  A new integrable model which is a variant of the one-dimensional Hubbard
model is proposed. The integrability of the model is verified by presenting the
associated quantum R-matrix which satisfies the Yang-Baxter equation. We argue
that the new model possesses the SO(4) algebra symmetry, which contains a
representation of the $\eta$-pairing SU(2) algebra and a spin SU(2) algebra.
Additionally, the algebraic Bethe ansatz is studied by means of the quantum
inverse scattering method. The spectrum of the Hamiltonian, eigenvectors, as
well as the Bethe ansatz equations, are discussed.
