U Power and Velo Labs Collaborate to Establish Asset Fund Trading Platform for Battery Banks
News provided by PRCrypto
U Power Limited (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 it has signed a Memorandum of Understanding with Velo Labs Technology Ltd. ("Velo Labs"), a global fintech company, to establish a battery infrastructure investment ecosystem in Thailand. This collaboration aims to accelerate the development of battery bank operations within the UOTTA battery-swapping ecosystem.
This collaboration will create a new development model for the electric vehicle battery bank business, leveraging blockchain technology to enhance battery tracking, user experience, and operational efficiency. Central to this partnership is the establishment of a battery bank asset and fund trading platform based on Velo's blockchain technology. The platform will integrate battery assets from various "UOTTA" battery bank scenarios, including batteries for four-wheel and two-wheel electric vehicles, batteries from various battery swap stations, and batteries used in energy storage projects. Through this platform, the partnership aims to attract external funding to promote large-scale development of the battery bank industry. Additionally, the collaboration will manage the entire lifecycle of battery assets, including battery cascade utilization, dismantling, and environmentally friendly disposal, comprehensively improving battery utilization rates and residual value.
This collaboration will create a new development model for the electric vehicle battery bank business, leveraging blockchain technology to enhance battery tracking, user experience, and operational efficiency. Central to this partnership is the establishment of a battery bank asset and fund trading platform based on Velo's blockchain technology. The platform will integrate battery assets from various "UOTTA" battery bank scenarios, including batteries for four-wheel and two-wheel electric vehicles, batteries from various battery swap stations, and batteries used in energy storage projects. Through this platform, the partnership aims to attract external funding to promote large-scale development of the battery bank industry. Additionally, the collaboration will manage the entire lifecycle of battery assets, including battery cascade utilization, dismantling, and environmentally friendly disposal, comprehensively improving battery utilization rates and residual value.
Jia Li, Chairman and CEO of U Power, commented, "Our partnership with Velo Labs demonstrates that as electric vehicles and other green applications develop on a large scale, battery banks will become increasingly important. Once the value system and trading model for battery assets are established, more investors will be attracted to enter this vast market in the future. Our UOTTA battery swap business serves as an ideal carrier for this model and will generate consistent returns for our shareholders."