#Shanghai #United States #Hong Kong #U Power #EV battery swapping

U Power Partners with Hong Kong Tech Company for EV Battery Swapping

U Power Limited, listed on Nasdaq under the symbol UCAR, is making strides in the electric vehicle (EV) market by signing a Letter of Intent (LOI) with a Hong Kong-based technology company focused on vehicle dashcams. This collaboration is set to introduce 300 battery-swapping compatible vehicles into the Hong Kong market, greatly increasing the accessibility of electric transportation. The company is renowned for its AI-driven solutions tailored for advanced energy grids and intelligent transportation systems, especially through its proprietary UOTTA™ battery-swapping technology.

The agreement marks a significant step toward making battery-swapping technology a viable option for consumers and drivers in Hong Kong. According to the LOI, the client will procure 300 MGEP swappable-battery compatible EVs, which have already begun the purchasing process with an initial deposit. As negotiations progress, the finalization of a comprehensive sales agreement will pave the way for the commercial deployment of these innovative vehicles.

Once the contract is concluded and the vehicles are delivered, they will be integrated into a commercial framework where drivers can utilize U Power's smart battery-swapping stations, recently inaugurated in Hong Kong. These stations allow for efficient battery exchanges, encouraging usage as drivers will earn tokens for every swap. These tokens can subsequently be exchanged for credits against electricity tariffs, providing a unique incentive structure aimed at promoting sustainable energy consumption.

A spokesperson for the Hong Kong tech company emphasized the importance of this partnership, stating, "We are excited to take this significant step with U Power toward accelerating the adoption of battery-swapping electric vehicles in Hong Kong. Being a technology-centric organization committed to enhancing operational efficiency and environmental sustainability, we see immense potential within U Power's innovative vehicle-swapping ecosystem. By introducing swappable-battery EVs to this market, we hope to enhance driver productivity and significantly minimize our carbon impact."

U Power's CEO, Johnny Lee, shared his enthusiasm for this partnership, calling it a milestone that underscores the company's technological leadership and commitment to sustainable practices. Following the launch of Hong Kong's first smart battery-swapping station in June, U Power is now set to roll out 300 battery-compatible EVs into the local market.

The company's advanced battery-swapping platform is designed to scale rapidly, thereby transforming its robust pipeline of global partnerships into diversified revenue streams. These revenue streams will not just come from the sales and deploying of smart stations but also from battery swapping services. As U Power accelerates its expansion in the Hong Kong market and other strategic regions, it remains committed to delivering smarter, cleaner, and more efficient mobility solutions.

About U Power Limited, it is a pioneer of AI-integrated energy solutions, connecting electric vehicles with advanced energy infrastructures. From its inception as a distributor of various battery-swapping station models based on its proprietary UOTTA™ technology, it has evolved into a holistic solution provider, encompassing both energy grid and transportation systems. Through investment in future-oriented technologies, U Power is building intelligent ecosystems that harness cutting-edge AI to enhance the efficiency of energy replenishment and optimize EV dynamic capabilities. U Power aims to provide solutions that enable the smart connection of EV assets with advanced transportation systems, thus ensuring energy load balancing during peak and off-peak periods.

For details on U Power's innovative solutions and future progress, visit U Power Limited's official website.