Ms. Tracy Zheng reports

20 MW OF SOLAR AND BESS POWER PURCHASE AGREEMENTS SECURED BY POWERBANK WITH THE NEW YORK STATE DIVISION OF MILITARY AND NAVAL AFFAIRS (DMNA)

Powerbank Corp. has executed lease and power purchase agreements with the New York State Division of Military and Naval Affairs for the development of a portfolio of ground mount, rooftop and parking canopy solar power projects and battery energy storage systems with a cumulative total of 20 megawatts direct current. Powerbank intends to develop, finance and construct the projects, a combination of behind-the-meter systems and community solar projects, on land owned by the DMNA. Once operational, the clean energy generated by the projects will be sold to the DMNA under long-term power purchase agreements that have an initial term of 20 years or will be sold to local residents through community solar subscriptions.

Powerbank, through its U.S. subsidiary Abundant Solar Power, was selected in a competitive bidding process managed by the New York Power Authority for the development of the projects with DMNA. The portfolio consists of approximately 19 megawatts of solar photovoltaic systems and one megawatt/two megawatt-hours of battery energy storage. Individual systems will be located at a variety of New York Army National Guard facilities or properties across New York State administered by the DMNA. Developing the portfolio will help DMNA meet a variety of resiliency, climate and economic savings goals. Construction is expected to start by the end of the 2025 calendar year.

Dr. Richard Lu, president and chief executive officer of Powerbank, commented: "This is another exciting development project for Powerbank. With over a decade of experience as a trusted developer of power projects, Powerbank was able to secure the support of the DMNA to develop these projects that will provide sustainable green energy and resiliency services for years to come."

"The Division of Military and Naval Affairs is looking forward to partnering with Powerbank and the New York Power Authority to bring this first-of-its-kind 20-megawatt renewable energy and microgrid project to our Camp Smith training site and facilities in Ithaca, Kingston and Newark. This project will decrease utility costs and increase energy resiliency while making significant progress towards meeting Governor Hochul's efforts to reduce carbon emissions," said Maj.-Gen. Ray Shields, the adjutant-general of New York.

Justin E. Driscoll, president and chief executive officer of the power authority, said: "The power authority is pleased to collaborate with Powerbank on this extensive set of projects that will make the Department of Military and Naval Affairs one of New York State's leaders in on-site solar generation. Public-private partnerships that provide power and help local residents through utility bill credits are a significant factor in delivering New York State's reliable, affordable and clean energy future."

The DMNA is New York State's executive agency responsible to the governor for managing New York's military forces, which consist of nearly 20,000 personnel. DMNA has direct responsibility to maintain and secure more than 50 installations across the Empire state. These installations are state owned or federally licensed properties which include air bases, armouries, armed forces readiness centres, and other logistical and training sites.

Some of the projects in the portfolio will be operated as community solar projects. The clean energy generated by a community solar project feeds directly into the local electricity grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can earn credits on their electric bill and save money from the electricity that is generated by the project. By subscribing to a project, community members can access the benefits of renewable energy without having to install panels on their home. Powerbank's strategic focus on community solar aligns with its goal of powering thousands of homes with clean and affordable energy.

Any project development is subject to receipt of interconnection approval, required permits, the continued availability of third party financing arrangements, and the risks associated with the construction of a solar power project and battery energy storage project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economically feasible.

About Powerbank Corp.

Powerbank is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the United States. The company develops solar and battery energy storage system projects that sell electricity to utilities, commercial, industrial, municipal and residential offtakers. The company maximizes returns through a diverse portfolio of projects across multiple leading North America markets, including projects with utilities, host offtakers, community solar and virtual net metering projects. The company has a potential development pipeline of over one gigawatt, and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built.

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