Shares of U Power (NASDAQ: UCAR) are soaring in Friday's trading. The Chinese electric vehicle (EV) sourcing services' share price was up roughly 28% as of 2:30 p.m. ET, according to data from S&P Global Market Intelligence.

U Power published a press release yesterday announcing it had partnered with Quantum Solutions -- a Japan-based manufacturer of EVs. The agreement can potentially open up new market opportunities for U Power, and investors have responded by pushing heavily into the company's stock.

Per the terms of the agreement, U Power has agreed to provide battery-swapping technologies, compatible cloud service platforms, and other products to Quantum Solutions. In exchange, the company will receive advisory services pertaining to the selection and development of suitable EV models to meet the needs of the Japanese market. The partnership announcement also says both companies plan to recruit additional partners in fields that include energy storage technologies, such as battery development.

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Source Fool.com