Ningbo, China, July 03, 2025 (GLOBE NEWSWIRE) -- Skycorp Solar Group Limited (the "Company") (NASDAQ:PN), a solar PV product provider engaged in the manufacture and sale of solar cables and solar connectors, today announced that its Board of Directors has unanimously passed a resolution authorizing the Company to pursue solar photovoltaic ("PV") power plant acquisitions and development projects under a $150 million investment framework. This decision marks a pivotal step in the Company's strategic expansion into renewable energy infrastructure, reinforcing its commitment to driving the global transition to clean energy.

The Company advises that acquiring and developing PV power plants involves inherent complexities that can extend execution timelines and introduce uncertainties regarding completion. Factors such as due diligence findings, regulatory approvals, and the progress of negotiations may delay or even terminate the transaction, potentially impacting its completion.

Guidelines for PV Power Plant Initiatives

The Company will conduct comprehensive due diligence on potential power plant targets, prioritizing verification of legal ownership, regulatory compliance, and asset quality to mitigate transactional risks.

All capital expenditure and fund allocations by the Company will be conducted in a cautious, incremental manner, ensuring alignment with its overall strategic priorities and financial capabilities. "The Board's authorization reflects our confidence in solar PV infrastructure as a cornerstone of the global energy transition," said Weiqi Huang, CEO of Skycorp Solar Group. "By combining technological expertise with disciplined financial oversight, we are looking forward to successful acquisitions in the future, which will enable us to capitalize on emerging market opportunities while delivering sustainable value for stakeholders. Meanwhile, this initiative underscores our commitment to expand from component manufacturing to full-scale renewable energy solutions."

About Skycorp Solar Group Limited

Skycorp Solar Group Limited is a solar photovoltaic (PV) product provider focused on manufacturing and selling solar cables and connectors. Our operations are managed through our subsidiaries, including Ningbo Skycorp Solar Co., Ltd., in China.

The Company's mission is to become a green energy solutions provider by utilizing solar power and delivering eco-friendly solar PV products. By leveraging the Company's expertise in solar technologies and relationships with worldwide clients, it aims to expand offerings of solar PV products and energy solutions for enterprise customers. For more information, please visit: https://ir.skycorp.com/.

Forward-Looking Statement

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:

Skycorp Solar Group Limited

Cathy Li

Investor Relations

Email: ir@skycorp.com

Tel: +86 185 0252 9641 (CN)

WFS Investor Relations Inc.

Connie Kang

Partner

Email: ckang@wealthfsllc.com

Tel: +86 1381 185 7742 (CN)

Skycorp Solar Group Announces Board Authorization for Solar Photovoltaic Power Plant Acquisitions and Development