Dr. Richard Lu reports

POWERBANK APPOINTS ANDREW VAN DOORN AS PRESIDENT & CHIEF OPERATING OFFICER

Powerbank Corp. has promoted Andrew van Doorn, PEng, to president. Mr. van Doorn will continue to serve as the company's chief operating officer, expanding his leadership role as Powerbank accelerates its strategic growth initiatives across North America.

Mr. van Doorn has over 28 years of executive leadership experience in engineering and construction in the renewable energy and utility sectors, with over 200 megawatts of solar projects completed throughout his distinguished career. As former chairman of the Canadian Solar Industries Association (CANSIA), Mr. van Doorn is a recognized expert in the management, operations and construction of solar photovoltaic systems. He is a professional engineer, designated in the province of Ontario.

Beyond his extensive solar expertise, Mr. van Doorn brings deep technical knowledge in battery energy storage systems (BESS) and utility-scale electrical infrastructure. His engineering background extends across a broad spectrum of power generation and distribution infrastructure, with significant experience in utility distribution work and electrical engineering gained through positions at Valard and Quanta Services, leading North American electrical contractors specializing in power transmission, distribution and renewable energy integration. His hands-on experience with utility-scale electrical systems, transmission and distribution networks, and grid interconnection provides Powerbank with critical capabilities as the company expands. This comprehensive understanding of grid-connected infrastructure and energy storage technologies, combined with proven project execution abilities, positions him uniquely to guide Powerbank's expanding BESS portfolio and data centre power solutions while enabling the company to deliver integrated energy solutions that combine solar generation, energy storage and advanced grid services.

"Andrew has been instrumental in driving Powerbank's operational excellence and commercial success," said Dr. Richard Lu, chief executive officer of Powerbank. "His promotion to president reflects his exceptional leadership, deep industry expertise and the critical role he plays in advancing our strategic vision. As we continue to expand our renewable energy portfolio and enter new markets including space-based infrastructure and advanced data centres, Andrew's proven track record of delivering complex solar projects and his extensive relationships across the industry position Powerbank for sustained growth and success."

Mr. van Doorn's extensive solar experience includes developing and constructing 32 megawatts of community solar projects in Minnesota, 28 MW of projects built or under construction in New York State, and 20 MW of ground mount systems in Ontario. His portfolio also features 140 MW of rooftop solar installations spread across 600 sites in Ontario, including over 500 schools. Notably, Mr. van Doorn led the development of North America's largest school rooftop solar portfolio at the Toronto District School Board, with installations at over 350 sites.

"I am honoured to take on this expanded role at such a pivotal time for Powerbank and the power industry," said Mr. van Doorn. "Our team has built an exceptional foundation with our solar and battery storage infrastructure capabilities. I look forward to working with Richard and the entire Powerbank team to capitalize on the growth opportunities ahead as we help address the increasing demand for reliable energy solutions across North America and beyond."

Throughout his career, Mr. van Doorn has held leadership positions at several prominent renewable energy companies, contributing a wealth of technical and commercial expertise to Powerbank. His background combines deep engineering knowledge with proven business development capabilities, making him uniquely qualified to guide the company's strategic initiatives as it expands its renewable energy portfolio and pursues innovative infrastructure projects.

In his role as president and chief operating officer, Mr. van Doorn will continue to oversee Powerbank's commercial operations, project development and strategic partnerships while providing executive leadership for the company's operational and growth strategies. His promotion comes as Powerbank continues to advance its development pipeline of over one GW of renewable energy projects.

The company also announces that Tracy Zheng will move to the role and title of executive vice-president, corporate development.

ATM update

The company also announced that it has entered into an equity distribution agreement with H.C. Wainwright & Co. LLC, Research Capital Corp. (RCC) and Research Capital USA Inc. to renew the at-the-market equity program (the ATM program). There can be no assurance that the company will issue and sell any common shares under the ATM program. The timing of any sales and the number of shares sold, if any, will depend on a variety of factors to be determined by the company.

The company may issue up to $50-million (U.S.) of common shares of the company from treasury under the ATM program. The offered shares will be issued by the company to the public from time to time, through the agents, at the company's discretion. The offered shares sold under the ATM program, if any, will be sold at the prevailing market price at the time of sale. Since the offered shares will be distributed at trading prices prevailing at the time of the sale, prices may vary between purchasers and during the period of distribution. The company intends to use the net proceeds from any sales of offered shares under the ATM program, if any, to advance the company's business objectives and for general corporate purposes, including, without limitation, financing continuing operations or working capital requirements, repaying indebtedness outstanding from time to time, discretionary capital programs and potential future acquisitions.

Sales of offered shares, if any, will be made through the agents in transactions that are deemed to be at-the-market distributions as defined in National Instrument 44-102 -- Shelf distributions and an at-the-market offering as defined in Rule 415(a)(4) under the United States Securities Act of 1933, as amended, on the Cboe Canada Inc. and the Nasdaq Stock Market, or any other applicable marketplace for the common shares in Canada. The company is not obligated to make any sales of offered shares under the distribution agreement. Unless earlier terminated by the company or the agent as permitted therein, the distribution agreement will terminate upon the date that the aggregate gross sales proceeds of the offered shares sold under the ATM program reaches $50-million (U.S.).

The company will pay the agents a commission of up to 3.0 per cent of the gross offering proceeds from each sale of offered shares and has agreed to provide the agents with customary indemnification and contribution rights. The company will also reimburse the agents for certain specified expenses in connection with the entering into and performance of the distribution agreement.

The ATM program is being made in Canada pursuant to a prospectus supplement dated Feb. 17, 2026, to the company's final short form base shelf prospectus dated May 7, 2025, and in the United States pursuant to a prospectus supplement dated Feb. 17, 2026, to the company's final base shelf prospectus contained in the company's effective registration statement on Form F-10 (file No. 333-287070) filed with the United States Securities and Exchange Commission (the SEC). Prospective investors should read the base prospectus, the prospectus supplement and other documents the company has filed with the SEC (some of which are incorporated by reference into the base prospectus and the prospectus supplement) for more complete information about the company and the ATM program, including the risks associated with investing in the company.

Copies of the prospectus supplement, base prospectus and distribution agreement are available under the company's profile on SEDAR+ and copies of the U.S. prospectus supplement and the registration statement are available on the SEC's website. Alternatively, the agents will send copies of the relevant documents to investors upon request by contacting RCC by mail at Research Capital Corp., 1075 West Georgia St., suite 1920, Vancouver, B.C., V6E 3C9, by e-mail at schiu@researchcapital.com or by telephone at 778-373-4088.

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.

We seek Safe Harbor.