U Power (UCAR) said Monday it signed a memorandum of understanding with financial technology company Velo Labs Technology to set up a battery infrastructure investment ecosystem in Thailand.
The partnership will establish a new development model for the electric vehicle battery bank business, including forming a battery bank asset and fund trading platform based on Velo's blockchain technology.
The company said the partnership will attract external funding to promote large-scale development of the battery bank industry.
U Power shares were down 1.6% in recent trading amid a weak broader market.
Price: 6.28, Change: -0.10, Percent Change: -1.57
Comments