U Power is a vehicle sourcing services provider with a vision to become a comprehensive EV battery power solution provider in China. Cornerstone is a leading EV charging solution provider and charge point operator based in Hong Kong with an increasing presence across Southeast Asia.

Under the terms of the MoU, U Power and Cornerstone intend to jointly assess and promote the application of new energy charging equipment and EV product solutions, such as battery swapping stations and other charging equipment to provide effective and sustainable solutions in Hong Kong and the Southeast Asia region. In addition, both parties have agreed to explore the possibility of investing into a joint venture for the business.

"We are pleased to sign this MoU with Cornerstone,” said Jia Li, CEO and chairman of the board of U Power. “We are confident that the synergies between our UOTTA technology and Cornerstone's robust operational capacity will enable us to strategically focus on Hong Kong and the Southeast Asian region. Our shared objective is to provide customers with enhanced and streamlined solutions for electric vehicle charging and battery swapping applications.”