapping
technology designed to provide a comprehensive battery power
solution for EVs. Since its operation in 2013, the Company has
established a vehicle sourcing network in China's lower-tier
cities. The Company has developed two types of battery-swapping
stations for compatible EVs and is operating one manufacturing
factory in Zibo City, Shandong Province, China. For more
information, please visit the Company's website:
http://ir.upincar.com/.
Forward-Looking Statements
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
For investor and media inquiries, please
contact:
U Power LimitedInvestor
Relations DepartmentEmail: ir@upincar.com
Ascent Investor Relations
LLCTina XiaoPhone: +1-917-609-0333Email:
tina.xiao@ascent-ir.com
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