Yes. If you are physically located outside of Germany, but still have a German company, this is not a problem.
Penta is only available for German businesses with the following legal forms:
UG, GmbH, GmbH/UG in Gründung, AG, GbR, OHG, PartG, KG, e.K., eG.
Penta accounts are provided in cooperation with solarisBank AG, a German bank holding a full German banking license and regulated by BaFin. solarisBank provides a deposit guarantee of up to €100,000 - just like any other bank in Germany.