U Power and NV Gotion Join Forces for EV Battery Solutions

U Power Collaborates with NV Gotion for EV Battery Innovations

U Power Limited (NASDAQ: UCAR), a leading provider of electric vehicle (EV) battery-swapping solutions, has announced a partnership with NV Gotion Co., LTD. This collaboration aims to introduce advanced battery technologies to the rapidly growing EV market in Southeast Asia.

Details of the Strategic Partnership

The signed Memorandum of Understanding (MOU) between U Power and NV Gotion marks a significant step in their strategic partnership. Together, both companies will focus on developing innovative battery modules and packs tailored for a wide range of EVs including scooters, trucks, and vans. This initiative will also pave the way for the establishment of a robust battery-swapping infrastructure in the region, promoting easier access to EVs.

Building a Sustainable Battery Ecosystem

As part of the agreement, U Power and NV Gotion will also work on creating battery-bank operations. This will include solutions for battery leasing and vehicle-to-grid (V2G) technology, allowing EVs to transition from being mere transportation devices into dynamic energy assets, thereby enhancing energy efficiency within smart grids.

U Power's Growing Ecosystem

In the past year, U Power has made significant strides by signing various MOUs and joint ventures aimed at building an ecosystem of battery-swapping stations across the region. These partnerships will strategically position the stations at fueling locations, significantly improving accessibility for EV owners and supporting the broader adoption of electric mobility.

The Vision for Southeast Asian Markets

Johnny Lee, CEO and Chairman of U Power, expressed enthusiasm about this collaboration, stating, "This partnership with NV Gotion enables us to enhance our capabilities in providing a reliable supply of EV batteries across Southeast Asia. It's an exciting time as we work towards revolutionizing how electric mobility operates in our region, especially as the demand for innovative battery solutions increases."

About NV Gotion Co., LTD

NV Gotion is a strategic joint venture focused on producing high-voltage battery modules and packs specifically designed for EVs. Their operation capitalizes on the extensive resources of Gotion High-Tech, which encompasses every aspect of the battery value chain, from material sourcing to recycling. This ensures a consistent and sustainable supply of energy solutions.

About U Power Limited

U Power Limited specializes in EV battery-swapping technologies, utilizing its proprietary UOTTA™ platform. The company manufactures various models of battery-swapping stations and offers battery rental services tailored for two-wheeled vehicles. U Power is committed to expanding its reach in energy technology, investing in smart grid solutions to integrate AI-powered systems for a more dynamic energy landscape.

Contact Information

For further inquiries, you can reach U Power's Investor Relations Department via email at ir@upincar.com.

Frequently Asked Questions

What is the purpose of the partnership between U Power and NV Gotion?

The partnership aims to develop advanced battery technologies and establish a battery-swapping infrastructure to support a range of electric vehicles in Southeast Asia.

What types of vehicles will benefit from this partnership?

The collaboration will support various vehicles, including two-wheelers, vans, pickups, and heavy-duty trucks.

How does battery leasing work in this new initiative?

Battery leasing allows users to access batteries without owning them, reducing the upfront cost of EV ownership and making it easier to switch out batteries as needed.

What is the significance of vehicle-to-grid (V2G) technology?

V2G technology facilitates the integration of EVs into the power grid, allowing them to return energy to the grid and support energy demand management.

Where can I find more information about U Power?

More details about U Power and their offerings can be found on their official website.

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