-Energy U Limited, Subsidiary of U Power,
Forms Joint Venture to Deploy Battery Swapping
Solutions-
SHANGHAI, Jan.
6, 2025 /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 its wholly-owned subsidiary,
Energy U Limited, has signed a joint venture agreement with
Associação Nacional dos Transportes Rodoviários em Automóveis
Ligeiros ("ANTRAL"), Portugal's
national taxi association representing public passenger road
transport companies operating light vehicles, marking the Company's
strategic advancement in the European market.
Following successful pilot testing of U Power's battery-swapping
technology in Portugal, initial
operations are commencing with 40 vehicles per battery-swapping
station. Full integration of the battery-swapping stations and
vehicle deployment is scheduled to begin next year, marking a
significant milestone in establishing U Power's presence in the
European electric vehicle market.
The newly formed venture will focus on accelerating Portugal's transition to electric mobility by
developing an integrated EV ecosystem that combines vehicles and
battery-swapping infrastructure. This initiative addresses critical
challenges faced by Portugal's
taxi operators in their transition to electric vehicles, including
limited charging infrastructure and concerns about battery
lifecycle management. The UOTTA battery swapping solution
effectively resolves these operational barriers while supporting
Portugal's decarbonization goals
in the transportation sector, creating a scalable model for
expansion across other European markets.
"This joint venture represents a significant milestone in our
European expansion strategy," said Jia
Li, Chairman and CEO of U Power. "Building upon our previous
collaboration agreement and comprehensive market research, ANTRAL
has expressed strong confidence in our taxi fleet battery-swapping
solution. We are moving forward with plans for nationwide
deployment of battery-swapping taxi services across Portugal in 2025. This partnership establishes
a solid foundation for U Power's growth, creating value for our
shareholders through strategic market expansion. "
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
