Company proposes to partner with Elio Energy Group, a U.S. energy project developer, to advance Energence, Utah, a planned data center campus within a 5,046-acre integrated energy and industrial development in Utah

New York, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Senmiao Technology Limited (NASDAQ:AIHS, ", Senmiao", or the ", Company", )) announced today that it has entered into a letter of intent with Energence Power LLC ("Energence Power"), Energence Utah LLC ("Energence Utah") and the members of Energence Utah, setting forth a proposed strategic partnership framework. Under the proposed transaction, Senmiao would make a staged $5.0 million development-capital investment directly into Energence Utah, the project company developing the Energence Utah digital infrastructure campus in Duchesne County, Utah. The Energence Utah development is being advanced by Energence Utah, with Elio Energy Group, through its development company, Elio Energy Development LLC (collectively, "Elio"), engaged as the project's development services provider.

Upon closing, the proposed investment is expected to mark an early step in Senmiao’s transformation into a digital infrastructure company. By combining Senmiao’s access to the public capital markets with Elio’s energy-project development experience, the Company expects to pursue investment and development opportunities in power-intensive data center infrastructure across the United States. Upon completion of the investment, Energence Utah is expected to serve as an initial asset supporting that strategy.

Building a GW+ AI Factory Site

The investment is intended to fund the development work required to convert Energence Utah's plan into an executable, financeable path to delivery; it is not intended to fund the full construction cost of the generation, storage or transmission assets.

Under Energence Utah's current phasing schedule, these development activities are intended to support an initial Year 2 target of 100 MW of firm capacity from planned gas generation, Solar PV, and battery storage; a Year 4 target of 700 MW of firm capacity supported by planned utility service, gas generation, storage and solar resources; and a Year 6 target of up to 1.2 GW of firm capacity as the campus reaches approximately 1.9 GW of total connected capacity. These targets remain subject to engineering, interconnection, permits, financing, equipment procurement, commercial agreements and construction.

A Transformational Entry into Digital Infrastructure

Senmiao believes Energence Utah may provide a differentiated entry point into digital infrastructure because the site is planned to combine land, power, permitting, connectivity and potential infrastructure-financing tools in a single master-planned campus. Rather than entering the sector through a single building or a limited power allocation, Senmiao is proposing to partner to advance a site designed to accommodate hyperscale data centers, power generation, energy storage and complementary advanced-manufacturing uses at scale, subject to the risks and conditions described below.

Partnering with an Established Energy Project Developer

Elio Energy Group is an established U.S. greenfield energy-project developer focused on utility-scale solar, energy storage and supporting power infrastructure. Elio’s development team has many years of experience advancing large-scale energy projects across the United States. Elio works with investors and joint-venture partners through the full development lifecycle, including site control, engineering, interconnection, permitting, stakeholder coordination, financing support and commercialization.

Elio reports an active development pipeline of approximately 3.5 GW, consisting of approximately 1.5 GW of energy generation and 2.0 GW of planned storage capacity targeted for delivery through 2029. At Energence Utah, Elio is expected to lead core development workstreams. Senmiao believes this development platform may strengthen the Company's ability to pursue digital infrastructure opportunities, although there can be no assurance as to the outcome of a project of Energence Utah's scale.

Energence Utah: A Scalable, Power-Centric Utah Campus

Energence Utah is planned as a 5046-acre multi-use infrastructure campus strategically located between Salt Lake City and Denver. Its master plan includes a 475-acre data campus designed to support up to 1 GW of data center development (expandable to over 1,000-acres), a 200-acre integrated energy center, approximately 1,440 acres planned for solar generation and the balance designated for industrial development.

Key attributes of the Energence Utah site include:

Gigawatt-scale development plan. The campus is designed around a planned 1 GW+ data center footprint, with additional land for energy and industrial uses and room for phased expansion.
Active land-use approvals. Conditional-use permits have been issued and are active for the data campus, gas generation, energy storage and solar photovoltaic generation.
Natural gas supply for on-site generation. An initial commitment for 100,000MMBTU/day has been received, enough capacity for the initial 2-year target, with ongoing negotiations for enough gas supply to support up to 1GW of gas generation, subject to final agreements, engineering and permits. The site also has access to local processed field gas which would benefit the local producers, subject to regulatory approval.
Supportive Utah development framework. The site lies within the Utah Inland Port Authority's Black Gold Project Area. Utah also offers potential data center tax exemptions and other economic-development incentives, in each case subject to eligibility, negotiation and governmental approval.
PID infrastructure-financing opportunity. Energence Utah intends to establish one or more Public Infrastructure Districts within the Black Gold Project Area. Subject to required governmental, structural and market approvals, the PID structure could use allocated tax increment to support tax-exempt infrastructure bonds.
Strategic access and multi-use flexibility. The site has paved access to State Highway 40 and a proposed rail spur, supporting a broader campus strategy that can pair digital infrastructure with power generation and advanced manufacturing.

Management Commentary

Ronggang Zhang, Chairman and Chief Executive Officer of Senmiao, stated, "Following completion of the investment, we believe this investment will be an significant step in Senmiao's transformation into a digital infrastructure company. Energence Utah would give us the opportunity to pursue entry into the market through a large-scale, power-centric campus in Utah. We are proposing to enter this market alongside Elio, a U.S. energy-project developer with experience in advancing complex infrastructure. By combining Elio's development experience with Senmiao's capital-markets capabilities, we believe we could build a platform at the intersection of power, land and computing infrastructure, though there is no assurance we will achieve this."

Daven Mehta, Chief Executive Officer of Energence Power LLC, stated, " Energence Utah has been assembled with the requirements of hyperscale and AI infrastructure customers in mind: a large contiguous site, a diversified energy plan, fiber connectivity, water resources, active use permits and access to Utah’s economic-development framework. Upon closing, Senmiao’s proposed investment is expected to provide development capital and establish a public-company partnership aligned with the long-term vision for the campus. Combined with Elio’s development experience, we believe this partnership could help advance Energence Utah’s development.

The proposed transaction is independent of the Company's previously announced Nebula Matrix AI LLC joint venture with Constant Energy Construction Corp. The letter of intent is non-binding, and the proposed transaction remains subject to due diligence, negotiation and execution of definitive agreements, required approvals and other closing conditions. There can be no assurance that the transaction will be completed on the proposed terms or at all.

About Senmiao Technology Limited

Senmiao Technology Limited (NASDAQ:AIHS) is a Nasdaq-listed company that has historically operated automobile transaction and related services businesses. The Company is pursuing a strategic transformation focused on investment and development opportunities in digital infrastructure, energy and other strategic growth sectors, with the objective of building a meaningful position in U.S. AI and data center infrastructure.

About Energence Power LLC and Elio Energy Group

Energence Power LLC is the sponsor and managing member of Energence Utah LLC, the project company developing the Energence Utah campus in Duchesne County, Utah, and the counterparty to Senmiao's proposed investment. Elio Energy Group, through Elio Energy Development LLC, has been engaged as the project's development services provider responsible for engineering, permitting and infrastructure development support. Elio is a U.S. greenfield utility-scale energy developer focused on solar, storage and related power infrastructure. Its development team has more than 13 years of experience, reports approximately 3.5 GW in active development and completed the divestiture of a 500 MW solar project to a leading independent power producer in 2025.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among others, statements regarding the proposed $5.0 million investment and intended use of funds; the proposed 51% equity interest, board representation and other governance and economic terms to be reflected in the definitive agreements; the negotiation, execution and closing of definitive agreements; Senmiao's strategic transformation and ability to become a significant participant in digital infrastructure; the anticipated benefits of the proposed partnership; Energence Utah's planned capacity, power phasing schedule, uses, power resources, utility service, financing, customer demand, development milestones and future construction; and the availability or value of permits, tax exemptions, incentives or infrastructure financing. Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially.

Risks and uncertainties include, among others, the possibility that the parties do not enter into definitive agreements or complete the proposed transaction; changes to the proposed investment, ownership, governance or economic terms; failure to satisfy due diligence, approval or closing conditions; the availability of financing and development capital; the ability to secure utility interconnection, sufficient power, customers, permits, equipment, water, fiber, natural gas, incentives and other infrastructure on acceptable terms; construction, supply-chain and cost risks; changes in laws, regulations or market conditions; competition; Senmiao's ability to execute its strategic transformation; and the other risks described in the Company's filings with the U.S. Securities and Exchange Commission. Planned capacity figures describe development objectives and do not represent operating capacity or committed customer load. Except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement.

For additional information, please refer to the Company's periodic reports filed with the SEC, including its Annual Report on Form 10-K for the fiscal year ended March 31, 2026 (www.sec.gov).

Contact

Investor Relations: eliza@ihongsen.com