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U Power Limited Enters into Framework Strategic Cooperation Agreement with Quantum Solutions Co., Ltd. in Japan
Shanghai, China, June 01, 2023 (GLOBE NEWSWIRE) -- U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a vehicle sourcing services provider with a
About this update from U Power Limited
[{"type":"text","content":"Shanghai, China, June 01, 2023 (GLOBE NEWSWIRE) -- 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 on May 31, 2023, the Company entered into a framework strategic cooperation agreement (the “Framework Agreement”) with Quantum Solutions Co., Ltd. (TSE: 2338) (“Quantum Solutions”), the first and only independent Japanese electric vehicle (“EV”) manufacturer listed on the Tokyo Stock Exchange, to develop business initiatives relating to marketing, research and development of new energy vehicles, financial technologies, battery banks, EV charging and battery-swapping operations and services in Japan. Pursuant to the Framework Agreement: (1) Quantum Solutions agrees to advise on the selection and development of suitable EV models by leveraging its deep understanding of Japan’s EV market and consumer needs; (2) U Power agrees to provide battery-swapping technology, products, and compatible cloud service platforms according to Quantum Solutions’ requirements, (3) both parties intend to recruit other strategic partners in the field of new energy storage, such as battery developers, and may establish a joint venture in the future to further pursue their strategic cooperation, and (4) specifics of any such strategic cooperation will be determined in separate agreements as soon as practicable. Jia Li, Chief Executive Officer, Director, and Chairman of the Board of Directors of the Company, commented, “We are thrilled to cooperate with Quantum Solutions. This collaboration brings together our expertise in EV battery technology with Quantum Solutions' market presence in Japan’s EV market. Together, we aim to create a new benchmark in Japan's new energy technology and electric vehicle industry. Moving forward, we plan to continue to seek new strategic partners and tap into the potential of Japan’s EV market. We expect to utilize our UOTTA battery-swapping technology to innovate and ultimately expand into Japan’s EV market. We anticipate the partnership will generate substantial value for our shareholders.” About Quantum Solutions Co., Ltd. Quantum Solutions Co., Ltd. is the first and only independent electric vehicle company listed on the Tokyo Stock Exchange. Originated in Japan, Quantu...