U Power Limited (the “Company” or “U Power”), a provider of comprehensive electric vehicle (“EV”) battery-swapping solutions on track of becoming a smart energy grid solutions provider, today announced the signing of a Memorandum of Understanding (the “MOU”) with NV Gotion Co., LTD (“NV Gotion”), a globally recognized leader in new energy battery manufacturing, to deploy swapping-enabled EV batteries, and develop battery-bank solutions for compatible EVs in Thailand and the broader Southeast Asia region.
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 Thailand. In addition, both parties will jointly develop comprehensive battery-bank operations to support this infrastructure, including battery leasing and vehicle-to-grid (V2G) solutions.
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 Thailand.
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.”
SOURCE: U Power
