U Power Limited announced that the Company has entered into a strategic cooperation agreement with Magnify Capital Partners, a financial/investment advisory and fund management company, to establish an investment fund. The fund will be established to provide financial support, and Magnify Capital Partners will provide industry guidance, for the Company?s prospective future projects, including infrastructure construction for battery charging and battery swapping stations, both for two-wheel and four-wheel vehicles, in Portugal. The Company currently does not have any business in Portugal.

The term of the Agreement is one year. Pursuant to the Agreement, both parties agree to establish a regular meeting schedule for business assessment and information exchange, and to set up a project team as the executive team of the cooperation that will be fully responsible for the development of business. The project team will hold regular meetings to discuss development strategies, communicate business information and timely solve problems.