PowerBank Announces Safe Harbor of 15 Distributed Solar and Energy Storage Projects in New York State

Rhea-AI Summary

PowerBank (NASDAQ: SUUN) executed equipment procurement agreements for 15 distributed solar and energy storage projects in New York with ~67 MW DC of solar and 11 MWh of storage. The portfolio has an estimated US$168 million construction value and an estimated US$65 million of potential Investment Tax Credits if physical work is completed to safe harbor by Dec 31, 2025 and meets the IRS Physical Work Test before the July 4, 2026 deadline under the One Big Beautiful Bill Act. PowerBank may retain ownership of some projects, will deliver full EPC scope, secured major transformer orders from Tier 1 suppliers, and anticipates commercial operation over the next several years. The company cites a >100 MW track record and a development pipeline exceeding 1 GW.

Positive

• 15 projects procured across New York
• 67 MW DC solar and 11 MWh storage capacity
• Estimated US$168M total construction value
• Estimated US$65M potential Investment Tax Credits
• Physical work expected to safe harbor by Dec 31, 2025
• Secured major transformer orders from Tier 1 suppliers

Negative

• Projects subject to required permits and interconnection approvals
• Dependence on third-party financing availability
• Risk that governments may revise or eliminate incentives, reducing tax credits
• Commercial operation timing uncertain; expected over several years

News Market Reaction – SUUN

-4.11%

4 alerts

-4.11% News Effect

-7.6% Trough Tracked

-$3M Valuation Impact

$61M Market Cap

0.6x Rel. Volume

On the day this news was published, SUUN declined 4.11%, reflecting a moderate negative market reaction. Argus tracked a trough of -7.6% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $61M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Construction value: US$168 million Potential tax credits: US$65 million Number of projects: 15 projects +5 more

8 metrics

Construction value US$168 million Estimated total construction value of 15 New York projects

Potential tax credits US$65 million Estimated Investment Tax Credit value tied to the projects

Number of projects 15 projects Distributed solar and energy storage sites in New York

Solar capacity 67 MW DC Approximate solar capacity from the project portfolio

Storage capacity 11 MWh Approximate energy storage capacity from the project portfolio

Homes powered 7,500 homes Estimated household equivalent electricity supply

Investment Tax Credit rate 30% Federal Investment Tax Credit for eligible commercial solar

NY distributed solar goal 10 GW New York State 2030 distributed solar capacity target

Market Reality Check

Price: $0.7964 Vol: Volume 716,545 is 1.59x t...

high vol

$0.7964 Last Close

Volume Volume 716,545 is 1.59x the 20-day average of 450,255 ahead of this update. high

Technical Shares at $1.59 are trading below the 200-day moving average of $2.00 and far under the $6.43 52-week high.

Peers on Argus

Sector moves were mixed: STEM gained 15.15% and NXXT rose 2.94%, while WAVE, VGA...

1 Up

Sector moves were mixed: STEM gained 15.15% and NXXT rose 2.94%, while WAVE, VGAS and ELLO fell between 1.78% and 3.62%. Momentum scanner flagged BNRG up 7.36%, suggesting stock-specific action rather than a broad Utilities - Renewable move.

Historical Context

5 past events · Latest: Dec 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 09	NY solar project	Positive	+1.9%	Lease and development plans for 5 MW AC solar-plus-storage NY project.
Dec 04	Project details update	Positive	+1.6%	Additional metrics on 15 NY projects including MW sizes and ITC eligibility.
Dec 02	NY safe harbor deal	Positive	-4.1%	Initial announcement of 15 NY solar and storage projects with ITC estimates.
Nov 28	AI tools update	Positive	-1.2%	Progress update on Intellistake enterprise AI tools for renewable analytics.
Nov 19	Orbital AI venture	Positive	-5.8%	Partnership to develop orbital AI infrastructure with staged investment options.

Pattern Detected

Recent news has often been positive on projects and partnerships, yet price reactions skew mixed, with more divergences than alignments and several sell-offs following seemingly constructive updates.

Recent Company History

This announcement adds to a series of New York solar-plus-storage updates and technology partnerships. On Dec 9, 2025, PowerBank detailed a 5 MW AC community solar and storage project with potential NYSERDA support. On Dec 4 and Dec 2, it highlighted 15 New York projects totaling about 67 MW DC of solar and 11 MWh storage with an estimated US$168 million construction value and US$65 million in potential tax credits. Earlier November AI and “Orbital Cloud” initiatives drew more muted or negative price reactions.

Market Pulse Summary

This announcement details safe harbor progress for 15 New York solar and storage projects with an es...

Analysis

This announcement details safe harbor progress for 15 New York solar and storage projects with an estimated US$168 million construction value and about US$65 million in potential Investment Tax Credits. It reinforces PowerBank’s growing development footprint, while underscoring dependencies on permits, interconnection approvals and third-party financing. Investors may track how many projects reach commercial operation, the realized value of tax incentives, and any policy changes that could affect long-term project economics.

Key Terms

investment tax credits, community solar, energy storage, physical work test, +3 more

7 terms

investment tax credits financial

"remain eligible for 30% Investment Tax Credit and Potential Bonus Adders"

Investment tax credits are government discounts on an investor’s tax bill tied to putting money into certain projects or assets, effectively returning a portion of the upfront cost as a tax saving. They matter to investors because they improve after-tax returns and can make otherwise marginal projects more profitable—like a manufacturer offering a coupon that lowers the net price of a major purchase—so they influence valuation, cash flow forecasts and investment decisions.

community solar technical

"Community Solar and Energy Storage Projects Remain Eligible for 30% Investment"

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.

energy storage technical

"distributed solar and energy storage projects (the "Projects") across New York"

Energy storage involves capturing and holding excess energy produced during periods of low demand for later use when demand is higher. Think of it like a rechargeable battery that saves power for when it’s needed most. For investors, energy storage is important because it helps balance supply and demand, making energy systems more reliable and efficient, which can influence the value of energy-related assets and technologies.

physical work test regulatory

"The Projects will have met the IRS Physical Work Test prior to the July 4, 2026"

A physical work test is a medical assessment that checks whether a person can perform the physical tasks required by a job or to qualify for disability or workers’ compensation benefits. For investors it matters because results can affect a company’s payroll, insurance costs, legal exposure and productivity—similar to a car inspection revealing whether a vehicle is safe to drive and what repairs will cost.

independent power producer financial

"portfolio as an Independent Power Producer and intends on delivering the full EPC"

An independent power producer is a company or entity that generates electricity and sells it to utilities or directly to consumers, operating separately from government-owned or utility-controlled power plants. This type of producer often builds and manages power facilities to meet market demand, offering more options and competition in energy supply. For investors, independent power producers can provide opportunities for profit through the sale of electricity in a competitive market.

interconnection approval regulatory

"receipt of interconnection approval, receipt of required permits, the"

Permission from the utility or transmission operator that allows a power-generating facility, battery, or other energy asset to physically and safely connect to the electrical network. It confirms technical compatibility, safety checks and any required upgrades or fees so the asset can deliver or draw power. For investors, this approval is a key milestone like a building permit: it unlocks revenue potential, affects project timelines, costs and financing risk.

bonus adders financial

"tax credit for commercial solar installations that meet specific requirements, with opportunities for ITC bonus adders."

Bonus adders are extra payments added on top of regular performance bonuses, such as one-time cash amounts, percentage multipliers or adjustments tied to specific results. For investors, they change reported compensation costs and cash outflows and can reveal how management is being incentivized or rewarded; like a retailer adding coupons to a price, they alter the real cost of rewards and can affect profit and shareholder returns.

AI-generated analysis. Not financial advice.

US$168 Million Construction Value of Projects

US$65 Million Estimated Value of Potential Tax Credits

Projects to Power Equivalent of 7,500 Homes

Community Solar and Energy Storage Projects Remain Eligible for 30% Investment Tax Credit and Potential Bonus Adders

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated June 5, 2025 to its short form base shelf prospectus dated May 7, 2025

TORONTO, Dec. 2, 2025 /PRNewswire/ - PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company"), a leader in North American energy infrastructure development and asset ownership, is pleased to announce  the execution of equipment procurement agreements for 15 late-stage distributed solar and energy storage projects (the "Projects") across New York state through wholly owned subsidiaries. The projects are expected to bring approximately 67 MW DC of solar and 11 MWh of energy storage to the State. This procurement is expected to enable the Projects to remain eligible for United States federal Investment Tax Credits for energy projects under the One Big Beautiful Bill Act of 2025. Physical work on the procured equipment is expected to safe harbor the Projects by December 31, 2025. The Projects will have met the IRS Physical Work Test prior to the July 4, 2026 deadline under the United States One Big Beautiful Bill Act.

The value of the Investment Tax Credits associated with the Projects being harbored safely through this procurement is estimated at US$65 million, while the total construction value of the portfolio is estimated at US$168 million. 

PowerBank Corporation has the option to continue as the owner on some or all of the Projects under its expanding portfolio as an Independent Power Producer and intends on delivering the full EPC scope for the Projects whether it retains ownership or not.

The Company has leveraged its strong relationships with Tier 1 suppliers to secure the major equipment order of transformers necessary for the Projects. Subject to the receipt of permits and financing, commercial operation of the 15 projects is expected to occur over the next several years.

Investment Tax Credits have been available for solar projects since 2006, providing a 30% tax credit for commercial solar installations that meet specific requirements, with opportunities for ITC bonus adders. The One Big Beautiful Bill Act, signed into law on July 4, 2025, specifies that the Section 48E Investment Tax Credit for solar facilities will be phased out, and projects which have begun construction on or before July 4, 2026, will remain eligible for the tax credits.

PowerBank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, underpins the execution of the Projects. Strategic partnerships and institutional-grade development capabilities position PowerBank to deliver reliable, high-impact renewable energy solutions.

The Projects advance New York's path to 10 GW of distributed solar and 6GW of energy storage 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 Projects. The development of any project is subject to receipt of a community solar contract, receipt of interconnection approval, 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 Projects receiving less tax credits than estimated and no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the Projects and statements made in this press release.

About PowerBank Corporation

PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. 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. 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 Company's growth strategies the expected energy production from the solar power projects mentioned in this press release; the expected construction value of the Projects; the expected value of United States Investment Tax Credits; that the Projects will achieve safe harbor and remain eligible for the United States Investment Tax Credits, the expected savings for local residents; the receipt of interconnection approval, permits and financing to be able to construct the Projects; the receipt of incentives for the Projects; 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; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; that the procurement of transformers is sufficient to safe harbor the Projects in order for the Projects to remain eligible for the United States Investment Tax Credits; 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; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; that the procurement of transformers is determined to not be sufficient to safe harbor the Projects in order for the Projects to remain eligible for the United States Investment Tax Credits; 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 did PowerBank (SUUN) announce on December 2, 2025 about projects in New York?

PowerBank announced procurement for 15 solar and storage projects totaling ~67 MW DC solar and 11 MWh storage with an estimated US$168M construction value.

How much Investment Tax Credit value does PowerBank (SUUN) estimate for the New York projects?

The company estimates approximately US$65 million of potential Investment Tax Credits if projects meet safe-harbor requirements.

What deadlines must PowerBank (SUUN) meet to preserve the ITC for these projects?

Physical work is expected to safe harbor by Dec 31, 2025 and meet the IRS Physical Work Test before the July 4, 2026 deadline.

Will PowerBank (SUUN) remain owner of the New York projects or only act as EPC?

PowerBank has the option to continue as owner on some or all projects and intends to deliver the full EPC scope whether it retains ownership or not.

When are the 15 PowerBank (SUUN) projects expected to reach commercial operation?

Subject to permits and financing, commercial operation is anticipated over the next several years.

What are the main development risks for PowerBank's (SUUN) New York projects?

Key risks include securing community solar contracts, interconnection approvals, required permits, and third-party financing, plus possible policy changes affecting incentives.