Ms. Tracy Zheng reports

POWERBANK ANNOUNCES SAFE HARBOR OF 30 MW AND 31 MWH OF DISTRIBUTED SOLAR AND ENERGY STORAGE PROJECTS

Powerbank Corp. has executed equipment procurement agreements for eight distributed solar and energy storage projects across New York and Pennsylvania through its wholly owned subsidiary Abundant Solar Power Inc. The projects, once financed, constructed and operational, are expected to bring approximately 30-megawatt DC (direct current) of solar and 31 MWh (megawatt-hours) of energy storage to the United States. This procurement is expected to enable the projects to remain eligible for United States federal investment tax credits for energy projects under the One Big Beautiful Bill Act of 2025. Physical work on the procured equipment is expected to safe harbor the projects by through the IRS Physical Work Test prior to the July 4, 2026, deadline under the United States One Big Beautiful Bill Act.

This announcement follows the safe harbor of an additional 15 solar and energy projects in New York state. Powerbank has now ensured that 23 solar and energy storage projects, with a combined total of 97 MW DC and 42 MWh, are expected to remain eligible for the United States federal investment tax credits.

The value of the investment tax credits associated with the projects being harbored safely through this procurement is estimated at $29.7-million (U.S.), while the total construction value of the portfolio is estimated at $74.3-million (U.S.).

Powerbank has the option to continue as the owner on some or all of the projects under its expanding portfolio as an independent power producer, and intends on delivering the full EPC scope for the projects whether it retains ownership or not.

The company has leveraged its strong relationships with Tier 1 suppliers to secure the major equipment order of transformers necessary for the projects. Subject to the receipt of permits and financing, commercial operation of the eight projects is expected to occur over the next several years.

Investment tax credits have been available for solar projects since 2006, providing a 30-per-cent tax credit for commercial solar installations that meet specific requirements, with opportunities for ITC bonus adders. The One Big Beautiful Bill Act, signed into law on July 4, 2025, specifies that the Section 48E Investment Tax Credit for solar facilities will be phased out, and projects which have begun construction on or before July 4, 2026, will remain eligible for the tax credits.

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

The projects advance New York's path to 10 GW of distributed solar and six GW of energy storage 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.

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 offtakers. The company maximizes returns via 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.

We seek Safe Harbor.