U Power Limited announced that it has entered into a strategic cooperation agreement with Zhongneng Lithium Battery Technology Taizhou Co. Ltd. Through this cooperation, both parties intend to explore new markets, expand existing market share, and enhance brand influence and industrial competitiveness. Pursuant to the Agreement, both parties have agreed to cooperate and utilize each other's resources in the energy storage, battery charging and swapping and other related industries, in areas including, but not limited to, research and development of commercial and civil energy storage equipment, and battery charging and swapping technology.

To such end, both parties have agreed to establish an energy storage technology research institute, which will include an energy storage research and development center and an industrial technology incubation center.