PN Smart Energy Signs Framework Agreement to Acquire 9.9 MW Solar Portfolio

NINGBO, China, Aug. 12, 2026 (GLOBE NEWSWIRE) -- PN Smart Energy Limited ("PN Smart" or the "Company") (NASDAQ: PN), a global independent power producer (IPP) focused on the development of clean power stations, critical energy materials, and intelligent energy infrastructure, today announced that its Chinese subsidiary, Nanjing Cesun Power Development Co., Ltd. ("Nanjing Cesun"), has signed a framework agreement to acquire a 9.9-megawatt (MW) distributed solar power portfolio from Zhejiang Yuntan Technology Co., Ltd. ("YTKJ").

Under the framework agreement, Nanjing Cesun intends to acquire 100% equity in each of the six target project companies (the “Project Companies”) from YTKJ. The Project Companies operate the solar power assets and their associated energy management contracts. Based on the Company's internal auditing assessment, the proposed valuation for the portfolio is approximately RMB30 million ($4.45 million). The portfolio consists of six rooftop solar projects located in Ningbo, Zhejiang Province, with an estimated total capacity of 9.9 MW.

The framework agreement outlines the principal commercial terms for the proposed transaction. Completion of the acquisition remains subject to standard closing conditions, including financial and technical due diligence, on-site capacity verification, and the execution of a definitive equity transfer agreement. The proposed acquisition complies with the Company’s existing financial and contractual obligations.

"This framework agreement marks another concrete step in PN Smart Energy’s strategic transformation into an independent power producer," said Weiqi Huang, Chief Executive Officer of PN Smart. "Securing these renewable energy assets bolsters our overall competitiveness and once completed, we expect it will help generate substantial and sustainable cash flow to the Company. We intend to keep our investors informed of future acquisition progress as promptly as possible, so that all shareholders can follow our advancement on the IPP strategy."

About PN Smart Energy Limited

PN Smart Energy Limited is an emerging independent power producer and clean energy infrastructure company. While the Company’s current revenue is anchored in solar equipment manufacturing—including solar cables, inverters, and energy storage distribution, it is strategically transitioning toward power generation assets. The Company develops and operates solar and wind power plants as an IPP, with the long-term goal of becoming a vertically integrated smart energy company that powers the future through clean energy. For more information, please visit the Company’s investor relations website at https://ir.pnsmartenergy.com/.

Forward-looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the risk that the proposed acquisition may not be completed on the contemplated terms or at all, and factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:
PN Smart Energy Limited
T.T. Cai
Investor Relations
Email: ir@pnsmartenergy.com
Tel: +1 574 575 7170

WFS Investor Relations Inc.
Connie Kang
Partner
Email: ckang@wfsir.com
Tel: +1 628 283 9214