SHANGHAI, Aug. 5, 2024 /PRNewswire/ -- U Power Limited
(Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing
services provider with a vision to becoming a comprehensive
electric EV battery power solution provider in China, today announced that it has signed a
Memorandum of Understanding with Velo Labs Technology Ltd.
("Velo Labs"), a global fintech
company, to establish a battery infrastructure investment ecosystem
in Thailand. This collaboration
aims to accelerate the development of battery bank operations
within the UOTTA battery-swapping ecosystem.
This collaboration will create a new
development model for the electric vehicle battery bank business,
leveraging blockchain technology to enhance battery tracking, user
experience, and operational efficiency. Central to this partnership
is the establishment of a battery bank asset and fund trading
platform based on Velo's blockchain technology. The platform will
integrate battery assets from various "UOTTA" battery bank
scenarios, including batteries for four-wheel and two-wheel
electric vehicles, batteries from various battery swap stations,
and batteries used in energy storage projects. Through this
platform, the partnership aims to attract external funding to
promote large-scale development of the battery bank industry.
Additionally, the collaboration will manage the entire lifecycle of
battery assets, including battery cascade utilization, dismantling,
and environmentally friendly disposal, comprehensively improving
battery utilization rates and residual value.
Jia Li,
Chairman and CEO of U Power, commented, "Our partnership with
Velo Labs demonstrates that as
electric vehicles and other green applications develop on a large
scale, battery banks will become increasingly important. Once the
value system and trading model for battery assets are established,
more investors will be attracted to enter this vast market in the
future. Our UOTTA battery swap business serves as an ideal carrier
for this model and will generate consistent returns for our
shareholders."
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/.
About Velo Labs Technology Ltd.
Velo Labs Technology Ltd. is a financial technology company
based in the British Virgin
Islands. It was co-founded in 2018 by Chatchaval Jiaravanon,
a member of the Charoen Pokphand Group, which is Thailand's largest conglomerate. Velo Labs focuses on enhancing money velocity
and financial inclusivity through blockchain-based financial
services within the Web 3.0+ domain. The company aims to create a
trustless financial infrastructure that supports
crypto payments and smart contracts, making financial
transactions cheaper, faster, and more accessible.
Safe Harbor Statements
This press release may contain "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.
Contacts
U Power Limited
Investor Relations Department
Email: ir@upincar.com
Robin Yang, Partner
ICR, LLC
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415
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SOURCE U Power Limited