SHANGHAI, Feb. 6, 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 signed a
Memorandum of Understanding ("MoU") with Cornerstone Technologies
Holdings Limited ("Cornerstone"), a leading EV charging solution
provider and charge point operator based in Hong Kong with an increasing presence across
South East Asia, to jointly
explore and develop a strategic business relationship.
Pursuant to the MoU, U Power and Cornerstone intend to jointly
assess and promote the application of new energy charging equipment
and EV product solutions, such as battery swapping stations and
other charging equipment to provide effective and sustainable
solutions in Hong Kong and the
Southeast Asia region. In
addition, both parties have agreed to explore the possibility of
investing into a Joint Venture for the business.
Mr. Jia Li, Chief Executive
Officer, and Chairman of the Board of Directors of the Company,
commented, "We are pleased to sign this MoU with Cornerstone. We
are confident that the synergies between our UOTTA technology and
Cornerstone's robust operational capacity will enable us to
strategically focus on Hong Kong
and the Southeast Asian region. Our shared objective is to provide
customers with enhanced and streamlined solutions for electric
vehicle charging and battery swapping applications. Through this
collaboration, we believe our battery swapping stations will gain
increased visibility in our target markets. We look forward to
building a successful relationship that delivers sustainable value
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 Cornerstone Technologies Holdings Limited
Cornerstone is a leading EV charging solution provider and
charge point operator based in Hong
Kong with increasing presence across South East Asia. Cornerstone develops its own
software and hardware, creating comprehensive EV charging solutions
for leading companies and organisations including the Hong Kong
Government and many leading developers and carpark operators.
Cornerstone also operates one of the largest public EV charging
networks in Hong Kong as well as
being one of the largest residential private EV charging service
providers.
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 Limited
Investor Relations Department
Email: ir@upincar.com
ICR, LLC
Robin Yang
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415
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SOURCE U Power Limited