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U Power Limited Enters into Strategic Cooperation Agreement with Zhongneng Lithium Battery Technology Taizhou Co., Ltd
Shanghai, China, Sept. 25, 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. 25, 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 it has entered into a strategic cooperation agreement (the “Agreement”) with Zhongneng Lithium Battery Technology Taizhou Co., Ltd (“Zhongneng Technology”), a Chinese company engaging in the research and application of lithium energy storage products. Through this cooperation, both parties intend to explore new markets, expand existing market share, and enhance brand influence and industrial competitiveness. Pursuant to the Agreement, both parties have agreed to cooperate and utilize each other's resources in the energy storage, battery charging and swapping and other related industries, in areas including, but not limited to, research and development of commercial and civil energy storage equipment, and battery charging and swapping technology. To such end, both parties have agreed to establish an energy storage technology research institute, which will include an energy storage research and development center and an industrial technology incubation center. Mr. Jia Li, Chief Executive Officer, and Chairman of the Board of Directors of the Company, commented, “We are excited to cooperate with Zhongneng Technology. With our solid business foundation and technology, we expect this partnership will provide us with an exciting opportunity to expand into the energy storage market. Through the partnership, we also expect to accelerate the innovation of battery charging and swapping and energy storage system integration solutions for electric vehicles. We believe the partnership will create growth opportunities for both Zhongneng Technology and U Power.” 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 ...