U Power Limited, a provider of AI-driven solutions for next-generation energy grids and intelligent transportation systems, has announced the signing of a Memorandum of Understanding (MOU) with Shandong Hi-Speed New Energy Group Limited and BOCOM International. Building on its proprietary UOTTA™ EV battery-swapping technology, U Power aims to jointly establish a commercial EV battery-swapping ecosystem in Hong Kong. SHNE specializes in the development, construction, and management of photovoltaic power, wind power, and clean heat supply services, while BOCOM is an investment holding company offering securities brokerage, investment loans, asset management, and advisory services. The collaboration also includes plans to explore similar cooperation models in other regions such as Thailand and Portugal.
The partnership aims to build, install, and operate 50 smart, zero-carbon battery-swapping stations across Hong Kong. According to the MOU, SHNE will invest in constructing these stations in key taxi operating zones, while BOCOM will offer dedicated financing solutions. U Power will provide the necessary technical and operational support to ensure the stations meet Hong Kong’s EV and customer service standards.
U Power’s broader vision is to establish a battery-swapping ecosystem that transforms Hong Kong’s commercial vehicle fleet into greener electric vehicles, promoting sustainable and efficient urban transport. As part of this initiative, U Power has also introduced Battery-Token, a Web 3.0 blockchain-based solution using token-driven economics.
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.”
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