U Power Signs an MOU with NV Gotion to Supply Swapping-Enabled EV Batteries and Develop Battery-Bank Solutions for Thailand and the Broader ASEAN Markets
Rhea-AI Summary
U Power (NASDAQ:UCAR) has signed a strategic Memorandum of Understanding (MOU) with NV Gotion to develop and deploy swapping-enabled EV batteries and battery-bank solutions in Thailand and Southeast Asia. The partnership will focus on developing battery modules for various vehicle types, from two-wheelers to heavy-duty trucks.
This agreement adds to U Power's expanding ecosystem in Thailand, which includes partnerships with Pattaya AI Terminal for battery-swapping stations, SUSCO for fueling station locations, and agreements with SAIC, EZZY Transporter, Sumitomo Mitsui, and Auto Drive EV for compatible EVs. The collaboration aims to establish comprehensive battery-bank operations, including battery leasing and vehicle-to-grid (V2G) solutions.
Positive
- None.
Negative
- Agreement is currently only at MOU stage, not a binding contract
- No specific financial terms or timeline details disclosed
- Faces potential competition in rapidly growing Southeast Asian EV market
News Market Reaction
On the day this news was published, UCAR declined 1.59%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Specifically, pursuant to the MOU, both parties will establish a strategic partnership to jointly develop battery modules and packs for a variety of EVs including two- and three-wheelers, pickup trucks, vans, light-duty trucks, as well as heavy-duty trucks and establish a battery-swapping infrastructure in
Of note, over the last year, U Power has signed several MOUs and joint ventures aiming to create an ecosystem comprised of battery-swapping stations (agreement with Pattaya AI Terminal Co., Ltd) strategically positioned at fueling stations (agreement with SUSCO Public Company Limited (BK: SUSCO)), to support a variety of compatible EVs (agreements with SAIC, EZZY Transporter, Sumitomo Mitsui and Auto Drive EV Public Co.) throughout
Johnny Lee, CEO and Chairman of U Power commented, "We are excited to partner with NV Gotion, a vertically integrated battery company spanning the entire value chain from mining of raw materials to battery manufacturing, and battery recycling. This partnership strengthens our capabilities in addressing a growing demand for a reliable supply of compatible EV batteries in the
About NV Gotion Co., LTD
NV Gotion Co., LTD is a strategic joint venture between Thailand–based Nuovo Plus (a subsidiary of PTT Group,
About U Power Limited
U Power is a comprehensive provider of electric vehicle (EV) battery swapping solutions using its proprietary modular battery-swapping technology, UOTTA™. U Power manufactures and sells different models of UOTTA battery-swapping stations for EVs, and sells and rents battery swap cabinets to two-wheeled vehicle drivers. U Power also provides battery-swapping services for vehicle drivers and station control system upgrading services for battery-swapping station owners.
Through investments in next-generation technologies, U Power is on track of becoming a comprehensive solutions provider for smart energy grids. Expanding on its UOTTA technology platform, the Company is investing in building intelligent ecosystems that integrate resilient AI driven solutions able to transform electric vehicles (EVs) into dynamic energy assets.
For more information, please visit the Company's website: https://www.upower-limited.com/.
Safe Harbor 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 statements and other filings with the
Contact
U Power Limited
Investor Relations Department
ir@upincar.com
The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / lcati@theequitygroup.com
Alice Zhang, Associate
212-836-9610 / azhang@theequitygroup.com
View original content:SOURCE U Power Limited
FAQ
What is the purpose of U Power's MOU with NV Gotion?
What types of vehicles will UCAR's battery solutions support in Thailand?
Who are U Power's other strategic partners in Thailand?
What services will U Power's battery-bank operations include?
Why did UCAR choose NV Gotion as a strategic partner?
