Game-changing new partnership could transform EV driving experience: 'Advances our mission'

The success of electric vehicles partly hinges on a robust network of battery infrastructure. 

To make strides toward that vision, a pair of companies is teaming up using two tools that also rely on networked technology: artificial intelligence and cryptocurrency. 

As EE World Online reported, U Power Limited officially signed a deal to grow its EV battery-swapping stations with support from IoTeX's crypto and AI platforms. 

Battery swapping is an alternative to the recharge model of EV driving. Instead of stopping to top up batteries when they are low, drivers can simply pull into an automated garage that exchanges the sapped battery for one that's fully juiced. 

Under the new partnership with IoTeX, U Power aims to enhance the interconnectivity of its battery-swapping stations and strengthen its market position. 

Here's how the companies aim to collaborate. 

They'll use what is called a Real-World Asset (RWA), which is tied to physical entities, such as real estate, energy projects, or civil infrastructure. Through a process called tokenization, RWAs gain value as a digital currency and can be traded just like other cryptocurrencies.

The plan is for U Power to issue RWAs tied to its physical infrastructure. Then, IoTeX will buy the RWAs and use them as data for training its AI systems, according to EE World Online.

The result will be a unique digital asset that generates funds for U Power's battery-swapping stations. At the same time, it will leverage IoTeX's offerings to support the expanding network of stations via battery tracking, performance monitoring, and the secure exchange of data, EE World Online explained. 

If you're thinking that this partnership sounds a little complicated, you're not alone. To help keep every part of the deal straight, the two companies will work with HabitTrade, an intermediary that will oversee the creation and trading of the new assets. 

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While recharging stations will likely remain the primary option in the industry, battery-swap garages could be the runner-up, especially in countries with more standardized battery and vehicle types. 

Additionally, the more battery support on the road, the better, as it means more drivers will be able to switch to an EV that's free from gas bills and helps sustain cleaner, healthier air. 

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"This collaboration advances our mission to build a smart and sustainable ecosystem for electric vehicles," said U Power chairman and CEO Johnny Lee, per EE World Online.

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