U Power and Velo Labs Partner to Develop Battery Bank Trading Platform in Thailand
TL;DR
U Power's collaboration with Velo Labs opens up investment opportunities in Thailand's battery bank industry, giving an advantage to early investors.
The collaboration aims to establish a battery infrastructure investment ecosystem in Thailand by integrating battery assets from various scenarios.
The collaboration between U Power and Velo Labs contributes to the development of large-scale, green electric vehicle applications and promotes a trustless financial infrastructure.
U Power's advanced technology allows for EV battery swapping in under five minutes, making it a convenient and innovative solution for consumers and fleet operators.
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U Power Limited (NASDAQ: UCAR), a Chinese EV power solution company, has announced a partnership with Velo Labs Technology Ltd. to establish a battery infrastructure investment ecosystem in Thailand. The collaboration aims to create a battery bank asset and fund trading platform utilizing Velo's blockchain technology, with the goal of attracting external funding to promote large-scale development of the battery bank industry.
The proposed platform will integrate battery assets from various "UOTTA" battery bank scenarios, including batteries for four-wheel and two-wheel electric vehicles, batteries from swap stations, and those used in energy storage projects. This initiative comes at a time when battery swapping is gaining traction in China as the country embraces electric vehicles to combat global warming.
Jia Li, Chairman and CEO of U Power, emphasized the growing importance of battery banks as electric vehicles and other green applications develop on a large scale. He stated that establishing a value system and trading model for battery assets would attract more investors to this expanding market in the future.
U Power's proprietary battery-swapping technology allows consumers and fleet operators to replace depleted EV batteries with fully charged ones in under five minutes, addressing time constraints and range anxiety. The company has already sold eleven battery-swapping stations and has a vehicle sourcing network of about 100 wholesalers and 30 dealers across China's lower-tier cities.
The collaboration between U Power and Velo Labs extends beyond trading, as they plan to manage the entire lifecycle of battery assets, including cascade utilization, dismantling, and environmentally friendly disposal. This comprehensive approach aims to improve battery utilization rates and residual value.
The partnership's timing is significant, as the market size for battery swapping and electric commercial vehicles in China is projected to reach RMB 176,615.1 million by 2026, with a compound annual growth rate of 68.1%. This collaboration positions both companies to capitalize on the growing demand for innovative EV power solutions and could potentially reshape the landscape of EV infrastructure and energy trading in the region.
Curated from News Direct
