12:02 PM EDT, 08/05/2024 (MT Newswires) -- 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 ( UCAR ) shares were down 1.6% in recent trading amid a weak broader market.

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