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Update
$U Power (UCAR.US)$ U Power Limited Expands European Presence With UOTTA Technology Implementation in Portugal
PR Newswire· 5 mins ago
-Energy U Limited, Subsidiary of U Power, Forms Joint Venture to Deploy Battery Swapping Solutions-
SHANGHAI, Jan. 6, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced its wholly-owned subsidiary, Energy U Limited, has signed a joint venture agreement with Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros ("ANTRAL"), Portugal's national taxi association representing public passenger road transport companies operating light vehicles, marking the Company's strategic advancement in the European market.
Following successful pilot testing of U Power's battery-swapping technology in Portugal, initial operations are commencing with 40 vehicles per battery-swapping station. Full integration of the battery-swapping stations and vehicle deployment is scheduled to begin next year, marking a significant milestone in establishing U Power's presence in the European electric vehicle market.
The newly formed venture will focus on accelerating Portugal's transition to electric mobility by developing an integrated EV ecosystem that combines vehicles and battery-swapping infrastructure. This initiative addresses critical challenges faced by Portugal's taxi operators in their transition to electric vehicles, including limited charging infrastructure and concerns about battery lifecycle management. The UOTTA battery swapping solution effectively resolves these operational barriers while supporting Portugal's decarbonization goals in the transportation sector, creating a scalable model for expansion across other European markets.
"This joint venture represents a significant milestone in our European expansion strategy," said Jia Li, Chairman and CEO of U Power. "Building upon our previous collaboration agreement and comprehensive market research, ANTRAL has expressed strong confidence in our taxi fleet battery-swapping solution. We are moving forward with plans for nationwide deployment of battery-swapping taxi services across Portugal in 2025. This partnership establishes a solid foundation for U Power's growth, creating value for our shareholders through strategic market expansion. "
PR Newswire· 5 mins ago
-Energy U Limited, Subsidiary of U Power, Forms Joint Venture to Deploy Battery Swapping Solutions-
SHANGHAI, Jan. 6, 2025 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced its wholly-owned subsidiary, Energy U Limited, has signed a joint venture agreement with Associação Nacional dos Transportes Rodoviários em Automóveis Ligeiros ("ANTRAL"), Portugal's national taxi association representing public passenger road transport companies operating light vehicles, marking the Company's strategic advancement in the European market.
Following successful pilot testing of U Power's battery-swapping technology in Portugal, initial operations are commencing with 40 vehicles per battery-swapping station. Full integration of the battery-swapping stations and vehicle deployment is scheduled to begin next year, marking a significant milestone in establishing U Power's presence in the European electric vehicle market.
The newly formed venture will focus on accelerating Portugal's transition to electric mobility by developing an integrated EV ecosystem that combines vehicles and battery-swapping infrastructure. This initiative addresses critical challenges faced by Portugal's taxi operators in their transition to electric vehicles, including limited charging infrastructure and concerns about battery lifecycle management. The UOTTA battery swapping solution effectively resolves these operational barriers while supporting Portugal's decarbonization goals in the transportation sector, creating a scalable model for expansion across other European markets.
"This joint venture represents a significant milestone in our European expansion strategy," said Jia Li, Chairman and CEO of U Power. "Building upon our previous collaboration agreement and comprehensive market research, ANTRAL has expressed strong confidence in our taxi fleet battery-swapping solution. We are moving forward with plans for nationwide deployment of battery-swapping taxi services across Portugal in 2025. This partnership establishes a solid foundation for U Power's growth, creating value for our shareholders through strategic market expansion. "
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