SHANGHAI, June 5, 2024
/PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U
Power"), a vehicle sourcing services provider with a vision to
becoming a comprehensive electric EV battery power solution
provider in China, today announced
that its UOTTA technology and battery swapping station model is to
be adopted in a strategic collaboration between UNEX EV B.V.
("UNEX") and Associação Nacional dos Transportes Rodoviários em
Automóveis Ligeiros ("ANTRAL").
ANTRAL is an association of companies in Portugal representing public passenger road
transport companies operating light vehicles designated as taxis.
Through their collaboration, UNEX and ANTRAL aim to significantly
reduce greenhouse gas emissions in the transport sector by 2030, in
line with the European Union's decarbonization targets and
Portugal's regulatory requirements
for taxi vehicles.
Bringing together U Power's battery swapping station model,
UOTTA technology, and ANTRAL's extensive network and market
knowledge, the collaboration aims to establish and develop a
partnership for the intermediary sales of electric vehicles,
primarily targeting the taxi industry. The initiative is supported
by incentives for decarbonization, whether through the sale and
exchange of vehicles or the installation of charging and battery
swapping stations.
Jia Li, Chairman and CEO of U
Power, commented, "This collaboration between UNEX and ANTRAL that
utilizes our UOTTA technology marks a significant stride towards
promoting sustainable transportation and reducing emissions. By
combining our battery-swapping expertise with their commitment to
decarbonization, we aim to facilitate the transition of taxi fleets
from fossil fuels to electric mobility. This partnership highlights
the global taxi industry's shift towards electrification, which
will lead to reduced operational costs, increased driver earnings,
and lower carbon footprints. With 50,000-60,000 European taxis
expected to transition to electric vehicles in the next three to
five years, our technology and support systems are well-positioned
to drive this transition across various countries and regions. The
application of our UOTTA technology in the collaboration
demonstrates that it is gradually being adopted and validated in
overseas markets. We will continue to work with EV manufacturers
and taxi companies to secure additional partnerships, creating
value for our shareholders through business development in the
European market."
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 and is operating one manufacturing
factory in Zibo City, Shandong
Province, China. For more
information, please visit the Company's website:
http://ir.upincar.com/.
Safe Harbor Statements
This press release may contain "forward-looking statements".
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company's current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "could," "expect," "anticipate," "aim," "estimate,"
"intend," "plan," "believe," "is/are likely to," "propose,"
"potential," "continue" or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
Contacts
U Power Limited
Investor Relations Department
Email: ir@upincar.com
Robin Yang, Partner
ICR, LLC
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415
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SOURCE U Power Limited
