GCL NEWENERGY(00451) Subsidiary signs 2026 Ethiopia Operation Service Agreement with Fengchang

GCL NEWENERGY (00451) announced that on April 13, 2026, its indirect wholly-owned subsidiary Era Smart International entered into a 2026 Ethiopia operation service agreement with PeakLong Holdings Limited. Under this agreement, Era Smart International agreed to provide PeakLong with operation and management services for several natural gas generators and computing equipment located in Ethiopia. The service period for each generator will start from the date of completion of its performance acceptance test and receipt of a written transfer notice from PeakLong, and will terminate upon the earlier of: (i) 3 years from that date, or (ii) reaching a cumulative operating hours of 24,000 hours under normal conditions. The service period for the computing equipment will be calculated in the same way. The annual cost is approximately RMB 8 million, to be paid at a rate of RMB 0.10 per kilowatt-hour based on the actual electricity generation. The estimated total cost for the full 3-year service period is around RMB 24 million. The Group is mainly engaged in providing operation and management services for power plants, with its existing customers mostly located in mainland China. The Group aims to expand these services to overseas markets. By utilizing digital and artificial intelligence technology, the Group offers a one-stop operation and management solution throughout the entire value chain, achieving a dual breakthrough of "technology empowerment" and "value-added services". The signing of the 2026 Ethiopia operation service agreement will increase the Group's revenue and leverage economies of scale in providing operation and management services under this agreement.