U Power Limited Enters into Framework Strategic Cooperation Agreement with Quantum Solutions Co., Ltd. in Japan
June 01 2023 - 08:00AM
GlobeNewswire Inc.
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 on May 31, 2023, the Company entered into a
framework strategic cooperation agreement (the “Framework
Agreement”) with Quantum Solutions Co., Ltd. (TSE: 2338) (“Quantum
Solutions”), the first and only independent Japanese electric
vehicle (“EV”) manufacturer listed on the Tokyo Stock Exchange, to
develop business initiatives relating to marketing, research and
development of new energy vehicles, financial technologies, battery
banks, EV charging and battery-swapping operations and services in
Japan.
Pursuant to the Framework Agreement: (1) Quantum
Solutions agrees to advise on the selection and development of
suitable EV models by leveraging its deep understanding of Japan’s
EV market and consumer needs; (2) U Power agrees to provide
battery-swapping technology, products, and compatible cloud service
platforms according to Quantum Solutions’ requirements, (3) both
parties intend to recruit other strategic partners in the field of
new energy storage, such as battery developers, and may establish a
joint venture in the future to further pursue their strategic
cooperation, and (4) specifics of any such strategic cooperation
will be determined in separate agreements as soon as
practicable.
Jia Li, Chief Executive Officer, Director, and
Chairman of the Board of Directors of the Company, commented, “We
are thrilled to cooperate with Quantum Solutions. This
collaboration brings together our expertise in EV battery
technology with Quantum Solutions' market presence in Japan’s EV
market. Together, we aim to create a new benchmark in Japan's new
energy technology and electric vehicle industry. Moving forward, we
plan to continue to seek new strategic partners and tap into the
potential of Japan’s EV market. We expect to utilize our UOTTA
battery-swapping technology to innovate and ultimately expand into
Japan’s EV market. We anticipate the partnership will generate
substantial value for our shareholders.”
About Quantum Solutions Co.,
Ltd.
Quantum Solutions Co., Ltd. is the first and
only independent electric vehicle company listed on the Tokyo Stock
Exchange. Originated in Japan, Quantum Solutions aims to become an
international EV technology company and industrial development
platform with research & development, technology integration
and investment integration capability.
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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