The world-renowned leader in the production of new energy batteries, NV Gotion Co., LTD, and U Power Limited, a provider of complete electric vehicle battery-swapping solutions that is on track to become a smart energy grid solutions provider, have signed a Memorandum of Understanding to deploy swapping-enabled EV batteries and develop battery-bank solutions for compatible EVs in Thailand and the larger Southeast Asia region.
In particular, the MOU states that both parties will form a strategic partnership to establish a battery-swapping infrastructure in Thailand and work together to develop battery modules and packs for a range of EVs, including two- and three-wheelers, pickup trucks, vans, light-duty trucks, and heavy-duty trucks. To support this infrastructure, both parties will also work together to create extensive battery-bank businesses, such as vehicle-to-grid (V2G) and battery leasing.
Notably, during the past year, U Power has inked a number of MOUs and joint ventures with the goal of establishing an ecosystem that will support a range of compatible EVs (agreements with SAIC, EZZY Transporter, Sumitomo Mitsui, and Auto Drive EV Public Co.) throughout Thailand and include battery-swapping stations (agreement with Pattaya AI Terminal Co., Ltd.) strategically placed at gas stations (agreement with SUSCO Public Company Limited (BK: SUSCO)).
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 Southeast Asia market and marks a significant step forward towards the acceleration of our battery-bank operations. We believe this new strategic partnership will empower us to seize market share and create a fully integrated battery-swapping ecosystem.”
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