U Power Limited announced that on May 31, 2023, the Company entered into a framework strategic cooperation agreement with Quantum Solutions Co. Ltd. to develop business initiatives relating to marketing, research and development of new energy vehicles, financial technologies, battery banks, EV charging and battery-swapping operations and services in Japan. Pursuant to the Framework Agreement: Quantum Solutions agrees to advise on the selection and development of suitable EV models by leveraging its deep understanding of Japan's EV market and consumer needs; U Power agrees to provide battery-swapping technology, products, and compatible cloud service platforms according to Quantum Solutions' requirements, both parties intend to recruit other strategic partners in the field of new energy storage, such as battery developers, and may establish a joint venture in the future to further pursue their strategic cooperation, and specifics of any such strategic cooperation will be determined in separate agreements as soon as practicable.