SHANGHAI, July 3, 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 had signed a Memorandum of Understanding ("MoU") with
Pattaya AI Terminal Co., Ltd. ("Pattaya AI") to jointly drive the
strategic development of green logistics and electric vehicle
("EV") infrastructure in Thailand.
Combining Pattaya AI's advantages in logistical solutions with U
Power's proprietary battery-swapping technology, the joint venture
will provide electrified solutions for Thailand's commercial logistics and dedicated
passenger transportation markets. U Power will also leverage its
expertise to provide commercial EVs compatible with its UOTTA
technology and deploy battery swapping and charging stations for
commercial EVs in key cities and logistics nodes across
Thailand, enhancing logistics
chain efficiency. Furthermore, the Parties intend to jointly
develop automatic and semi-automatic charging stations compatible
with U Power's vehicles and tailored to the specific needs of the
Thai market. During the initial phase of the partnership, U Power
will introduce battery swapping technology and compatible EVs. As
the partnership matures, U Power intends to locally manufacture
battery-swapping commercial vehicles in Thailand. These vehicles will include pickup
trucks and light-duty vans for dedicated transportation
routes.
Jia Li, Chairman and CEO of U
Power, commented, "We are proud to enter into a strategic
partnership with Pattaya AI. This collaboration leverages our
expertise in EV battery solutions and Pattaya AI's capabilities and
resources to address emerging opportunities in Thailand's evolving EV market. By partnering
with Pattaya AI, we aim to revolutionize green logistics, enhance
Thailand's electric vehicle
infrastructure, and build a solid foundation upon which we can
pursue future innovations and deliver sustainable shareholder
value."
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 Pattaya AI Terminal Co., Ltd.
Pattaya AI, a subsidiary of Pattaya Group, specializes in
airport solutions. It provides innovative services using modern
information technology to enhance airport development and
efficiency. Pattaya AI's current operations at U-Tapao
International Airport in Thailand
include the implementation of a Common Use Passenger Processing
System (CUPPS) and IPax NG (Local Departure Control System: LDCS).
These systems facilitate efficient passenger processing, improve
safety, and support domestic and international airlines operating
at the airport.
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