U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a vehicle sourcing services provider with a vision to become a comprehensive electric EV battery power solution provider in China, signed a Memorandum of Understanding with Velo Labs Technology Ltd. (“Velo Labs”), a global fintech company, to establish a battery infrastructure investment ecosystem in Thailand.
Their collaboration intends to accelerate battery bank operations in the UOTTA battery-swapping ecosystem.
To improve battery tracking, user experience, and operational efficiency, our cooperation will design a new electric vehicle battery bank development model using blockchain technology.
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This relationship centers on Velo’s blockchain-based battery bank asset and fund trading platform. The platform will incorporate battery assets from “UOTTA” battery bank scenarios, including four-wheel and two-wheel electric car batteries, battery swap station batteries, and energy storage project batteries.
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The alliance hopes to attract external finance to grow the battery bank business through this platform. The alliance will also manage battery cascade utilization, dismantling, and ecologically appropriate disposal, enhancing battery utilization and residual value.
Jia Li, Chairman and CEO of U Power, commented, “Our partnership with Velo Labs demonstrates that as electric vehicles and other green applications develop on a large scale, battery banks will become increasingly important. Once the value system and trading model for battery assets are established, more investors will be attracted to enter this vast market in the future. Our UOTTA battery swap business serves as an ideal carrier for this model and will generate consistent returns for our shareholders.”
About U Power
U POWER‘s rolling chassis technology integrates the world’s most complete and cost-competitive EV supply chain to allow customers manufacture customized and localized EVs cheaper, faster, and better.
About Velo Labs
Velo Labs Financial system built on blockchain that allows companies to transfer assets internationally and issue digital credits.
