Ms. Tracy Zheng reports

POWERBANK ANNOUNCES $1.1 MILLION USD INCENTIVE FROM NYSERDA FOR 7.1 MW SOLAR PROJECT IN NEW YORK

Powerbank Corp.'s 7.1-megawatt Jordan Road 2 community solar project, located on privately owned brownfield lands in Skaneateles Falls, N.Y., has been approved for up to $1,119,618 (U.S.) in incentives through the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. The project is also expected to qualify for up to an additional $1,576,590 in NY-Sun incentives through the Inclusive Community Solar Adder. The project received its municipal approvals, previously announced.

Powerbank is also pleased to announce that the project has received its brownfield-specific environmental approvals to operate from the NYS Department of Environmental Conservation.

The NY-Sun Program is a public-private partnership that aims to drive growth in the solar industry and make solar technology more affordable for all New Yorkers. Led by NYSERDA, the program provides incentives and financing to expand solar adoption for homes, businesses and communities while supporting local job creation and advancing the state's clean energy goals.

The Jordan Road 2 project is expected to deliver enough energy to power approximately 895 homes annually. Once constructed and operational, following receipt of financing and final permits, the project will be operated as a community solar project. 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 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, a homeowner earns 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 homes. This allows homeowners to realize a reduced cost per kilowatt per 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. SUUNStrategic 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 solar 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 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 project no longer being economic.

Corporate updates

The company announces that, further to its press release of Feb. 12, 2026, the company and Orbit AI have mutually agreed to terminate the company's proposed strategic investment of $500,000 (U.S.) by the company into Orbit AI. The collaboration agreement with Orbit AI remains in place and the company continues to discuss with Orbit AI collaboration opportunities to support the orbital cloud.

The company also announces that it received a written notice from the listing qualifications department of the Nasdaq Stock Market LLC indicating that, based upon the closing bid price of the company's common shares for the 30 consecutive business day period between Feb. 19, 2026, through April 1, 2026, the bid price for the company's common shares had closed below the minimum $1-(U.S.)-per-share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1).

The notice has no immediate effect on the listing of the company's common shares on the Nasdaq Global Market. The company intends to monitor the bid price of its common shares and consider available options to regain compliance with the minimum bid price rule.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the company has been provided an initial period of 180 calendar days, or until Sept. 29, 2026, to regain compliance. Pursuant to the notice, if, at any time during the compliance period, the closing bid price of the company's common shares is at least $1 for a minimum of 10 consecutive business days, Nasdaq will provide the company with written confirmation of compliance and such matter will be closed. If the company fails to regain compliance with the minimum bid price rule during the compliance period, the company may consider applying to transfer its securities from the Nasdaq Global Market to the Nasdaq Capital Market, provided that the company meets the applicable market value of publicly held shares required for continued listing and all other applicable requirements for initial listing on the Nasdaq Capital Market (except for the bid price requirement). Such transfer would provide the company with an additional 180 calendar days, or until March 28, 2027, to regain compliance. There can be no assurance that the company would be eligible for the additional 180-calendar-day compliance period, if applicable, or that the Nasdaq staff would grant the company's request for continued listing.

The letter has no immediate impact on the company's business operations or listing of the company's common shares, which will continue to be listed and traded on the Nasdaq Global Market, subject to the company's compliance with the other listing requirements of the Nasdaq Global Market.

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 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.

We seek Safe Harbor.