U Power Limited Enters into Strategic Cooperation Agreement with Magnify Capital Partners to Establish an Investment Fund
19 Settembre 2023 - 2:00PM
U Power Limited (Nasdaq: UCAR) (the “Company” or “U Power”), a
vehicle sourcing services provider with a vision to becoming a
comprehensive EV battery power solution provider in China, today
announced that the Company has entered into a strategic cooperation
agreement (the "Agreement") with Magnify Capital Partners, a
financial/investment advisory and fund management company, to
establish an investment fund. The fund will be established to
provide financial support, and Magnify Capital Partners will
provide industry guidance, for the Company’s prospective future
projects, including infrastructure construction for battery
charging and battery swapping stations, both for two-wheel and
four-wheel vehicles, in Portugal. The Company currently does not
have any business in Portugal. The term of the Agreement is one
year.
Pursuant to the Agreement, both parties agree to
establish a regular meeting schedule for business assessment and
information exchange, and to set up a project team as the executive
team of the cooperation that will be fully responsible for the
development of business. The project team will hold regular
meetings to discuss development strategies, communicate business
information and timely solve problems.
Mr. Jia Li, Chief Executive Officer, and
Chairman of the Board of Directors of the Company, commented, “We
are excited to start the cooperation with Magnify Capital Partners,
which we believe will prepare us well for business development and
expansion in Portugal and other Portuguese-speaking regions. The
cooperation marks our debut in this brand-new market and is
expected to improve our industrial competitiveness and market
influence. We look forward to seeing more progress of our business
development efforts both locally and overseas while generating more
value for our shareholders.”
About U Power Limited
U Power Limited is a vehicle sourcing services
provider, with a vision to becoming an EV market player primarily
focused on its proprietary battery-swapping technology, or UOTTA
technology, which is an intelligent modular battery-swapping
technology designed to provide a comprehensive battery power
solution for EVs. Since its operation in 2013, the Company has
established a vehicle sourcing network in China's lower-tier
cities. The Company has developed two types of battery-swapping
stations for compatible EVs and is operating one manufacturing
factory in Zibo City, Shandong Province, China. For more
information, please visit the Company's website:
http://ir.upincar.com/.
Forward-Looking Statements
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. These forward-looking statements involve known
and unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the U.S. Securities and Exchange Commission.
For investor and media inquiries, please
contact:
U Power LimitedInvestor Relations
DepartmentEmail: ir@upincar.com
Ascent Investor Relations LLCTina XiaoPhone:
+1-917-609-0333Email: tina.xiao@ascent-ir.com
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