On July 23, U Power Limited (NASDAQ stock code: UCAR, hereinafter referred to as "U Power" or "the Company"), as an AI-driven solution provider focusing on next-generation power grids and intelligent transportation systems, announced today the signing of a Memorandum of Understanding and Business Cooperation Agreement (i.e., "Strategic Cooperation Agreement") with IoTeX, based on its independently developed UOTTATM electric vehicle battery swap technology.
IoTeX is a blockchain pioneer platform dedicated to transforming machine-generated data into AI collective intelligence. According to the terms of the strategic cooperation agreement:
IoTeX will purchase real-world assets (RWA) issued by U Power and supported by corporate bonds; this move will enhance U Power's capital structure, support the continuous research and promotion of its UOTTATM battery swap technology, and accelerate U Power's expansion in Web 3.0 AI-driven energy and transportation system solutions.
Both parties will actively explore innovative approaches to tokenize these RWAs and integrate advanced AI technologies to ensure the security, scalability, and efficient growth of assets. This cooperation demonstrates their joint commitment to sustainable development, technological innovation, and promoting real-world applications through DeFi.
