PowerBank Appoints Andrew van Doorn as President & Chief Operating Officer

Rhea-AI Summary

PowerBank (NASDAQ: SUUN) promoted Andrew van Doorn to President while he remains Chief Operating Officer, expanding leadership as the company advances its North American renewable energy and BESS initiatives.

The company said it now has a development pipeline of over 1 GW and launched a renewed ATM program to issue up to $50,000,000 USD of common shares.

Positive

• Executive leadership strengthened with Andrew van Doorn promoted to President
• Development pipeline exceeds 1 GW of renewable energy projects
• ATM program provides up to $50,000,000 USD financing flexibility

Negative

• ATM program may cause share dilution if full $50,000,000 USD is issued

Key Figures

Executive experience: 28 years Completed solar projects: over 200 MW Community solar Minnesota: 32 MW +5 more

8 metrics

Executive experience 28 years Andrew van Doorn’s leadership in renewable energy and utilities

Completed solar projects over 200 MW Total solar capacity completed in van Doorn’s career

Community solar Minnesota 32 MW Community solar projects developed and constructed in Minnesota

New York projects 28 MW Solar projects built or under construction in New York State

Ontario ground mount 20 MW Ground mount solar systems in Ontario

Ontario rooftop portfolio 140 MW across 600 sites Rooftop solar installations including over 500 schools

ATM size $50,000,000 USD Maximum common shares issuance under renewed ATM Program

ATM commission 3.0% Commission on gross offering proceeds paid to Agents

Market Reality Check

Price: $1.05 Vol: Volume 1,831,620 is below...

low vol

$1.05 Last Close

Volume Volume 1,831,620 is below the 20-day average of 2,910,005 (relative volume 0.63x). low

Technical Shares trade below the 200-day MA, with price at 1.05 versus MA(200) at 1.68 and 82.32% below the 52-week high.

Peers on Argus

Scanner data flags one peer up and one down (e.g., ENLT up 2.30%, BNRG down 3.52...

1 Up 1 Down

Scanner data flags one peer up and one down (e.g., ENLT up 2.30%, BNRG down 3.52%), while SUUN’s move appears idiosyncratic rather than part of a broad Utilities - Renewable rotation.

Historical Context

5 past events · Latest: Feb 17 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 17	Strategic update	Positive	-7.1%	Outlined 2025 milestones, IPP shift, asset growth and space-computing plans.
Feb 13	Earnings results	Positive	-7.4%	Reported higher revenue, 36% gross margin and narrower net loss for 6M 2025.
Feb 12	AI investment	Positive	-7.6%	Closed US$500K Orbit AI investment with option for additional US$500K stake.
Feb 05	AI contracts	Positive	-9.2%	Signed Intellistake AI platform contracts, payable in shares at a set price.
Feb 03	ATM completion	Positive	+11.0%	Raised about $13.68M via ATM to fund project pipeline and operations.

Pattern Detected

Recent news, including strategic updates and earnings, has often been followed by negative price reactions despite generally constructive operational developments.

Recent Company History

Over the past weeks, PowerBank has reported stronger financials, a shift to an IPP model, AI and space-related partnerships, and successful capital raises. Key updates on 2025 milestones (Feb 17), fiscal results (Feb 13), AI investments and contracts (Feb 12, Feb 5), and a $13.68M ATM raise (Feb 3) mostly saw shares trade down, except the ATM completion. Today’s leadership promotion and renewed ATM fit into an active capital-raising and strategic expansion phase.

Market Pulse Summary

This announcement combines a leadership promotion with renewal of an at‑the‑market program of up to ...

Analysis

This announcement combines a leadership promotion with renewal of an at‑the‑market program of up to $50,000,000 USD. The appointment of a president with over 200 MW of completed solar projects and deep BESS expertise reinforces execution capability as PowerBank advances a >1 GW development pipeline. At the same time, ongoing equity issuance capacity means investors may watch project returns, balance-sheet trends, and future capital-raising to gauge potential dilution versus growth benefits.

Key Terms

battery energy storage systems, bess, at-the-market equity program, at-the-market distributions, +4 more

8 terms

battery energy storage systems technical

"Beyond his extensive solar expertise, Mr. van Doorn brings deep technical knowledge in Battery Energy Storage Systems (BESS)..."

Large, grid-connected rechargeable battery systems that store electricity for later use, like a giant household battery for cities or power plants. They matter to investors because they help balance supply and demand, enable more renewable energy, reduce outage risk, and create revenue through services such as selling stored power at peak times or participating in grid stability programs, while requiring upfront capital and having performance limits tied to lifespan and degradation.

bess technical

"deep technical knowledge in Battery Energy Storage Systems (BESS) and utility-scale electrical infrastructure."

BESS stands for Battery Energy Storage System, a technology that stores electricity for later use. Think of it as a large rechargeable battery that can hold excess power generated during times of low demand and release it when usage is high, helping balance supply and demand. This is important for investors because it supports the stability of energy grids, enables the integration of renewable sources, and can create new opportunities for profitability in the energy market.

at-the-market equity program financial

"to renew the at-the-market equity program (the "ATM Program")."

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

at-the-market distributions regulatory

"transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 – Shelf Distributions"

Sales of newly issued shares made gradually into the open market at whatever price buyers are currently paying, typically arranged through a broker rather than a single fixed-price offering. Investors should care because these steady sales increase the number of shares outstanding and can dilute existing holders and influence supply and price—similar to a vendor adding more tickets to resale at the current box-office rate, providing flexible funding but potentially easing upward price pressure.

prospectus supplement regulatory

"pursuant to a prospectus supplement dated February 17, 2026 (the "Prospectus Supplement") to the Company's final short form base shelf prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

base shelf prospectus regulatory

"Base Shelf Prospectus dated May 7, 2025 (the "Base Prospectus"), and in the United States pursuant to a prospectus supplement"

A base shelf prospectus is a pre-approved regulatory document that lets a company register a range of securities once and then sell them to the public over time without repeating the full approval process for each offering. For investors it’s like a menu and standing permission slip: it lays out the types of securities, key risks and terms ahead of any specific sale, so buyers can assess potential dilution, timing and the company’s plans before new shares or debt hit the market.

registration statement regulatory

"contained in the Company's effective registration statement on Form F-10 (File No. 333-287070) (the "Registration Statement")"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

form f-10 regulatory

"contained in the Company's effective registration statement on Form F-10 (File No. 333-287070)"

Form F-10 is a standardized prospectus document filed with Canadian securities regulators when a Canadian company offers shares or other securities to the public. It lays out the company’s business, financial results, management, and risks—like a detailed product label that helps investors compare what they’re buying and understand potential downsides. For investors, the form matters because it provides the core information needed to evaluate the safety, value and terms of a public securities offering.

AI-generated analysis. Not financial advice.

TORONTO, Feb. 18, 2026 /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, today announced the promotion of Andrew van Doorn, P. Eng, to President. Mr. van Doorn will continue to serve as the company's Chief Operating Officer, expanding his leadership role as PowerBank accelerates its strategic growth initiatives across North America.

Mr. van Doorn has over 28 years of executive leadership experience in engineering and construction in the renewable energy and utility sectors, with over 200 MW of solar projects completed throughout his distinguished career. As former Chairman of the Canadian Solar Industries Association (CANSIA), Mr. van Doorn is a recognized expert in the management, operations, and construction of solar photovoltaic systems. He is a Professional Engineer, designated in the province of Ontario.

Beyond his extensive solar expertise, Mr. van Doorn brings deep technical knowledge in Battery Energy Storage Systems (BESS) and utility-scale electrical infrastructure. His engineering background extends across a broad spectrum of power generation and distribution infrastructure, with significant experience in utility distribution work and electrical engineering gained through positions at Valard and Quanta Services, leading North American electrical contractors specializing in power transmission, distribution, and renewable energy integration. His hands-on experience with utility-scale electrical systems, transmission and distribution networks, and grid interconnection provides PowerBank with critical capabilities as the company expands. This comprehensive understanding of grid-connected infrastructure and energy storage technologies, combined with proven project execution abilities, positions him uniquely to guide PowerBank's expanding BESS portfolio and data center power solutions while enabling the company to deliver integrated energy solutions that combine solar generation, energy storage, and advanced grid services.

"Andrew has been instrumental in driving PowerBank's operational excellence and commercial success," said Dr. Richard Lu, CEO of PowerBank Corporation. "His promotion to President reflects his exceptional leadership, deep industry expertise, and the critical role he plays in advancing our strategic vision. As we continue to expand our renewable energy portfolio and enter new markets including space-based infrastructure and advanced data centers, Andrew's proven track record of delivering complex solar projects and his extensive relationships across the industry position PowerBank for sustained growth and success."

Mr. van Doorn's extensive solar experience includes developing and constructing 32 MW of community solar projects in Minnesota, 28 MW of projects built or under construction in New York State, and 20 MW of ground mount systems in Ontario. His portfolio also features 140 MW of rooftop solar installations spread across 600 sites in Ontario, including over 500 schools. Notably, Mr. van Doorn led the development of North America's largest school rooftop solar portfolio at the Toronto District School Board, with installations at over 350 sites.

"I am honored to take on this expanded role at such a pivotal time for PowerBank and the power industry," said Andrew van Doorn. "Our team has built an exceptional foundation with our solar and battery storage infrastructure capabilities. I look forward to working with Richard and the entire PowerBank team to capitalize on the  growth opportunities ahead as we help address the increasing demand for reliable energy solutions across North America and beyond.

Throughout his career, Mr. van Doorn has held leadership positions at several prominent renewable energy companies, contributing a wealth of technical and commercial expertise to PowerBank. His background combines deep engineering knowledge with proven business development capabilities, making him uniquely qualified to guide the company's strategic initiatives as it expands its renewable energy portfolio and pursues innovative infrastructure projects.

In his role as President and Chief Operating Officer, Mr. van Doorn will continue to oversee PowerBank's commercial operations, project development, and strategic partnerships while providing executive leadership for the company's operational and growth strategies. His promotion comes as PowerBank continues to advance its development pipeline of over 1 GW of renewable energy projects.

The Company also announces that that Ms. Tracy Zheng will move to the role and title of Executive Vice President, Corporate Development.

ATM Update

The Company also announced that it has entered into an equity distribution agreement (the "Distribution Agreement") with H.C. Wainwright & Co., LLC ("Wainwright"), Research Capital Corporation ("RCC"), Research Capital USA Inc. (together with Wainwright and RCC, the "Agents") to renew the at-the-market equity program (the "ATM Program"). There can be no assurance that the Company will issue and sell any common shares under the ATM Program. The timing of any sales and the number of shares sold, if any, will depend on a variety of factors to be determined by the Company.

The Company may issue up to $50,000,000 USD of common shares of the Company (the "Offered Shares") from treasury under the ATM Program. The Offered Shares will be issued by the Company to the public from time to time, through the Agents, at the Company's discretion. The Offered Shares sold under the ATM Program, if any, will be sold at the prevailing market price at the time of sale. Since the Offered Shares will be distributed at trading prices prevailing at the time of the sale, prices may vary between purchasers and during the period of distribution. The Company intends to use the net proceeds from any sales of Offered Shares under the ATM Program, if any, to advance the Company's business objectives and for general corporate purposes, including, without limitation, funding ongoing operations or working capital requirements, repaying indebtedness outstanding from time to time, discretionary capital programs and potential future acquisitions.

Sales of Offered Shares, if any, will be made through the Agents in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 – Shelf Distributions and an "at-the-market offering" as defined in Rule 415(a)(4) under the United States Securities Act of 1933, as amended, on the Cboe Canada Inc. ("Cboe") and the Nasdaq Stock Market, or any other applicable "marketplace" for the common shares in Canada. The Company is not obligated to make any sales of Offered Shares under the Distribution Agreement. Unless earlier terminated by the Company or the Agent as permitted therein, the Distribution Agreement will terminate upon the date that the aggregate gross sales proceeds of the Offered Shares sold under the ATM Program reaches USD $50,000,000.

The Company will pay the Agents a commission of up to 3.0% of the gross offering proceeds from each sale of Offered Shares and has agreed to provide the Agents with customary indemnification and contribution rights. The Company will also reimburse the Agents for certain specified expenses in connection with the entering into and performance of the Distribution Agreement.

The ATM Program is being made in Canada pursuant to a prospectus supplement dated February 17, 2026 (the "Prospectus Supplement") to the Company's final short form base shelf prospectus dated May 7, 2025 (the "Base Prospectus"), and in the United States pursuant to a prospectus supplement dated February 17, 2026 (the "U.S. Prospectus Supplement") to the Company's final base shelf prospectus contained in the Company's effective registration statement on Form F-10 (File No. 333-287070) (the "Registration Statement") filed with the United States Securities and Exchange Commission (the "SEC"). Prospective investors should read the Base Prospectus, the Prospectus Supplement and other documents the Company has filed with the SEC (some of which are incorporated by reference into the Base Prospectus and the Prospectus Supplement) for more complete information about the Company and the ATM Program, including the risks associated with investing in the Company.

Copies of the Prospectus Supplement, Base Prospectus and Distribution Agreement are available under the Company's profile on SEDAR+ at www.sedarplus.ca and copies of the U.S. Prospectus Supplement and the Registration Statement are available on the SEC's website at www.sec.gov. Alternatively, the Agents will send copies of the relevant documents to investors upon request by contacting RCC by mail at Research Capital Corporation, 1075 West Georgia Street, Suite 1920, Vancouver, British Columbia V6E 3C9, by email at schiu@researchcapital.com or by telephone at (778) 373-4088.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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 including statements with respect to the Offered Shares sold under the ATM Program; the use of proceeds from any such sale of Offered Shares; the use by the Company of the ATM Program; future development, production, cash flow and other anticipated or possible future developments of the Company's business, the Company's development pipeline, as well as those listed under "Forward-Looking Statements" and "Risk Factors" in the Base Prospectus of the Company dated May 7, 2025, and other public filings of the Company. 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; 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; 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 projects 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 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

Who is Andrew van Doorn and what is his role at PowerBank (SUUN) as of February 18, 2026?

He is PowerBank's newly promoted President who will continue as Chief Operating Officer. According to the company, he has over 28 years of engineering and construction leadership and extensive solar and BESS experience.

How large is PowerBank's renewable development pipeline reported on February 18, 2026 for SUUN?

PowerBank reported a development pipeline of over 1 GW of renewable energy projects. According to the company, this pipeline supports expansion of its solar, BESS, and data center power solutions across North America.

What are the terms of the ATM program announced by PowerBank (SUUN) on February 18, 2026?

The ATM allows issuance of up to $50,000,000 USD of common shares from treasury. According to the company, sales would be made at prevailing market prices through appointed agents and are not guaranteed.

How might the $50,000,000 USD ATM affect SUUN shareholders following the February 18, 2026 announcement?

If fully used, the ATM could dilute existing shareholders by increasing outstanding shares. According to the company, the timing and amount of any sales depend on company discretion and market conditions.

What prior project experience supports Andrew van Doorn's promotion at PowerBank (SUUN)?

He led development of hundreds of rooftop sites and multiple community and ground-mount projects totaling over 200 MW. According to the company, his work includes the largest school rooftop solar portfolio in North America and 140 MW of rooftop installs.