Ms. Tracy Zheng reports

POWERBANK'S 2.1 MW PHILLIPS RD PROJECT SUCCESSFULLY COMPLETES MAJOR INTERCONNECTION STUDY ON PATH TO PERMITTING

Powerbank Corp. has obtained a new 2.1-megawatt solar project located on a closed landfill in upstate New York, known as Phillips Rd.

The company secured site control on the project in the form of a land lease and received positive results through its Coordinated Electric System Interconnection Review (CESIR) and now can proceed to permitting with local authorities.

The Phillips Rd project is poised to qualify for New York's Value of Distributed Energy Resources (VDER) compensation mechanism under Case 15-E-0751, with an estimated first-year average rate of 9.71 U.S. cents per kilowatt-hour. This VDER rate ensures fair compensation for clean energy delivered to the grid, reinforcing the project's financial and environmental viability.

The project is also expected to qualify for incentives under NYSERDA's NY-Sun program and federal Investment Tax Credits under the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act of 2025.

Upon securing permits and financing, Powerbank will commence construction, with the project set to operate as a community solar initiative. This innovative model enables renters, businesses and homeowners to subscribe to the solar farm, receiving bill credits and savings without installing on-site equipment. By feeding clean energy directly into the local grid, the project offers an accessible pathway for New Yorkers to embrace the clean energy transition.

Powerbank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding one gigawatt, underpins the projects' execution. Strategic partnerships and institutional-grade development capabilities position Powerbank to deliver reliable, high-impact renewable energy solutions.

The Phillips Rd project advances New York's path to 10 GW of solar by 2030. The state leads the United States in community solar capacity, having achieved the New York State Climate Act six GW solar goal in the fall of 2024.

There are several risks associated with the development of the project. The development of any project is subject to receipt of a community solar contract, receipt of required permits, the availability of third party financing arrangements for the company and the risks associated with the construction of a solar power 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 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, battery energy storage system (BESS) and EV (electric vehicle) charging projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, 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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