Chinese electric vehicle solutions provider U Power Limited announced on the 20th of September an agreement with Portuguese fund manager Magnify Capital Partners to build battery charging and exchange stations in Portugal.

The agreement, with a term of one year, aims to raise capital through the creation of a joint investment fund, according to the statement released by U Power Limited.

Both parties agreed to establish a regular calendar of meetings to evaluate business, exchange information and to create a team that will be fully responsible for the development of projects, the statement reads.

The executive director of the Chinese startup said he believes that the cooperation agreement with Magnify Capital Partners will allow the development and expansion of business in Portugal and other Portuguese-speaking countries and regions.

(Source: SAPO 24)