U Power partners with IoTeX on EV battery swapping system

U Power (UCAR) announced the completion of its Real-World Assets issuance through a strategic partnership with IoTeX, a pioneering blockchain platform focused on transforming machine-generated data into collective intelligence for AI. As per the terms of the agreement, U Power and IoTeX, will collaborate to create a next-generation electric vehicle battery swapping system that uses blockchain, AI, and tokenized RWAs. Of note, in July 2025, both companies signed a Memorandum of Understanding and Business Cooperation Agreement to actively explore the tokenization of RWAs. These issued RWAs are backed by U Power’s battery swapping business and related assets in the China and Southeast Asia, marking a significant milestone in advancing U Power’s Web3.0 strategy to expand its battery-token and battery-bank operations. These corporate asset-backed RWAs have also been approved by IoTeX to be traded on HabitTrade, a global multi-asset trading and infrastructure platform.