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 …