PN Smart Energy Limited: PN Smart Energy Completes Acquisition of Nanjing Cesun Power, Advancing Its Transition Toward an Independent Power Producer

NINGBO, China, July 30, 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 the successful completion of its acquisition of the remaining 56.0% equity interest in Nanjing Cesun Power Co., Ltd. ("Nanjing Cesun").

The transaction officially closed on June 30, 2026. Combined with the 44.0% interest previously held by the Company, Nanjing Cesun is now a wholly-owned subsidiary of PN Smart Energy.

The transaction was completed for a total consideration of approximately US$20.2 million. Nanjing Cesun specializes in the research, development, and manufacturing of new energy power electronics. Additionally, the subsidiary is engaged in the investment, engineering, procurement and construction (EPC), and operation and maintenance (O&M) of commercial and industrial distributed photovoltaic projects. As of September 30, 2025, Nanjing Cesun operated through 17 wholly-owned consolidated subsidiaries.

In connection with this transaction, Nanjing Cesun's consolidated financial statements for the fiscal years ended September 30, 2025, and 2024, have been audited by Enrome LLP, an independent registered public accounting firm registered with the Public Company Accounting Oversight Board (United States). These audited financial statements, alongside unaudited pro forma condensed combined financial information illustrating the effects of the acquisition, have been furnished to the U.S. Securities and Exchange Commission (the "SEC") in a Report on Form 6-K on the date hereof. Investors are encouraged to review this report for comprehensive details.

"The completion of the Nanjing Cesun acquisition is a critical milestone in PN Smart Energy's strategic transformation toward becoming an independent power producer," said Weiqi Huang, Chief Executive Officer of PN Smart. "Integrating Nanjing Cesun fully into the Company bolsters our capabilities across PV development, EPC, and operations, directly supporting our long-term objective of building a scaled portfolio of clean energy assets."

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, 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
Cathy Li
Investor Relations
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WFS Investor Relations Inc.
Connie Kang
Partner
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