Dr. Richard Lu reports

$4 MILLION USD RECEIVED IN POWERBANK $41 MILLION USD TRANSACTION WITH SOLAR ADVOCATE DEVELOPMENT

Further to PowerBank Corp.'s press release of Dec. 22, 2025, the company has received the first $4-million (U.S.) payment from Solar Advocate Development LLC (the owner) for the development of these projects.

• $41-million (U.S.) transaction reinforces PowerBank's growth model; seven-year strategic alliance expands with three additional community solar facilities;
• PowerBank strengthens New York market position with 11th Solar Advocate Development partnership project;
• 16.87 MW of total projects included in transaction including Elmira, Jordan Road 1 and Jordan Road 2 projects; partnership since 2018 validates PowerBank's development excellence.

The latest collaboration encompasses three community solar facilities -- Elmira, Jordan Road 1 and Jordan Road 2 (collectively, the projects) -- in a transaction valued at approximately $41-million (U.S.) that includes full engineering, procurement and construction services through commercial operation. PowerBank expects to receive the full transaction value over the development and construction period as project milestones are achieved. This milestone underscores the strength of a strategic partnership that has consistently delivered permitted, interconnected solar assets since 2018. The projects represent a combined 16.87 megawatts of clean energy generation capacity.

Dr. Richard Lu, chief executive officer of PowerBank, commented: "Reaching our 11th project with Solar Advocate Development isn't just a transaction milestone -- it's a testament to PowerBank's ability to consistently deliver permitted, interconnected assets that meet the highest-quality standards. This seven-year partnership validates our development expertise and reputation in the New York market. The One Big Beautiful Bill Act has created urgent conditions to monetize select development projects while maintaining our IPP growth focus. These proceeds enable PowerBank to deliver the projects in a timely manner for Solar Advocate Development."

Transaction progress demonstrates execution strength

PowerBank has already received $4-million (U.S.) in initial payments for the Elmira, Jordan Road 1 and Jordan Road 2 projects, with the remaining balance of the $41-million (U.S.) transaction value expected to be realized as construction milestones are achieved throughout the development period. This payment structure reflects standard industry practice for solar EPC contracts, where revenue recognition aligns with project advancement and derisking activities.

The receipt of initial payments validates PowerBank's successful completion of critical early stage development work, including:

• Utility interconnection agreements securing grid connection rights;
• Comprehensive permitting from local authorities having jurisdiction;
• NYSERDA program qualification positioning projects for state incentives;
• Site control, environmental assessments and engineering designs.

These development capabilities -- transforming non-argriculture raw land into construction-ready solar projects -- represent PowerBank's core competitive advantage and the foundation of the company's relationships with repeat customers like Solar Advocate Development.

Eight years of New York community solar excellence

Since entering the New York community solar market in 2017, PowerBank has established itself as a leading developer of distributed solar projects across the state. The 11 completed or under development projects with Solar Advocate Development represent a multiyear strategic relationship built on consistent execution and quality delivery.

PowerBank's New York operations have demonstrated strong financial performance, with project-level margins and profitability metrics detailed in the company's publicly available financial statements on the PowerBank investors page. The company's community solar development business has contributed to PowerBank's return to profitability, as detailed in recent quarterly reporting.

In Q1 2025, PowerBank returned to profitability with 106-per-cent year-over-year gross profit growth, demonstrating the financial strength of the company's development and construction business model. These results, available in detail on the company's investor relations page, validate PowerBank's ability to generate attractive margins on community solar development projects while building long-term customer relationships.

The New York state solar market represents one of the most sophisticated regulatory environments in North America, with complex interconnection requirements, local permitting processes and state incentive programs. PowerBank's proven ability to navigate this landscape -- demonstrated through 11 projects delivered or under development with a single repeat customer -- positions the company as a trusted partner for solar asset buyers seeking derisked, construction-ready projects.

Capitalizing on policy-driven market acceleration

PowerBank's decision to monetize these development-stage assets reflects the company's agile response to market dynamics created by the One Big Beautiful Bill Act. The legislation has compressed construction timelines industry wide, creating an opportune window for strategic project sales that can generate immediate capital returns while maintaining PowerBank's construction management revenue stream through the EPC phase.

Community solar projects like Elmira, Jordan Road 1 and Jordan Road 2 represent a high-growth market segment. These facilities enable residential and commercial customers without suitable rooftop space to access clean energy benefits through subscription models. By serving multiple off-takers from a single ground-mount installation, community solar projects achieve economies of scale while expanding renewable energy access to underserved market segments.

PowerBank's dual-track growth strategy, building a portfolio of long-term IPP assets while selectively monetizing development projects to accelerate capital deployment demonstrates the business acumen available through PowerBank's vertically integrated business model and experienced leadership team, supports win-win transactions for PowerBank partners.

There are several risks associated with the development of the projects. The development of any project is subject to the continued availability of third party financing arrangements for the owner and the risks associated with the construction of a solar power project. Each EPC agreement includes a corresponding guarantee agreement entered into between owner and the company that provides that the owner shall have, if it is not satisfied with its due diligence, the absolute and unconditional right to sell, transfer, convey or assign the project back to the company (sell-back right) without incurring any further liabilities by providing written notice to company at any time within 60 days of Dec. 19, 2025. If any EPC agreement is terminated, the company will not achieve the transaction value and will required to return any funds that have been received associated with the terminated 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 economic.

About PowerBank Corp.

PowerBank is a North American renewable energy developer and independent power producer specializing in distributed solar and battery energy storage system (BESS) projects across Canada and the United States. The company's integrated business model encompasses project development, construction management, and long-term asset ownership, serving utility, commercial, industrial, municipal and residential off-takers.

PowerBank's diversified portfolio strategy spans multiple leading North American markets and includes utility-scale projects, host off-taker arrangements, community solar installations and virtual net metering programs. The company has successfully developed and constructed renewable energy projects exceeding 100 megawatts of combined capacity and maintains a robust development pipeline of over one gigawatt of potential future projects.

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