Ms, Tracy Zheng reports

POWERBANK APPROVED FOR $309,720 USD FROM NYSERDA FOR ELMIRA SOLAR PROJECT

Powerbank Corp.'s 2.6-megawatt Elmira solar power project in New York State has been approved for up to $309,720 (U.S.) in incentives through the New York State Energy Research and Development Authority NY-Sun program. Powerbank will enroll the project in the inclusive community solar adder stream of the NY-Sun program, which could provide up to an additional $545,107 (U.S.) in NY-Sun funding.

The NY-Sun program is a public-private partnership that aims to drive growth in the solar industry and make solar technology more affordable for all New Yorkers. Led by NYSERDA, the program provides incentives and financing to expand solar adoption for homes, businesses and communities while supporting local job creation and advancing the state's clean energy goals.

The Elmira project is expected to deliver enough energy to power approximately 325 homes annually. Once completed, the project will be operated as a community solar project. Community solar is a solar photovoltaic system interconnected directly to the local electricity grid through distribution lines. Once the system is placed into service by the utility and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels that the project has, dozens or even hundreds of renters, homeowners and electricity customers can save money from the electricity that is generated by the project. By subscribing to a project, homeowners earn credits on their electric bill every month from their portion of the solar that is generated by the project, accessing the benefits of solar without installing panels on their home. This allows homeowners to realize a reduced cost per kilowatt-hour from the power they consume versus standard utility rates.

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

The project advances New York's path to 10 gigawatts of solar by 2030. The state leads the United States in community solar capacity, having achieved the New York State Climate Act six-gigawatt 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 the 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 project 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 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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