Ms. Tracy Zheng reports

$920,000 USD RECEIVED BY POWERBANK IN CLOSING OF TERM CONVERSION OF FINANCING FOR GEDDES PROJECT

Powerbank Corp. has received $920,00 (U.S.) from the closing of the term conversion of the construction loan for the Geddes project in upstate New York. The loan was initially announced by Powerbank on June 24, 2024.

Powerbank entered into a loan agreement with Seminole Financial Services LLC for an initial $2.6-million (U.S.) construction to mini-perm loan which was used to complete construction of the Geddes project located in upstate New York. This funding structure enables Powerbank to efficiently transition from construction financing to long-term debt to support operations.

Seminole Financial Services was founded with the goal of financing Renewable Energy and Real Estate projects across the United States. To date, Seminole has directly funded over $3.5-billion (U.S.) in capital for renewable energy projects, demonstrating their strong commitment to the clean energy transition. Their expertise in renewable energy financing has made them a trusted partner for developers seeking to scale sustainable infrastructure projects.

Under the terms of the Loan, upon the substantial completion of the project receiving permission to operate, the loan was eligible to be converted into a mini-perm loan subject to the satisfaction of certain customary conditions. The Geddes project was announced to be fully operational on July 25, 2025, and the conversion to a mini-perm loan has now been completed. As a result of conversion, the principal amount of the loan is $1,695,000 (U.S.) and it has a maturity date of Jan. 20, 2032.

The Geddes project is now operating as a community solar project. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has dozens, or even hundreds, of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home.

There are several risks associated with the operation of the project and the loan. If the company defaults under the terms of the agreement for the loan, the lender may declare the loan repayable in full and if the company is unable to repay, the lender may realize on its security and enforce the guarantee against the company.

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 (BESS) 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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