Regulatory approval expands AIEV's exposure to recurring clean–energy revenues and long–term growth opportunities in Taiwan

WILMINGTON, Del., March 4, 2026 /PRNewswire/ -- Thunder Power Holdings, Inc. (OTCQB: AIEV) ("Thunder Power" or the "Company"), a technology innovator and developer of premium passenger Electric Vehicles (EVs), today announced that the Ministry of Economic Affairs of Taiwan has approved the Company's share exchange arrangement with certain shareholders of Electric Power Technology Limited ("Electric Power Technology" or "TW Company"), a Taiwan corporation listed on the Taipei Exchange under the code 4529, satisfying an important regulatory condition for the contemplated transaction.

The approval from the Taiwan Ministry of Economic Affairs constitutes a key governmental consent required in Taiwan for Thunder Power to proceed with the issuance of shares of AIEV common stock in exchange for shares of Electric Power Technology, as contemplated in the previously disclosed share exchange agreement and subject to the satisfaction of additional closing conditions. Once completed, the transaction is expected to provide Thunder Power with a meaningful ownership position in in Electric Power Technology, a leading participant in Taiwan's renewable energy sector with exposure to solar power generation and other clean–energy projects. Through this stake, Thunder Power anticipates gaining access to recurring clean–energy revenue streams in Taiwan's high–growth renewables market.

"This approval from the Taiwan government is a pivotal milestone in our strategy to integrate advanced clean energy assets from Taiwan into Thunder Power's international EV and clean–energy platform," said Christopher Nicoll, Chief Executive Officer of Thunder Power. "The transaction is expected to better position us to participate in Taiwan's long–term push to expand renewables and solar within its national power mix as national targets evolve through 2026, while we advance commercialization of our clean–energy strategy."

Following stockholder approval of the issuance of AIEV shares under the Share Exchange Agreement in 2025, the Taiwan regulatory clearance further aligns Thunder Power's U.S. listing structure with its Taiwan operations and investments. The Company expects the share exchange, once closed, to enhance its capital base, diversify its revenue profile beyond EV development, and strengthen its long-term growth prospects in both the EV and renewable energy markets.

Electric Power Technology operates and develops renewable energy projects in Taiwan, including solar power generation assets, and is aligned with Taiwan's policy goals to expand the contribution of renewable energy to the country's power mix over the coming decade. While Taiwan did not meet its initial 2025 target to source 15% of electricity from renewables, the Ministry of Economic Affairs and the Taiwan Energy Administration have extended the timeline, with the goal now expected to be achieved by November 2026 at the earliest. Solar remains a centerpiece of this strategy, projected to reach 35% of total installed generation capacity by 2035. With a meaningful ownership stake in Electric Power Technology, Thunder Power expects to have strategic access to high–growth clean–energy markets, potential opportunities for vertical integration, and the ability to collaborate on project development, engineering, procurement, and construction activities.

Solar generation in Taiwan represented 5% of the electricity market in 2024. Taiwan initially set a goal for 15% of the island's electricity to come from renewable energy sources by 2025, but the Ministry of Economic Affairs and the Taiwan Energy Administration have since pushed the expected achievement of this target to November 2026 at the earliest. The government continues to forecast substantial additional solar capacity growth through 2035.

Thunder Power continues to work with its advisors and transaction counterparties to satisfy the remaining customary closing conditions, while also pursuing partnerships and capital markets initiatives designed to enhance its financial flexibility as it advances the commercialization of its clean energy strategy. The Company intends to provide additional updates as material developments occur.

About Thunder Power Holdings, Inc.

Thunder Power is a technology innovator and a developer of innovative electric vehicles ("EVs"). The Company has developed several proprietary technologies, which are the building blocks of the Thunder Power family of EVs. The Company is focused on design and development of high-performance EVs, targeting markets initially in Asia & Europe. Thunder Power's acquisition strategy is focused on addressing strategic gaps in the EV sector combined with a diversified approach across the clean energy value chain. For more information, please visit: https://aiev.ai/.

Contact:

AIEV Investor Relations

AIEV@dennardlascar.com

713-529-6600

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminologies such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results or outcomes could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including but not limited to, (i) risks related to the completion and integration of mergers or acquisitions, including the Electric Power Technology Limited share exchange and solar asset acquisitions; (ii) the ability to obtain and maintain required additional regulatory, governmental, and shareholder approvals and to satisfy remaining closing conditions; (iii) successful transfer of acquired asset ownership and timely operational integration; (iv) loss of key management or project personnel; (v) unexpected delays or increased costs in expanding solar and clean energy projects or transitioning to recurring revenue models; (vi) challenges and uncertainties in securing new financing and access to capital markets, including requirements for a potential NASDAQ relisting; (vii) changes in government energy policy, incentive or subsidy programs, and regulatory environments, particularly in Taiwan and other key markets; (viii) risks from supply chain interruptions or volatility of costs for critical raw materials in the EV and solar sectors; (ix) increased competition, technological change, or shifts in consumer demand in the electric vehicle and renewable energy markets; (x) adverse economic or industry-specific developments; (xi) the outcome of ongoing legal proceedings involving the Company's principal shareholder and its impact on governance or financial support; and (xii) other known or unknown risks as described in the Company's SEC reports and filings. All forward-looking statements attributable to the Company or persons acting on its behalf, including those relating to expected returns, planned increases in capacity, anticipated acquisition closings, and other projections referenced in this press release, are expressly qualified in their entirety by these risk factors as well as those disclosed in the Company's filings with the Securities and Exchange Commission. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements, except as required by applicable laws, regulations or rules.

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SOURCE Thunder Power Holdings, Inc.

Thunder Power Holdings, Inc. Announces Share Exchange Approval by Taiwanese Government