A China-based electric vehicle (EV) company named U Power Limited (Nasdaq: UCAR) has joined forces with decentralized physical infrastructure (DePIN) firm Iotex to tokenize its network of battery swapping and charging stations, according to a Wednesday press release provided to Bitcoin.com.

Battery swapping is a relatively new practice where electric vehicles simply swap out a depleted battery for a fully charged one instead of using a charging station. Swapping only takes a few minutes and is comparable to how traditional vehicles fuel up at gas stations. U Power operates both swapping and charging stations nationally across China under the “UOTTA” brand. The company also provides commercial energy storage solutions.

And now the public EV firm, founded in 2013 and currently listed on the Nasdaq, has tapped DePIN platform Iotex to tokenize its EV infrastructure with an eye towards new forms of funding and improving general lifecycle management of its physical assets.

“Partnering with Iotex will help us digitize and tokenize our infrastructure assets at scale,” said U Power board member Vicente López-Ibor Mayor. “Improving operational efficiency, capital access, and transparency,” he added.

U Power will also explore establishing a crypto treasury reserve using Iotex’s token IOTX, which was trading at $0.02401 at the time of writing, down 4.56% over 24 hours, but up 3.43% for the week, according to Coinmarketcap. UCAR’s stock, according to Yahoo Finance, was trading at $3.00, down roughly 23% for the day and the week.

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