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U Power Ltd. (NASDAQ:UCAR) shares are surging higher on Thursday after the company announced it has entered into a strategic cooperation agreement with Quantum Solutions Co in Japan.
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The cooperative agreement between China-based U Power and Quantum Solutions will allow U Power to develop business initiatives related to the research and development and marketing of electric vehicles, as well as new energy storage solutions including battery banks, battery-swapping operations and charging stations in Japan.
Jia Li, director, chairman and CEO of U Power, commented, "This collaboration brings together our expertise in EV battery technology with Quantum Solutions' market presence in Japan’s EV market. Together, we aim to create a new benchmark in Japan's new energy technology and electric vehicle industry. We anticipate the partnership will generate substantial value for our shareholders."
U Power is a China-based electric motor vehicle company primarily engaged in motor vehicle sourcing, as well as the research, development and sales of UOTTA-powered electric cars.
Quantum Solutions is a Japanese electric vehicle manufacturer and the first and only independent Japanese electric vehicle manufacturer listed on the Tokyo Stock Exchange.
See Also: Booming ADP Employment, Stable Unemployment Claims Set Stage For Friday's Key May Jobs Report
UCAR Price Action:
According to Benzinga Pro, UCAR is currently halted and trading up over 175%, at $8.70, at the time of publication. The stock has been halted multiple times in Thursday's trading session.
Photo: Paul Brennan from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.