Business
U Power Limited Enters into Strategic Cooperation Agreement with Magnify Capital Partners to Establish an Investment Fund
Shanghai, China, Sept. 19, 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, Sept. 19, 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 the Company has entered into a strategic cooperation agreement (the \"Agreement\") with Magnify Capital Partners, a financial/investment advisory and fund management company, to establish an investment fund. The fund will be established to provide financial support, and Magnify Capital Partners will provide industry guidance, for the Company’s prospective future projects, including infrastructure construction for battery charging and battery swapping stations, both for two-wheel and four-wheel vehicles, in Portugal. The Company currently does not have any business in Portugal. The term of the Agreement is one year. Pursuant to the Agreement, both parties agree to establish a regular meeting schedule for business assessment and information exchange, and to set up a project team as the executive team of the cooperation that will be fully responsible for the development of business. The project team will hold regular meetings to discuss development strategies, communicate business information and timely solve problems. Mr. Jia Li, Chief Executive Officer, and Chairman of the Board of Directors of the Company, commented, “We are excited to start the cooperation with Magnify Capital Partners, which we believe will prepare us well for business development and expansion in Portugal and other Portuguese-speaking regions. The cooperation marks our debut in this brand-new market and is expected to improve our industrial competitiveness and market influence. We look forward to seeing more progress of our business development efforts both locally and overseas while generating more 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 typ...