SHANGHAI, Feb. 23,
2024 /PRNewswire/ -- 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 it has entered into a Memorandum of Understanding
(the "MOU") on February 6, 2024, with
Durapower Holdings Pte Ltd. ("Durapower"), a Singapore-based lithium-ion battery
manufacturer.
Pursuant to the MOU, U Power and Durapower intend to jointly
explore several areas relating to battery swapping technology
applications for electric vehicles and ships used for medium- and
short-distance transportation, mining trucks used for ore transfer,
and logistical vehicles used for urban cold chain distribution. U
Power and Durapower also intend to cooperate to establish a
"battery banking" business model based on intelligent battery
swapping technology, and collaborate on marketing efforts to
promote awareness of the technology in Singapore and elsewhere.
Mr. Jia Li, Chief Executive
Officer and Chairman of the Board of Directors of the Company,
commented, "We believe this collaboration can help drive the
advancement of scalable and sustainable new applications for
battery swapping technology. We are eager to leverage Durapower's
industry knowledge and resources, and are excited to work together
to achieve future success."
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.
Contact
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
