PN Smart Energy Announces Strategic Partnership to Target 200MW Distributed Solar Portfolio, Accelerating Five-Year Growth Strategy

NINGBO, China, Aug. 19, 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 through its key operating subsidiary Nanjing Cesun Power Co., Ltd. (“Nanjing Cesun”), the Company has entered into a Framework Agreement for Distributed Photovoltaic Power Plant Investment Sourcing (the “Agreement”) with Nanjing Chenxi Construction Technology Co., Ltd. (“Nanjing Chenxi”), in which PN Smart holds a 40% stake. Led by a team with rich experience in renewable energy investments, Nanjing Chenxi is dedicated to solar plant construction and project development. This strategic partnership is designed to identify, screen, and secure approximately 200 megawatts of high-quality distributed solar assets.

Strategic Scale and Agile Execution

The targeted 200MW capacity represents a significant potential pipeline that underscores the Company's strategic ambition to expand its renewable footprint. Pursuant to the Agreement, the Company intends to focus its investments primarily on industrial and commercial rooftop distributed solar, as well as residential distributed photovoltaic projects.

To ensure the efficient acquisition of these assets, PN Smart is leveraging Nanjing Chenxi’s specialized expertise in construction engineering and project sourcing. Under the Agreement, Nanjing Chenxi will provide comprehensive support throughout the entire acquisition lifecycle. This mandate encompasses sourcing and screening project opportunities, assisting with preliminary commercial negotiations, conducting on-site surveys, coordinating due diligence, and facilitating final project closings.

Balancing execution speed with rigorous financial prudence, the partnership utilizes a flexible, market-driven mechanism governed by the initial Agreement and subsequent supplementary documents for each specific project. Remuneration for the sourcing services will be determined on a strict case-by-case basis, directly factoring in project scale, complexity, and prevailing market conditions to ensure capital deployment remains highly efficient.

Crucially, to safeguard shareholder interests and isolate core investment risks, PN Smart will retain absolute, independent decision-making authority over all final investments, as per the Agreement. Nanjing Chenxi will act strictly in an advisory and sourcing capacity and is explicitly prohibited from making binding commitments on the Company's behalf. Furthermore, if the Company elects not to proceed with a recommended project, it bears no obligation to pay the corresponding service fees, thereby providing the Company with flexibility to evaluate potential assets before making any investment decision.

Management Commentary

"This Agreement marks an important step in our five-year strategic roadmap to become a leading operator in global distributed clean energy landscape," stated Weiqi Huang, Chief Executive Officer of PN Smart. "The transition toward decentralized power generation is a structural long-term trend, and commercial, industrial, and residential users are increasingly prioritizing energy independence.”

“By partnering with Nanjing Chenxi, we are establishing a scalable origination engine that allows our internal teams to focus on rigorous capital allocation and operational excellence. This asset-light sourcing model is designed to enable us todeploy capital toward premium, strictly vetted projects that meet our high internal investment criteria with clear ownership structures. Ultimately, we expect this partnership to support our expansion, fortify our ESG commitments, and build a robust foundation for long-term value creation for our shareholders."

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