U Power Limited (NASDAQ: UCAR) shares rose modestly on Tuesday after signing a Memorandum of Understanding (MoU) with Cornerstone Technologies to establish a strategic business partnership.
Per the MoU, U Power and Cornerstone will collaborate to explore and promote new energy charging infrastructure and electric vehicle (EV) product solutions. This includes the establishment of battery swapping stations and the deployment of other charging technologies across the markets of Hong Kong and Southeast Asia.
Furthermore, the parties have mutually agreed to investigate the potential for establishing a Joint Venture to enhance this business initiative.
This strategic move will leverage U Power’s UOTTA technology and Cornerstone’s operational expertise to create synergies that benefit customers and stakeholders alike.
Mr. Jia Li, Chief Executive Officer and Chairman of the Board of Directors of U Power, expressed enthusiasm about the collaboration, stating,
“We are delighted to announce this partnership with Cornerstone. The alignment of our UOTTA technology with Cornerstone’s operational strength positions us strategically in Hong Kong and the Southeast Asian market. Our shared goal is to offer customers improved and streamlined solutions for electric vehicle charging and battery swapping. Through this partnership, we anticipate increased visibility for our battery-swapping stations in our target markets. We are eager to cultivate a successful relationship that brings sustainable value to our shareholders.”
U Power (NASDAQ: UCAR) Stock Movement
UCAR stock rose 0.43% to close at $0.07 on Tuesday. The traders had exchanged hands with 72,640,179 (72.64 million) shares compared to the average daily trading volume of 12.70 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
