Mr. Tracy Zheng reports

5 MW AC DISTRIBUTED SOLAR AND BATTERY ENERGY STORAGE SYSTEM PROJECT IN NEW YORK ANNOUNCED BY POWERBANK

Powerbank Corp. has executed a lease agreement on a five-megawatt alternating current hybrid solar plus battery energy storage project known as the NY-Cloverdale Rd project in upstate New York. The project is expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun program and the retail storage incentive program.

The rapid growth of wind and solar power and the rising demand for electricity from data centres are making batteries a necessity. They store surplus renewable energy for when it is not windy or sunny, and maintain a balance between energy supply and demand. There has been a 90-per-cent drop in the cost of batteries over the past 15 years as new factories have come on-line, resulting in significant growth in this sector globally.

The company is in the process of initiating the preliminary screening analysis as part of the interconnection process. Assuming receipt of interconnection approval, the company will work to complete the permitting process and secure the necessary financing for the construction of the project.

Once completed, the project will likely be operated as a hybrid community solar plus energy storage project. Community solar is a solar project with access to the local electricity grid. Once the project is connected and generating electricity, 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, electricity customers can 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 and energy storage without installing any equipment at their location. This allows electricity customers 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 gigawatt, 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 distributed solar and six gigawatts of energy storage 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 receipt of a community solar contract, receipt of interconnection approval, 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 a 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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