U Power and Cornerstone Sign MoU to Explore the Application of New Energy Charging Equipment and EV Product Solutions in Hong Kong and Southeast Asia

SHANGHAI, Feb. 6, 2024 /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 that it has signed a Memorandum of Understanding ("MoU") with Cornerstone Technologies Holdings Limited ("Cornerstone"), a leading EV charging solution provider and charge point operator based in Hong Kong with an increasing presence across South East Asia, to jointly explore and develop a strategic business relationship.

Pursuant to the MoU, U Power and Cornerstone intend to jointly assess and promote the application of new energy charging equipment and EV product solutions, such as battery swapping stations and other charging equipment to provide effective and sustainable solutions in Hong Kong and the Southeast Asia region. In addition, both parties have agreed to explore the possibility of investing into a Joint Venture for the business.

Mr. Jia Li, Chief Executive Officer, and Chairman of the Board of Directors of the Company, commented, "We are pleased to sign this MoU with Cornerstone. We are confident that the synergies between our UOTTA technology and Cornerstone's robust operational capacity will enable us to strategically focus on Hong Kong and the Southeast Asian region. Our shared objective is to provide customers with enhanced and streamlined solutions for electric vehicle charging and battery swapping applications. Through this collaboration, we believe our battery swapping stations will gain increased visibility in our target markets. We look forward to building a successful relationship that delivers sustainable value for our shareholders."

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/.

About Cornerstone Technologies Holdings Limited

Cornerstone is a leading EV charging solution provider and charge point operator based in Hong Kong with increasing presence across South East Asia. Cornerstone develops its own software and hardware, creating comprehensive EV charging solutions for leading companies and organisations including the Hong Kong Government and many leading developers and carpark operators. Cornerstone also operates one of the largest public EV charging networks in Hong Kong as well as being one of the largest residential private EV charging service providers.

Forward-Looking Statements

This press release contains "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.

For investor and media inquiries, please contact:

U Power Limited

Investor Relations Department
Email: ir@upincar.com

ICR, LLC

Robin Yang
Email: UPower.IR@icrinc.com
Phone: +1 (212) 475-0415

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SOURCE U Power Limited