Dr. Richard Lu reports

COMMUNITY SOLAR PROJECTS RECEIVE $1.74 MILLION GRANT FROM NET ZERO ATLANTIC

Powerbank Corp.'s Sydney, Brooklyn and Petpeswick community solar projects in Nova Scotia were granted $1.74-million in funding through the Nova Scotia Department of Environment and Climate Changes provided by the Nova Scotia Department of Energy and managed by the Net Zero Atlantic program.

Net Zero Atlantic is a leading research organization with a team of scientists, engineers and project mangers working to support the energy transition and respond to climate change. Their purpose is to advance a sustainable and inclusive transition to a carbon-neutral Atlantic Canada by 2050 through the provision of credible and objective data and support services.

Under the grant, the company will receive $340,000 for the Sydney solar project, $440,000 for the Petpeswick solar project and $960,000 for the Brooklyn solar project. The projects are 48 per cent owned by AI Renewable Flow-through Fund, and 52 per cent owned by a non-profit organization or Potlotek First Nation. Powerbank is the lead developer and builder for the projects, and Powerbank will partner with local Nova Scotia's trusted engineering firm, Trimac Engineering, to deliver the projects. Powerbank has been at the forefront of community solar development in the United States with over 50 megawatts of community solar projects completed and is proud to be deploying its expertise in Canada as the community solar market develops there.

"We are proud to support Nova Scotia's goals in developing renewable energy in the province. This funding from Net Zero Atlantic will go far towards the development of long-lasting solar projects that bring clean energy and energy savings to Nova Scotia," said Dr. Richard Lu, president and chief executive officer of Powerbank. "With over a decade of proven experience in solar development and operations -- including community solar, commercial and industrial installations, and other government-led initiatives -- Powerbank brings the expertise needed to the successful implementation of Nova Scotia's community solar projects."

The Nova Scotia community solar program (CSP) is the first CSP in Canada, supporting Nova Scotia's commitment to 80-per-cent renewable energy by 2030 and electricity grid reaching net zero by 2035. The program aims to add 100 MW of solar generation to the grid to help reduce reliance on fossil fuels, mitigate climate change and foster local economic growth. The clean energy generated by community solar projects feeds directly into the local electricity grid. Depending on the size and number of panels a community solar project has renters, and business or homeowners can earn credits on their electric bill and save two cents per kilowatt-hour from the electricity that is generated by a project. By subscribing to a project, community members can access the benefits of renewable energy without having to install panels on their building or land.

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 U.S. With over 100 MW of completed projects and a one-plus-gigawatt development pipeline across multiple North American markets, Powerbank is positioned as a high-growth player in the renewable energy sector.

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 via 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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