SHANGHAI, June 5, 2024 — U Power Limited (NASDAQ: UCAR), a EV battery power solution provider in China, announced that its UOTTA technology and battery swapping station model will be adopted by a strategic collaboration between UNEX EV B.V. (“UNEX”) and Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros (“ANTRAL”).

ANTRAL, an association representing taxi companies in Portugal, will work with UNEX to reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union’s decarbonization targets.

The collaboration aims to establish a partnership for the sales of electric vehicles, primarily targeting the taxi industry. It will combine U Power’s battery swapping station model, UOTTA technology, and ANTRAL’s market knowledge.

Jia Li, Chairman and CEO of U Power, said, “This collaboration promotes sustainable transportation and reduces emissions. Our battery-swapping expertise and their commitment to decarbonization will facilitate the transition of taxi fleets to electric mobility.”

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: .

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:

Robin Yang, Partner
ICR, LLC
Email:
Phone: +1 (212) 475-0415

SOURCE U Power Limited