Building on its patented UOTTA electric vehicle (EV) battery-swapping technology, U Power Limited, a provider of AI-powered solutions for next-generation energy grids and intelligent transportation systems, today announced that it has entered into a Memorandum of Understanding with BOCOM International, an investment holding company that offers securities brokerage, investment loans, asset management, and advisory services, and Shandong Hi-Speed New Energy Group Limited, a business that develops, builds, and manages photovoltaic power, wind power, and clean heat supply services. Beyond Hong Kong SAR, the parties want to further investigate comparable methods of collaboration with countries like Thailand and Portugal.
This collaboration aims to construct, set up, and run 50 intelligent, carbon-free battery-swapping stations around Hong Kong. In accordance with the MOU, BOCOM will offer specialized financing options, while SHNE will invest in the development of intelligent battery-swapping stations to be placed in key taxi operating regions in Hong Kong. To guarantee that battery-swapping stations adhere to Hong Kong’s customer service and EV operating requirements, U Power will offer operational and technical assistance.
The ultimate objective of U Power for the Hong Kong region is to establish a battery-swap ecosystem capable of converting Hong Kong’s fleet of commercial vehicles into more environmentally friendly electric vehicles and advancing effective and sustainable urban transportation. Notably, U Power also unveiled Battery-Token, a cutting-edge solution utilizing Web 3.0 blockchain and token-based economics, as part of this business strategy.
Johnny Lee, CEO and Chairman of U Power, commented, “Over the last year, we have established an ecosystem of strong partners from taxi operators to car manufacturers, EV battery builders, clean energy service providers, and financing entities, which allows us to quickly move forward with our ambitious business plan in several markets. Through the cooperation with SHNE and BOCOM, we are making significant progress in one of our key markets, Hong Kong, while also exploring several opportunities to strengthen our presence in other existing markets and expand in new markets.”
