U Power Teams Up With NV Gotion To Supply Swapping-Enabled EV Batteries, Develop Battery Solutions

(RTTNews) - U Power Limited (UCAR), Wednesday announced a Memorandum of Understanding with NV Gotion Co., Ltd to deploy swapping-enabled EV batteries, and develop battery-bank solutions for compatible EVs in Thailand and the broader Southeast Asia region.

As per the deal, both companies 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.

Additionally, they will jointly develop comprehensive battery-bank operations to support this infrastructure, including battery leasing and vehicle-to-grid solutions.

In the pre-market hours, U Power's stock is trading at $3.77 on the Nasdaq.