U Power signs MOU with Shandong Hi-Speed New Energy Group, BOCOM

U Power (UCAR) announced that it has signed a Memorandum of Understanding with Shandong Hi-Speed New Energy Group, a company that engages in development, construction and management of photovoltaic power, wind power, and clean heat supply services, and BOCOM International, an investment holding company that provides securities brokerage, investment loans, asset management and advisory services, to jointly establish a commercial EV battery-swapping ecosystem in Hong Kong. The parties plan to gradually explore similar cooperation models beyond Hong Kong SAR, including Thailand and Portugal. The goal for this partnership is to build, install and operate a total of 50 smart, zero carbon battery-swapping stations in Hong Kong. Pursuant to the MOU, SHNE will invest in the construction of smart battery-swapping stations to be installed in core taxi operating areas in Hong Kong, while BOCOM will provide dedicated financing solutions. U Power will provide technical and operational support to ensure battery-swapping stations comply with Hong Kong’s customer service and EV operating standards. U Power’s ultimate goal for the Hong Kong area is to create a battery-swap ecosystem able of transforming Hong Kong’s fleet of commercial vehicles into greener EVs and promote sustainable and efficient urban transportation. Of note, as part of this business model, U Power also introduced Battery-Token, an innovative solution using Web 3.0 blockchain and token-based economics.