Century Energy Announces Cooperation Framework Agreement with Shendianneng Technology, Plans to Expand Business into Electrochemical Energy Storage Power Plants

HONG KONG SAR – Media OutReach – 9 November 2021 – Century Energy
International Holdings Limited (Century Energy, or the “Company”, together
with its subsidiaries the “Group”, HKSE Stock Code: 8132) announced a
cooperation framework agreement with Shendianneng Technology Group  Co., Ltd. (”Shendianneng Technology”) for a possible
business cooperation in relation to energy storage power plants (the
”Cooperation Framework Agreement”).  This
framework agreement with Shendianneng Technology is the third business development of the
Group following a new management team on board in early October 2021.

Pursuant to agreement, Shendianneng Technology may refer
projects related to electrochemical energy storage power plants to Century
Energy for consideration of investment, and if the investment in the projects
related to electrochemical energy storage power plants are approved by Century Energy,
the Group may invest in such projects and be entitled to the title and the
revenue generated by such projects. The Company may also give priority
consideration in engaging Shendianneng Technology for the design and
construction of the electrochemical energy storage power plants on same terms
offered by other parties. Upon the completion of construction of the
electrochemical energy storage power plants, Century Energy may engage
Shendianneng Technology in managing the operations of such plants.

Shendianneng Technology is principally engaged in electricity
retailing, electricity distribution, electric vehicle charging business,
software development and photovoltaic power generation business.  It is held as to 50% by Shenzhen National
Electricity Investment Partnership (Limited Partnership) , 40% by BYD Company
Limited (HKSE Stock Code: 1211) and 10% by Shenzhen Canyou Group Co., Ltd. 

Commenting on the latest business development, Mr. Cheung
Yip-sang, CEO of Century Energy, said, “We are pleased to enter into the
cooperation with Shendianneng Technology to jointly develop the user-side
energy storage business in response to the national power reform and new energy
development policies. The Chinese government implemented a new policy last
month, allowing a widened electricity price fluctuation range to reflect
supply-and-demand situations. The energy storage business we plan to develop will
allow industrial and commercial users to store and use energy as needed,
thereby helping users stabilize electricity supply and reduce electricity
costs.  Shendianneng Technology, backed
by its strong shareholding background, has an extensive industry network and a
strong pool of talents in the electrochemical energy storage sector and
electricity retailing.  Through this
framework agreement, Century Energy will be able to further develop and expand
its business in electrochemical energy storage power plants.  It also complements the business strategy of
the Group in establishing our core competitiveness in the fields of new energy
materials, energy saving and environmental protection and digital technologies
for energy safety.” 

The Group announced last month two other strategic cooperation
agreements in relation to business development and financing arrangement. It
entered into a non-legally binding strategic cooperation framework agreement
with Yantai Yindu Industry Co., Ltd. and Shandong Pan-Asia International Energy
Distribution Center Co., Ltd. (“Shandong Pan-Asia”) which will result in the
acquisition of a 51% equity interest in Shandong Pan-Asia. Through this
agreement, the Group will be able to invest in Yantai Xigang liquefied natural
gas (“LNG”) receiving terminal and gas pipelines projects. Subsequently on 11
October 2021, the Group entered into a non-legally binding strategic
cooperation agreement with Beijing Qinglu Zhongbing Asset Management Co., Ltd.,
under which the two parties may establish funds or joint venture companies to
provide funding, if needed, to support the Group’s future business development
needs.