U Power Limited (Nasdaq: UCAR) ("U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive EV battery power solution provider in China, today announced that it has entered into a Memorandum of Understanding (the "MOU") on February 6, 2024, with Durapower Holdings Pte Ltd. ("Durapower"), a Singapore-based lithium-ion battery manufacturer.
Pursuant to the MOU, U Power and Durapower intend to jointly explore several areas relating to battery swapping technology applications for electric vehicles and ships used for medium- and short-distance transportation, mining trucks used for ore transfer, and logistical vehicles used for urban cold chain distribution. U Power and Durapower also intend to cooperate to establish a "battery banking" business model based on intelligent battery swapping technology, and collaborate on marketing efforts to promote awareness of the technology in Singapore and elsewhere.
Mr. Jia Li, Chief Executive Officer and Chairman of the Board of Directors of the Company, commented, "We believe this collaboration can help drive the advancement of scalable and sustainable new applications for battery swapping technology. We are eager to leverage Durapower's industry knowledge and resources, and are excited to work together to achieve future success."