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SHANGHAI - U Power Limited (NASDAQ:UCAR), a micro-cap company valued at $11 million that according to InvestingPro analysis is currently trading below its Fair Value, announced Wednesday it has signed a memorandum of understanding with Shandong Hi-Speed New Energy Group Limited (HKEX:1250) and BOCOM International (HKEX:3329) to establish a commercial electric vehicle battery-swapping ecosystem in Hong Kong.
The partnership aims to build, install and operate 50 smart battery-swapping stations in Hong Kong’s core taxi operating areas, according to a company press release. Under the agreement, Shandong Hi-Speed New Energy will invest in the construction of the stations, while BOCOM International will provide financing solutions. U Power will supply technical and operational support.
The initiative seeks to transform Hong Kong’s commercial vehicle fleet into greener electric vehicles and promote sustainable urban transportation. The company also introduced "Battery-Token," a blockchain-based solution using Web 3.0 technology.
"Over the last year, we have established an ecosystem of strong partners which allows us to quickly move forward with our ambitious business plan in several markets," said Johnny Lee, CEO and Chairman of U Power.
The companies plan to gradually explore similar cooperation models beyond Hong Kong, including Thailand and Portugal.
U Power describes itself as a provider of AI-integrated energy solutions connecting electric vehicles with advanced energy infrastructure. Shandong Hi-Speed New Energy Group operates photovoltaic power, wind power, and clean heat supply services, while BOCOM International provides securities brokerage and financial services.
In other recent news, U Power Limited has made significant strides with several strategic agreements and initiatives. The company announced a memorandum of understanding with IoTex to purchase real-world assets backed by corporate bonds issued by U Power. This collaboration aims to explore tokenization solutions for these assets, potentially strengthening U Power’s capital structure. Additionally, U Power has entered the Singapore market by signing an Electric Service Provider agreement to deploy its UOTTA battery-swapping stations and facilitate the sale of compatible electric vehicles.
U Power also signed a memorandum of understanding with Beijing Foton International Trade Co., Ltd. to promote battery-swapping compatible electric commercial vehicles across several regions, including Southeast Asia and South America. In Macau, U Power signed its first ESP agreement to deploy battery-swapping stations, with local partners managing installation and maintenance. Furthermore, the company delivered the first fleet of battery-swapping taxis in Southeast Asia to Auto Drive EV Public Company Limited in Thailand, marking a significant milestone in sustainable transportation.
These developments highlight U Power’s ongoing efforts to expand its battery-swapping technology and electric vehicle solutions across new markets.
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