Ms. Tracy Zheng reports

POWERBANK ANNOUNCES A COMBINED 42 MW ACROSS 9 PROJECTS HAVE BEEN ADVANCED UNDER SPRING MOBILIZATION IN NEW YORK STATE

Powerbank Corp. has started the spring mobilization of nine projects in New York State, including Jordan Road 1 and 2, Elmira, Newark, and Camp Smith projects, among others.

Spring mobilization is the initial stage of construction, which includes site preparation. The projects include rooftop, carport and ground-mounted solar with a combined generation capacity of 42.24 megawatts, as well as battery energy storage systems with a generation capacity of 21.76 megawatt-hours.

Once operational, the projects are expected to deliver enough energy to power approximately 5,280 homes annually, and several of these projects will be operated as community solar projects. 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 gigawatt, underpins the project's execution. Strategic partnerships and institutional-grade development capabilities position Powerbank to deliver reliable, high-impact renewable energy solutions.

The projects advance New York's ambitious Climate Leadership and Community Protection Act goal of six gigawatts of solar capacity by 2025. As a national leader in community solar, New York accounts for nearly one-third of the United States' 6.2 gigawatts of installed solar capacity, and Powerbank is honoured to contribute to this transformative milestone.

There are several risks associated with the development of the projects. These projects require financing and final permits to commence construction. Powerbank intends to either finance these projects directly to be owned as IPP assets, sell projects to third parties and continue as EPC contractor, or some combination of these two strategies. As a result, the development of any project is subject to 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 projects no longer being economic.

We seek Safe Harbor.