POWERBANK Corp (PBK) SEC Filings

PowerBank Corporation (PBK) announced a fee-for-service development agreement with 1001634281 Ontario Inc., linked to the Electric Vehicle & Green Energy Advancement Association Canada, to pursue a battery energy storage project under the IESO Long-Term 2 (c-2) capacity procurement in Ontario. If an LT2(c-2) contract is awarded, PowerBank will advance the project to the notice-to-proceed stage and holds a right of first refusal to serve as Engineering, Procurement and Construction provider. PowerBank will also help evaluate a potential 18 MW Battery Energy Storage System in Hamilton, Ontario.

Separately, PowerBank entered debt settlement agreements covering $1,396,717 of legal-fee debt. It plans to settle $817,332 of this amount by issuing about 1,297,352 common shares at a deemed price of $0.63 per share, with the remaining debt payable in cash upon completion of certain project debt transactions. The new shares will be subject to a statutory four month and one day hold period and require regulatory and Cboe Canada Exchange Inc. approvals.

PowerBank Corporation (PBK) reported the appointment of Nicole Rusaw, CPA, CA, as Chief Financial Officer, effective immediately, succeeding Sam Sun. Rusaw will oversee financial strategy as the company scales its North American energy infrastructure platform and supports digital and AI-driven infrastructure initiatives.

Rusaw brings over 20 years of public company finance leadership, including experience in capital raising, financial reporting, risk management and corporate governance. PowerBank develops distributed and community solar and Battery Energy Storage System (BESS) projects in Canada and the USA and reports a potential development pipeline of over one gigawatt with more than 100 megawatts already built.

PowerBank Corporation (PBK) reported that its 6.86 MW Brooklyn ground-mounted community solar project in Nova Scotia has received its final environmental permit, allowing it to move toward construction, which is expected to begin in fall 2026. The project is owned and funded by AI Renewable Flow-through Fund, with PowerBank acting as lead developer and earning development revenue with no capital required from PowerBank.

The total development and construction cost is expected to be C$14 million, supported by up to C$2.639 million in Clean Technology Investment Tax Credits and two previously announced grants of C$960,000 each, for a combined C$1.92 million. Over its lifetime, the project is expected to generate about C$3.86 million in electricity savings for the local community and power the equivalent of 628 homes annually. Brooklyn is one of three PowerBank-developed community solar projects in Nova Scotia totaling approximately 12.44 MW DC, and is part of a broader portfolio of over 100 MW of completed projects and a development pipeline exceeding 1 GW.

PowerBank Corporation, through its U.S. subsidiary Abundant Solar Power Inc., has reacquired two New York community solar projects, Gainesville (7 MW) and Highway 28 (6.9 MW), together representing 13.9 MW of capacity and a combined construction value of approximately US$32.5 million. The projects are expected to be construction-ready in Q3 2026 for Highway 28 and in 2027 for Gainesville.

Highway 28 has secured its interconnection agreement, key permits, NYSERDA NY-Sun incentives of US$893,445 plus potential Inclusive Community Solar Adder incentives of about US$1,518,660, and is expected to qualify for approximately US$8 million in U.S. federal Investment Tax Credits (ITCs). Gainesville has a construction value of about US$15.5 million with expected ITCs of roughly US$5 million and is in permitting while its project company pursues an Article 78 appeal related to a variance application. The projects were acquired for milestone-based purchase prices of US$1,249,488 (Highway 28) and US$1,146,580 (Gainesville), and are intended to operate as community solar projects providing bill credits to subscribers once operational.

PowerBank Corporation reports signing a new lease for the 4 MW ON-765 West ground-mount solar project in North Bruce Peninsula, Ontario. The project is expected to generate enough clean electricity to power the equivalent of approximately 640 homes once operational and is expected to qualify for Canada’s Clean Technology Investment Tax Credit, which can provide a refundable tax credit of up to 30% of eligible capital costs.

The company highlights the role of distributed, distribution-level solar projects in supporting Ontario’s growing electricity needs driven by artificial intelligence, electrification and digital infrastructure. PowerBank notes it has completed over 100 MW of projects and has a development pipeline exceeding 1 GW. Next steps for ON-765 West include preliminary assessments and advancing permitting, with stated risks around permitting, financing availability, construction, long-term performance and potential changes to government incentives.

PowerBank Corporation’s 903 BESS project in Ontario has achieved a major permitting step, securing Official Plan Amendment and Zoning Bylaw Amendment approvals on July 21, 2026. This concludes the longest and most complex phase of permitting after extensive public consultation. The project is now in Site Plan Approval, with all permits to commence construction expected in Q4 2026. It is PowerBank’s second battery energy storage system in Ontario to reach this milestone.

In July 2023, the project obtained a 22-year contract through the IESO E‑LT1 RFP, with a fixed capacity payment of $1,221/MW per business day, above the $876/MW average for storage projects in that process. The project is owned by 1000234763 Ontario Inc., 50% held by PowerBank and 50% by a partnership of First Nations communities. PowerBank reports over 100 MW of completed projects and a development pipeline exceeding one gigawatt.

The battery energy storage market is projected to grow from US$17.4 billion in 2026 to US$99.7 billion by 2033, a 28.3% compound annual growth rate, supported by demand from AI and data centers. Disclosed risks include dependence on permits and third‑party financing, construction and battery degradation risks, and potential reductions in government incentives for storage.

PowerBank Corporation reports a new opportunity in Nova Scotia, where it will support TriMac Engineering through a fee-for-service agreement on solar feasibility studies and related technical and development assessments for the Municipality of the County of Victoria. The contract between TriMac and the Municipality was executed on July 8, 2026, following a June 20, 2026 request for proposals for a Victoria County Solar Strategy.

The work includes evaluating municipal buildings and properties for rooftop and ground-mounted solar, sizing potential systems, and reviewing federal, provincial and utility funding and incentive programs. PowerBank and TriMac are already collaborating on three Community Solar Projects in Nova Scotia with a combined capacity of 12.4 MW. PowerBank highlights a track record of over 100 MW of completed projects and a development pipeline exceeding one gigawatt, and describes its solar and battery storage capabilities as suited to rising electricity demand from AI and digital infrastructure. The company also provides extensive forward-looking statements and risk disclosures related to financing, regulation, project development and market conditions.

PowerBank Corporation describes a new 3.2 MW DC ground-mount solar project in Broome County, New York, called the Scofield project, under a signed lease. The project targets community solar use for roughly 400 homes, with an estimated construction value of approximately $8 million USD and an expected U.S. federal Investment Tax Credit of approximately $3.2 million USD, assuming eligibility under NYSERDA’s NY-Sun Program and federal rules.

PowerBank outlines five-year amending agreements that raise monthly consulting fees for its Executive Chair, Chief Executive Officer, Executive Vice President Corporate Development, advisory board members, a corporate advisor, and its General Counsel, with some fees payable in cash and common shares and further increases tied to at least US$25 million of completed equity or debt financings. The company also grants restricted share units within its existing plan limits.

Separately, PowerBank will issue a total of 298,804 shares to certain former and current directors and officers of Solar Flow-Through Funds Ltd. to settle assumed directors’ fees, including 58,926 shares to director and officer Matthew Wayrynen and 58,926 shares indirectly to officer Frederick Jung. These related party transactions rely on exemptions under MI 61-101, raise their ownership stakes to 1.06% and 0.41%, and remain subject to Cboe Canada Exchange acceptance and a four-month-plus-one-day hold period.

PowerBank Corporation reports that it has received a certificate of final completion for a 1.45 MW DC rooftop solar project in Calgary, Alberta, built under an Engineering, Procurement, and Construction agreement for Fiera Real Estate Investments Limited.

The project has been in commercial operation since December 2025, selling power to the grid under Alberta’s Small Scale Generation program. PowerBank highlights rising Canadian electricity demand and notes that in Alberta, data center load requests exceeding 20,000 MW compare with current peak demand of about 12,000 MW and only around 1,200 MW of large new load that can be reliably added without further generation or upgrades.

The company states it has completed projects totaling 100 MW across Alberta, Ontario and other North American markets, and cites a potential development pipeline of over one gigawatt, underscoring its experience in solar and battery energy storage as digital infrastructure expands.