PowerBank Announces $841,555 USD NYSERDA Incentive for 3.1 MW Community Solar Project in Buffalo, New York

Rhea-AI Summary

PowerBank (NASDAQ: PBK) received approval for a $841,555 USD NYSERDA incentive for its 3.1 MW NY-South Park community solar project on a closed landfill in Buffalo, New York. The project may qualify for up to an additional $730,234 USD, for potential total NYSERDA funding of $1,571,789 USD, and is expected to supply clean energy equal to about 388 homes annually, subject to financing, permits, contracts, and ongoing incentive eligibility.

Positive

• Approved NYSERDA incentive of $841,555 USD for 3.1 MW Buffalo project
• Potential total NYSERDA funding of up to $1,571,789 USD
• Project expected to supply clean energy equal to about 388 homes annually
• Over 100 MW of completed projects and development pipeline above 1 GW
• Incentive-backed sites support expansion into AI compute and modular data centers

Negative

• Project depends on receiving required permits, a community solar contract, and third-party financing
• Government changes to solar incentives or policies could make the project uneconomic
• NYSERDA may rescind the award if the project stops qualifying under SSFA or ICSA
• Construction and development risks could delay or prevent project completion and operation

Market Context

This announcement details up to $1,571,789 in NYSERDA incentives for a 3.1 MW community solar projec...

Analysis

This announcement details up to $1,571,789 in NYSERDA incentives for a 3.1 MW community solar project expected to serve the equivalent of 388 homes annually. It underscores PowerBank’s broader platform, including over 100 MW of completed projects and a pipeline exceeding 1 GW, as well as a strategic push into AI-focused power solutions. Investors should note the explicit risks tied to permitting, financing, construction, and potential changes to incentive qualification.

Key Figures

NYSERDA incentive: $841,555 USD Additional potential incentives: $730,234 USD Total potential NYSERDA funding: $1,571,789 USD +5 more

8 metrics

NYSERDA incentive $841,555 USD Approved incentive for NY-South Park community solar project

Additional potential incentives $730,234 USD Expected additional NYSERDA incentives (Inclusive Adder & Storage Program)

Total potential NYSERDA funding $1,571,789 USD Maximum combined incentives for NY-South Park project

Project capacity 3.1 MW NY-South Park community solar project size

Homes powered equivalent 388 homes annually Expected clean energy output of the project

Completed projects over 100 MW PowerBank's completed project portfolio

Development pipeline exceeding 1 GW PowerBank's development pipeline across North America

New York solar goal 10 GW by 2030 State solar capacity target advanced by the project

Key Terms

community solar, solar photovoltaic system, distribution lines, ai compute infrastructure, +4 more

8 terms

community solar technical

"Once constructed and operational... the Project is expected to be operated as a community solar project."

Community solar is a shared solar power system that allows multiple people or businesses to benefit from a single solar installation, often located off their property. Participants typically buy or lease a portion of the solar energy generated, which helps reduce their electricity bills and supports renewable energy efforts. For investors, community solar represents an opportunity to support sustainable projects while earning stable returns from a growing clean energy market.

solar photovoltaic system technical

"Community solar is a solar photovoltaic system interconnected directly to the local electricity grid..."

A solar photovoltaic system is a setup of solar panels and related equipment that converts sunlight directly into electricity and delivers it to a building, battery storage, or the power grid. Investors care because it turns a free, predictable resource (sunlight) into usable power that can cut operating costs, create revenue or tax incentives, change the value of assets, and affect a company’s long-term energy expenses and environmental credentials—like installing a miniature power plant on a rooftop.

distribution lines technical

"solar photovoltaic system interconnected directly to the local electricity grid via distribution lines."

Distribution lines are the network of wires, poles, transformers and other equipment that deliver electricity from local substations to homes, businesses and streetlights—think of them as the local streets that carry power from main highways to neighborhood doors. For investors, the condition and reliability of these lines matter because they drive a utility’s operating costs, capital spending needs, outage risk, customer satisfaction and regulatory exposure, all of which affect revenue stability and long-term value.

ai compute infrastructure technical

"PowerBank has positioned AI compute infrastructure and modular data center development as a core strategic growth vertical..."

AI compute infrastructure is the physical and software setup—specialized processors, servers, data storage, networks and cooling—that lets artificial intelligence models run at scale, like the engines, roads and fuel stations that let cars travel. For investors it matters because the quality and cost of this infrastructure determine how fast and cheaply a company can develop, deploy and monetize AI services, affecting capital spending, profit margins and competitive position.

modular data center technical

"AI compute infrastructure and modular data center development as a core strategic growth vertical..."

A modular data center is a self-contained, prefabricated unit that houses computing equipment, power and cooling systems, and can be joined with others like building blocks to create a larger data facility. For investors, it matters because these plug-and-play units let companies scale capacity faster and often at lower upfront cost than building a traditional data center, affecting capital spending, operational efficiency, rollout speed and the competitive position of firms that sell or use data infrastructure.

development pipeline technical

"with over 100 MW of completed projects and a development pipeline exceeding 1 GW..."

A development pipeline is the collection of products, drugs, or projects a company is actively creating, shown by the stage each one is in from early research to final approval or launch. For investors it acts like a roadmap of future revenue potential and risk—similar to a restaurant’s planned menu items at different stages of testing—because items farther along are likelier to generate sales while earlier-stage projects carry more uncertainty and longer timelines.

incentive programs regulatory

"PowerBank's proven expertise in navigating state-level incentive programs..."

Programs a company uses to encourage specific behaviors by offering rewards—such as cash bonuses, stock awards, discounts, or other benefits—to employees, executives, customers or other stakeholders, like a coach handing out prizes to keep a team motivated. Investors care because these programs affect costs, staff retention, management choices and future profits; they can also dilute shares or change reported earnings, so they influence company value and risk.

community solar contract regulatory

"subject to receipt of a community solar contract, receipt of required permits..."

An agreement that gives a household, business or investor a share of the electricity produced by a jointly owned solar array and the right to receive bill credits or payments for that share. It matters to investors because the contract’s length, payment structure and crediting rules determine how steady and predictable the project’s cash flow will be, similar to buying a slice of a farm’s harvest that pays you regularly as crops are sold.

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Project expected to provide clean energy to the equivalent of approximately 388 homes annually

TORONTO, June 3, 2026 /PRNewswire/ - PowerBank Corporation (NASDAQ: PBK) (Cboe CA: PBK) (FSE: 103) ("PowerBank" or the "Company"), a leader in independent energy development and asset ownership in North America, is pleased to announce that its 3.1 MW NY-South Park community solar project (the "Project") located on a closed landfill site in Buffalo, New York has been approved for $841,555 USD in incentives through the New York State Energy Research and Development Authority ("NYSERDA") NY-Sun Program. The Project was most recently discussed in a permitting progress update shared here.

The Project is expected to qualify for up to an additional $730,234 USD in NYSERDA incentives through the NY-Sun Inclusive Community Solar Adder and the Retail Energy Storage Incentive Program, for a total of up to $1,571,789 USD in NYSERDA funding.

The NY-South Park project is expected to deliver enough clean energy to power the equivalent of approximately 388 homes annually. Once constructed and operational, following receipt of financing and required permits, the Project is expected to be operated as a community solar project. Community solar is a solar photovoltaic system interconnected directly to the local electricity grid via 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, enabling dozens or hundreds of renters, homeowners, and electricity customers to save money from the electricity 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 home.

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.

PowerBank's demonstrated ability to secure government incentives across its New York portfolio, including previously announced NYSERDA awards for the Elmira, Jordan Rd 1, Jordan Rd 2, and Geddes projects, reflects the institutional-grade development capabilities that underpin the Company's broader strategic evolution. As announced on June 1, 2026, PowerBank has positioned AI compute infrastructure and modular data center development as a core strategic growth vertical alongside its solar and battery energy storage business. This new vertical is directly enabled by the Company's growing portfolio of permitted, incentive-backed renewable energy sites across North America. PowerBank's proven expertise in navigating state-level incentive programs, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, positions the Company to serve as a power solutions provider for the digital economy at a time of unprecedented electricity demand.

The Project advances New York's path to 10 GW of solar by 2030. The State leads the United States in community solar capacity, having achieved the New York State Climate Act 6 GW 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 the Project no longer being economic. The award is contingent on the Project's continued qualification under SSFA or ICSA; NYSERDA reserves the right to rescind the full award in the event the Project no longer qualifies. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the Project and statements made in this press release.

About PowerBank Corporation

PowerBank Corporation (NASDAQ: PBK | Cboe CA: PBK) is a vertically integrated and independent North American energy company helping to power the digital economy. The Company develops, builds, owns, and operates solar and battery energy storage systems that deliver reliable, resilient, and behind-the-meter power to the electricity grid, commercial and industrial clients, and municipal and residential off-takers. As AI and digital infrastructure drive unprecedented electricity demand, PowerBank is uniquely positioned to deliver the speed, scale, and energy independence that the next generation of power consumers requires, without waiting years for grid interconnection. The Company has a potential development pipeline of over one gigawatt and has developed energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit www.powerbankcorp.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information ‎within the meaning of Canadian securities legislation (collectively, "forward-looking ‎statements") that relate to the Company's current expectations and views of future events. ‎Any statements that express, or involve discussions as to, expectations, beliefs, plans, ‎objectives, assumptions or future events or performance (often, but not always, through the ‎use of words or phrases such as "will likely result", "are expected to", "expects", "will ‎continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", ‎‎"projection", "strategy", "objective" and "outlook") are not historical facts and may be ‎forward-looking statements and may involve estimates, assumptions and uncertainties ‎which could cause actual results or outcomes to differ materially from those expressed in ‎such forward-looking statements. In particular and without limitation, this news release ‎contains forward-looking statements pertaining to the Company's expectations regarding its industry trends and overall market growth; the energy capacity of the Project; the number of homes expected to be powered by the Project; the Company's plan to provide energy and battery storage solutions; potential revenues; and the size of the Company's development pipeline. No assurance ‎can be given that these expectations will prove to be correct and such forward-looking ‎statements included in this news release should not be unduly relied upon. These ‎statements speak only as of the date of this news release.‎

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; execution of definitive agreements for suitable solar or BESS sites; that power is available to be sufficient to support a modular data center; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-‎Looking Statements" and "Risk ‎Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; failure to execute definitive agreements for suitable solar or BESS sites; power availability may not be sufficient to support a modular data center; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar Project exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation and tariffs; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any global pandemic on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.

The Company undertakes no obligation to update or revise any ‎forward-looking statements, whether as a result of new information, future events or ‎otherwise, except as may be required by law. New factors emerge from time to time, and it ‎is not possible for the Company to predict all of them, or assess the impact of each such ‎factor or the extent to which any factor, or combination of factors, may cause results to ‎differ materially from those contained in any forward-looking statement. Any forward-‎looking statements contained in this news release are expressly qualified in their entirety by ‎this cautionary statement.‎

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SOURCE PowerBank Corporation

FAQ

What NYSERDA incentive did PowerBank (PBK) secure for its Buffalo community solar project?

PowerBank secured approval for a $841,555 USD NYSERDA incentive for its 3.1 MW NY-South Park community solar project in Buffalo. According to PowerBank, the project is also expected to qualify for additional NYSERDA incentives under related programs.

How much total NYSERDA funding could PowerBank's NY-South Park project (PBK) receive?

PowerBank expects total NYSERDA funding of up to $1,571,789 USD for the NY-South Park project. According to PowerBank, this includes the approved $841,555 incentive plus up to $730,234 from the Inclusive Community Solar Adder and Retail Energy Storage Incentive Program.

How many homes could PowerBank's 3.1 MW Buffalo solar project (PBK) power each year?

The 3.1 MW NY-South Park community solar project is expected to provide clean energy equal to about 388 homes annually. According to PowerBank, the project will feed electricity into the local grid once constructed, financed, permitted, and placed into service.

What risks could affect PowerBank's NY-South Park community solar project (PBK)?

The project faces risks related to permits, community solar contracts, financing, and construction. According to PowerBank, changes to government incentives or policies and potential rescission of NYSERDA awards could also affect the project’s economics and completion.

How does the NY-South Park project support PowerBank's AI compute and data center strategy (PBK)?

PowerBank views incentive-backed renewable sites like NY-South Park as enablers for AI compute infrastructure and modular data centers. According to PowerBank, its portfolio of permitted projects and over 1 GW development pipeline supports supplying power solutions to the growing digital economy.

How does PowerBank's NY-South Park project (PBK) fit into New York’s solar goals?

The NY-South Park project contributes to New York’s target of 10 GW of solar by 2030. According to PowerBank, the state already reached its 6 GW Climate Act solar goal in 2024 and leads the U.S. in community solar capacity.