Mr. Andrew van Doorn reports

HONEYWELL COMMUNITY SOLAR PROJECT SB-14 SUCCESSFULLY ACHIEVES COMMERCIAL OPERATION IN UPSTATE NEW YORK

Powerbank Corp.'s 7.01-megawatt-direct-current/five-megawatt-alternating-current, ground-mount community solar project, known as SB-14, located in Upstate New York, has achieved commercial operation. The 7.01-megawatt project was developed and constructed by Powerbank for Honeywell International Inc. as part of the company's $41-million (U.S.) engineering, procurement and construction (EPC) agreement covering a portfolio of three community solar projects totalling 21 megawatts DC. The project is built on an industrial brownfield owned by Honeywell, which is regulated by the New York State Department of Environmental Conservation. The project has been moved from Honeywell International to Honeywell Aerospace Inc., following the planned spinoff of Honeywell Aerospace on June 29, 2026.

Powerbank originated the site and developed SB-14 as part of a three-project portfolio alongside SB 13-1 and SB 13-2. This is the second project from the portfolio to reach commercial operation and brings the total to 14.02 megawatts of clean energy now being generated for the community.

In September, 2023, the company completed the sale of the projects to Honeywell and entered into an EPC agreement to build the projects through to commercial operation. The total transaction value, including the sale of the projects and the EPC agreement, is approximately $41-million (U.S.). Powerbank has retained an operations and maintenance contract for the projects.

Community solar allows dozens or even hundreds of renters and homeowners to save money from the electricity generated by the project. By subscribing to a community solar project, a homeowner earns credits on his or her electric bill every month from his or her share of the solar energy generated, accessing the financial and environmental benefits of solar without installing panels on his or her home.

Andrew van Doorn, president and chief operating officer of Powerbank, commented: "Reaching commercial operation on SB-14 reflects the strength of our long-standing partnership with Honeywell and the consistent execution our team brings to every project. Developing a community solar facility on a regulated industrial brownfield requires precision at every stage, and delivering that cleanly speaks to the maturity of Powerbank's development and construction platform. We are proud of what this team has built here, and we look forward to bringing the final project across the finish line."

Powerbank's proven expertise, with over 100 megawatts of completed projects and a development pipeline exceeding one gigawatt, underpins the project's execution. Powerbank is increasingly well positioned to serve not only traditional utility and community solar offtakers but also the rapidly growing demand for reliable, on-site power generation driven by AI (artificial intelligence)compute infrastructure and modular data centres.

About Powerbank Corp.

Powerbank is a vertically integrated and independent North American energy company helping to power the digital economy. The company develops, builds, owns and operates solar and battery energy storage systems that deliver reliable, resilient and behind-the-meter power to the electricity grid, commercial and industrial clients, and municipal and residential offtakers. As AI and digital infrastructure drive unprecedented electricity demand, Powerbank is uniquely positioned to deliver the speed, scale and energy independence that the next generation of power consumers requires, without waiting years for grid interconnection. The company has a potential development pipeline of over one gigawatt and has developed energy projects with a combined capacity of over 100 megawatts built.

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