SHANGHAI, June 5, 2024 /PRNewswire/ -- U Power Limited (Nasdaq: UCAR) (the "Company" or "U Power"), a vehicle sourcing services provider with a vision to becoming a comprehensive electric EV battery power solution provider in China, today announced that its UOTTA technology and battery swapping station model is to be adopted in a strategic collaboration between UNEX EV B.V. ("UNEX") and Associa??o Nacional dos Transportes Rodoviários em Automóveis Ligeiros ("ANTRAL").

ANTRAL is an association of companies in Portugal representing public passenger road transport companies operating light vehicles designated as taxis. Through their collaboration, UNEX and ANTRAL aim to significantly reduce greenhouse gas emissions in the transport sector by 2030, in line with the European Union's decarbonization targets and Portugal's regulatory requirements for taxi vehicles.

Bringing together U Power's battery swapping station model, UOTTA technology, and ANTRAL's extensive network and market knowledge, the collaboration aims to establish and develop a partnership for the intermediary sales of electric vehicles, primarily targeting the taxi industry. The initiative is supported by incentives for decarbonization, whether through the sale and exchange of vehicles or the installation of charging and battery swapping stations.

Jia Li, Chairman and CEO of U Power, commented, "This collaboration between UNEX and ANTRAL that utilizes our UOTTA technology marks a significant stride towards promoting sustainable transportation and reducing emissions. By combining our battery-swapping expertise with their commitment to decarbonization, we aim to facilitate the transition of taxi fleets from fossil fuels to electric mobility. This partnership highlights the global taxi industry's shift towards electrification, which will lead to reduced operational costs, increased driver earnings, and lower carbon footprints. With 50,000-60,000 European taxis expected to transition to electric vehicles in the next three to five years, our technology and support systems are well-positioned to drive this transition across various countries and regions. The application of our UOTTA technology in the collaboration demonstrates that it is gradually being adopted and validated in overseas markets. We will continue to work with EV manufacturers and taxi companies to secure additional partnerships, creating value for our shareholders through business development in the European market."

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: https://ir.upincar.com/.