Hongli Group Inc. Announces Strategic Plan to Explore Opportunities in Clean Energy and Energy Storage Applications

WEIFANG, China, May 5, 2026 /PRNewswire/ -- Hongli Group Inc. (Nasdaq: HLP) (the "Company" or "Hongli Group"), a cold roll formed steel profile manufacturer, today announced its strategic decision to explore opportunities in the clean energy and energy storage sectors. The Company plans to leverage its existing manufacturing expertise, product customization capabilities and industry know-how, with an initial focus on developing products and components that may be used in solid-state battery and other energy storage applications. The Company believes that its experience in designing and manufacturing customized steel profile products may provide a foundation for developing products and solutions for customers in clean energy and energy storage applications.

The Company's strategic plan is aligned with the continued global shift toward sustainable power and energy storage solutions. According to the International Energy Agency (IEA), global renewable power capacity is projected to increase by almost 4,600 GW between 2025 and 2030. This growth has been supported by a shift in economics. According to Our World in Data, solar photovoltaic costs have fallen by 90% in the last decade, and onshore wind by 70%. In addition, IRENA reported that 91% of new renewable power projects commissioned in 2024 were more cost-effective than any new fossil fuel alternatives. According to the IEA, batteries are expected to play a critical role in secure clean energy transitions, and battery storage is the fastest-growing clean energy technology in the power sector. The IEA has also reported that the aggregate market value of selected clean energy technologies has grown at an average rate of approximately 20% per year since 2015, reaching nearly $1.2 trillion.

"Our planned entry into the clean energy and energy storage sectors represents an important step for Hongli Group," said Mr. Jie Liu, Chief Executive Officer of Hongli Group. "With clean energy contributing more than 10% of China's GDP in 2024 and global policy initiatives targeting a significant expansion of renewable capacity by 2030, we intend to evaluate opportunities in solid-state battery and energy storage applications where our manufacturing capabilities and product customization experience may be relevant. We believe this strategic direction is consistent with global energy transition trends and may deliver long-term, sustainable value to our shareholders."

About Hongli Group Inc.

Hongli Group Inc. is a Cayman Islands holding company, and through a series of contractual arrangements, consolidates the financial results of Shandong Hongli Special Section Tube Co., Ltd. and its subsidiaries (collectively, "Hongli Operating Group"). Hongli Operating Group is a cold roll formed steel profile manufacturer with operating subsidiaries in China. The Hongli Operating Group designs, customizes and manufactures cold roll formed steel profiles for machineries and equipment in a variety of sectors, including but not limited to mining and excavation, construction, agriculture and transportation. The Hongli Operating Group, with over 20 years of operating history, has developed customers in more than 30 major cities in China as well as a global network including South Korea, Japan, U.S. and Sweden. Hongli Operating Group currently has 11 cold roll forming production lines and produces a variety of distinct profile products in a broad range of materials, sizes and shapes.

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," "would," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," "continue" 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, the following: the Company's ability to achieve its goals and strategies, the Company's future business development and plans for future business development, including its financial conditions and results of operations, product and service demand and acceptance, reputation and brand, the impact of competition and pricing, changes in technology, government regulations, import and export restrictions, fluctuations in general economic and business conditions, the Company's ability to comply with Nasdaq continued listing standards and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the U.S. Securities and Exchange Commission ("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.

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SOURCE Hongli Group Inc.