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

Rhea-AI Summary

Skycorp Solar Group (NASDAQ: PN), a manufacturer of solar cables and connectors, has announced a significant strategic expansion into solar photovoltaic (PV) power plant acquisitions and development. The company's Board of Directors has unanimously authorized a $150 million investment framework for this initiative.

The expansion marks the company's strategic shift from solely manufacturing components to providing comprehensive renewable energy solutions. CEO Weiqi Huang emphasized that this move positions Skycorp to capitalize on emerging market opportunities while maintaining disciplined financial oversight.

The company acknowledges potential execution risks, including due diligence findings, regulatory approvals, and negotiation complexities that could affect transaction timelines and completion.

Positive

• Board authorized substantial $150 million investment framework for PV power plant acquisitions
• Strategic expansion from component manufacturing to full-scale renewable energy solutions
• Potential for new revenue streams through power plant ownership and development
• Disciplined approach to capital expenditure and risk management

Negative

• Significant execution risks in power plant acquisitions and development
• Potential delays or termination of transactions due to regulatory and due diligence factors
• Substantial capital commitment required for new business direction
• No immediate revenue impact as initiatives are still in planning phase

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)

FAQ

What is the value of Skycorp Solar Group's (NASDAQ: PN) new investment framework for PV power plants?

Skycorp Solar Group's Board has authorized a $150 million investment framework for solar photovoltaic power plant acquisitions and development.

How is Skycorp Solar Group (PN) expanding its business model?

The company is expanding from being solely a solar cable and connector manufacturer to pursuing full-scale renewable energy solutions through PV power plant acquisitions and development.

What are the main risks in Skycorp Solar's (PN) power plant acquisition strategy?

The main risks include due diligence findings, regulatory approval delays, negotiation complexities, and potential transaction terminations that could impact completion timelines.

Who is leading Skycorp Solar Group's (NASDAQ: PN) expansion into power plants?

The expansion is led by CEO Weiqi Huang, with unanimous support from the Board of Directors, focusing on combining technological expertise with disciplined financial oversight.

What is Skycorp Solar's (PN) approach to managing the power plant acquisition process?

The company will conduct comprehensive due diligence on potential targets, verify legal ownership and regulatory compliance, and implement cautious, incremental capital expenditure allocation.