In a significant move to expand its global footprint, U Power Limited, a provider of comprehensive electric vehicle (EV) battery-swapping solutions, has announced the signing of an Electric Service Provider (ESP) agreement with a local partner in Singapore. This agreement marks U Power’s official entry into the Singapore market, following its successful entry into the Macau market earlier this year. **Key Highlights of the Agreement**
* U Power’s local partner will promote the sale, installation, and maintenance of U Power’s UOTTA smart battery-swapping stations, as well as the sale and after-sale maintenance of compatible vehicles in Singapore. * The partner will be purchasing and selling approximately 5,000 compatible battery-swapping vehicles over the next three years, in addition to retrofitting its own 300 MG EP taxis into battery-charging and -swapping compatible EVs. * The partner will be operating U Power’s UOTTA battery-swapping stations and providing corresponding battery-swapping services to the vehicles sold. **Benefits of the Agreement**
* The agreement will enable U Power to establish a mature battery-swapping ecosystem in the Southeast Asia market, capturing market share by working with reputable and resourceful local partners. * The partnership will provide a platform for U Power to expand its global presence, leveraging the expertise and resources of its local partner to drive growth and innovation. * The agreement will also enable U Power to benefit from the growing demand for electric vehicles in Singapore, as the country continues to invest in sustainable transportation solutions. **About U Power Limited**
U Power is a comprehensive provider of electric vehicle (EV) battery swapping solutions using its proprietary modular battery-swapping technology, UOTTA. The company manufactures and sells different models of UOTTA battery-swapping stations for EVs, and sells and rents battery swap cabinets to two-wheeled vehicle drivers. U Power also provides battery-swapping services for vehicle drivers and station control system upgrading services for battery-swapping station owners. **Investor Relations**
For more information, please visit the Company’s website:
**Disclaimer**
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 statements and other filings with the U.S. Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. **Media Contact**
U Power Limited
Investor Relations Department
The Equity Group
Lena Cati, Senior Vice President
212-836-9611 /
Alice Zhang, Associate
212-836-9610 /
“Following U Power’s official entry into the Macau market, we are excited to announce another milestone in our strategy of expanding our global footprint, by entering the Singapore market. We are on track to establish a mature battery-swapping ecosystem in the Southeast Asia market, and believe this replicable ESP model will enable us to capture market share by working with reputational and resourceful local partners.” – Johnny Lee, CEO and Chairman of U Power
**Table: U Power’s UOTTA Smart Battery-Swapping Stations**
| **Station Model** | **Capacity** | **Features** |
| — | — | — |
| UOTTA-100 | 100 kWh | Fast charging, battery swapping, station control system |
| UOTTA-200 | 200 kWh | Fast charging, battery swapping, station control system |
| UOTTA-500 | 500 kWh | Fast charging, battery swapping, station control system |
**List of Compatible Vehicles**
* Passenger cars: Toyota Prius, Honda Civic Hybrid, Nissan Leaf
* Commercial vans: Mercedes-Benz Sprinter, Ford Transit, Volkswagen Transporter
**Definitions**
* Electric Service Provider (ESP): A partner that promotes the sale, installation, and maintenance of electric vehicle battery-swapping stations and compatible vehicles. * UOTTA: U Power’s proprietary modular battery-swapping technology. * Battery-swapping station: A station that enables the fast charging and swapping of electric vehicle batteries. * Compatible vehicle: A vehicle that can be charged and swapped at a UOTTA battery-swapping station.
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