PowerBank (NASDAQ: PBK) secures ITC safe harbor on $242.3M U.S. solar portfolio
Rhea-AI Filing Summary
PowerBank Corporation is advancing 23 distributed solar and energy storage projects in New York and Pennsylvania, supported by equipment procurement agreements with an estimated $242.3 million USD in total construction value and about $94.7 million USD in potential U.S. Investment Tax Credits.
The portfolio is expected to add roughly 97 MW DC of solar and 42 MWh of storage, enough to power about 11,000 homes once financed, built and operating. PowerBank structured two procurement milestones and completed or plans substantial physical work to qualify the projects under the IRS Physical Work Test before the July 4, 2026 deadline, aiming to lock in tax credit eligibility despite regulatory uncertainty.
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Insights
PowerBank secures tax-credit eligibility for a sizeable U.S. solar-storage pipeline.
PowerBank outlines $242.3 million in construction value across 23 U.S. distributed solar and storage projects with an estimated $94.7 million in Investment Tax Credits. The projects total about 97 MW DC of solar and 42 MWh of storage, mainly in New York and Pennsylvania.
The company emphasizes satisfying the IRS Physical Work Test before the July 4, 2026 deadline under the One Big Beautiful Bill Act of 2025, rather than relying solely on the restored 5% Safe Harbor. This approach is framed as proactive risk management amid possible appeals or further regulatory changes.
Future value depends on securing permits, interconnection approvals, and third-party financing, as well as stable U.S. incentive policy. The projects are expected to operate as community solar and net-metered systems, which can broaden customer access but expose returns to local program rules and bill-credit structures.
Key Figures
Key Terms
Investment Tax Credits financial
Physical Work Test regulatory
5% Safe Harbor regulatory
community solar financial
net-metered projects financial
VDER compensation mechanism regulatory
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of June, 2026.
Commission File Number 001-41976
PowerBank
Corporation
(Translation of registrant’s name into English)
505
Consumers Rd., Suite 803
Toronto, Ontario, M2J 4Z2 Canada
(Address of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ☐
Indicate by check mark if the registrant is “submitting” the Form 6-K in paper as permitted by Regulation S-T “Rule” 101(b)(7) ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date June 18, 2026 | PowerBank Corporation | |
| By: | /s/ Sam Sun | |
| Sam Sun | ||
| Chief Financial Officer & Corporate Secretary | ||
Exhibit Index
| Exhibit | Description of Exhibit | |
| 99.1 | Press Release dated June 18, 2026 |
Exhibit 99.1
$242.3 Million USD in Total Construction Value; PowerBank Confirms Safe Harbor of 23 Distributed Solar and Energy Storage Projects
$94.7 Million USD Estimated Combined Value of Potential Tax Credits
97 MW DC of Solar and 42 MWh of Energy Storage Across New York and Pennsylvania
Projects Expected to Power Equivalent of 11,000 Homes
Toronto, Ontario, June 18, 2026 — 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 confirm the completion of equipment procurement agreements totaling $242.3 million USD in construction value across 23 distributed solar and energy storage projects (the “Projects”) in New York and Pennsylvania through its wholly owned subsidiary Abundant Solar Power Inc. The Projects, once financed, constructed and operational, are expected to bring approximately 97 MW DC of solar and 42 MWh of energy storage to the United States, with the combined capacity expected to power the equivalent of approximately 11,000 homes. This procurement is expected to enable all 23 Projects to remain eligible for United States federal Investment Tax Credits for energy projects under the One Big Beautiful Bill Act of 2025.
The safe harbor of the 23 Projects was secured through two separate equipment procurement milestones. In December 2025, PowerBank executed procurement agreements for 15 late-stage distributed solar and energy storage projects across New York State, representing approximately 67 MW DC of solar and 11 MWh of energy storage, with a construction value estimated at US$168 million and estimated Investment Tax Credit eligibility of US$65 million. This was followed by the procurement of transformers and major equipment for an additional 8 distributed solar and energy storage projects across New York and Pennsylvania, representing approximately 30 MW DC of solar and 31 MWh of energy storage, with a construction value estimated at $74.3 million USD and an estimated Investment Tax Credit value of $29.7 million USD.
Physical work on the first 15 projects was completed before December 31, 2025, intending to safe harbor those projects via the IRS Physical Work Test. Physical work on the second 8 projects is expected to safe harbor those projects via the IRS Physical Work Test prior to the July 4, 2026 deadline under the One Big Beautiful Bill Act.
In total, the estimated value of the Investment Tax Credits associated with the Projects being harbored safely through these procurements is approximately $94.7 million USD, while the total combined construction value of the portfolio is estimated at $242.3 million USD. Investment Tax Credits provide 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 with an extended timeline to place the Projects into operation. PowerBank’s procurement program was initiated in response to this legislative development and was executed proactively to protect the eligibility of the Projects.
PowerBank also notes the June 6, 2026 ruling by a U.S. federal court in Washington, DC, which restored a long-standing provision known as the “5% Safe Harbor.”¹ This provision allows solar and wind developers to secure their eligibility for federal Investment Tax Credits by demonstrating that at least 5% of a project’s total costs have been incurred, which is a method the industry had relied upon for over a decade before it was eliminated by the IRS in August 2025. PowerBank welcomes this ruling as a recognition of the industry reliance interests that were placed at risk by the August 2025 guidance. However, given the proximity of the July 4, 2026 deadline and the possibility of appeal or further regulatory action, the Company believes its approach of satisfying the Physical Work Test through physical work of a significant nature conducted on power conditioning equipment represents prudent and proactive risk management for its portfolio of projects.
“The completion of equipment procurement across all 23 projects is a testament to the depth of experience and commitment of our team,” said Andrew van Doorn, President & COO of PowerBank Corporation. “In an environment of significant regulatory uncertainty, we made the deliberate decision to act early and conduct the physical work necessary to protect our projects’ tax credit eligibility. Having developed and delivered projects across multiple market cycles, I know that preparedness and execution discipline are what differentiate strong developers from the rest. The court’s decision is a positive development for the industry, and we are encouraged to see the judiciary affirm the reliance interests that developers have built their businesses around. At the same time, our team did not wait for judicial outcomes, so we ensured that our projects are positioned to qualify under the Physical Work Test regardless of how the regulatory landscape evolves. That is the approach we will continue to take as we advance our portfolio toward construction and commercial operation.”
PowerBank 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. Subject to the receipt of permits and financing, commercial operation of the Projects is expected to occur over the next several years.
Notes
[1]: https://www.pv-magazine.com/2026/06/09/court-restores-5-safe-harbor-for-wind-and-large-solar/
The Projects range in size from 500 kW DC to 7 MW DC for distributed solar, and 1.2 MWh to 20 MWh for battery energy storage systems. Once completed, the Projects will be operated as either community solar or net-metered projects across New York and Pennsylvania. Community solar allows up to hundreds of electricity customers to access the economic benefits of solar energy without installing panels onsite, earning credits on their electricity bills from their share of generation. Net-metered projects provide onsite power to a customer behind the meter, with excess power exported to the grid through the VDER compensation mechanism.
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.
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 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 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.
For further information, please contact:
PowerBank Corporation
Tracy Zheng
Email: ir@powerbankcorp.com
Phone: 289.439.4718
Source: PowerBank Corporation