U Power and FTT Holding Form Joint Venture to Expand in Southern Europe
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U Power Ltd. and FTT Holding Company LLC have formed a joint venture to expand in Southern Europe. FTT Holding will invest up to $50 million to accelerate U Power's growth in smart EV charging and energy infrastructure. Additionally, U Power will issue up to $10 million in Class A shares to FTT Holding, subject to a 39-month lock-up period. Further details will be disclosed later.
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