PowerBank (TSXV: PBK) clears key hurdle for 6.86 MW Nova Scotia solar
Rhea-AI Filing Summary
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.
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Filing Explained
The release describes C$4.55 million of incentives, but their disclosed status is not all cash received: C$2.639 million is only an eligible maximum tax credit, one C$960,000 grant was received, and another was approved.
Key Figures
Key Terms
community solar financial
Clean Technology Investment Tax Credit financial
development pipeline financial
Power Purchase Agreements financial
forward-looking statements regulatory
FAQ
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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 August, 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 August 20, 2026 | PowerBank Corporation | |
| By: | /s/ Sam Sun | |
| Sam Sun | ||
| Chief Financial Officer & Corporate Secretary | ||
| 2 |
Exhibit Index
| Exhibit | Description of Exhibit | |
| 99.1 | Press Release dated August 20, 2026 |
| 3 |
Exhibit 99.1
PowerBank Receives Final Environmental Permit for C$14 Million Nova Scotia Community Solar Project, Backed by C$4.55 Million in Federal and Provincial Grants and Tax Credits
6.86 MW Brooklyn project completes environmental permitting; construction expected to begin in Fall 2026
Project expected to generate C$3.86 million in lifetime electricity savings for the local community
Project expected to power the equivalent of 628 homes annually
Toronto, Ontario, August 20, 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 announce that the 6.86 MW Brooklyn ground-mounted community solar project (the “Project”) has completed environmental permitting. The Project is now prepared to proceed with construction, which PowerBank expects to begin in the fall of 2026. The Project is owned and funded by AI Renewable Flow-through Fund; PowerBank is the lead developer, earning development revenue with no capital required from PowerBank.
The total cost for the development and construction of the Project is expected to be C$14 million. It is eligible to receive up to C$2.639 million in tax credits through the Clean Technology Investment Tax Credit offered by the Canadian federal government. In August of 2025, PowerBank announced that the Project received a C$960,000 grant from Net Zero Atlantic and an additional C$960,000 grant from the Smart Renewables and Electrification Pathways Program offered by the Government of Canada has been approved.
Brooklyn is one of three PowerBank-developed community solar projects in Nova Scotia totaling approximately 12.44 MW DC, alongside the 3.15 MW Petpeswick and 2.43 MW Sydney projects. PowerBank has partnered with local Nova Scotia’s trusted engineering firm, Trimac Engineering, to deliver the Projects. PowerBank has been at the forefront of community solar development in the United States with over 50 MW of community solar projects completed and is proud to be deploying its expertise in Canada as the community solar market develops there.
Over the lifetime of the Project, it is expected to generate approximately $3.86 million in electricity savings for the local community in Annapolis Valley, Nova Scotia. These savings come with the additional benefits of local job opportunities, economic growth, local educational opportunities regarding renewable energy, improved grid reliability, and emissions reductions.
Community Solar is a cornerstone of Nova Scotia’s bold commitment to achieve 80% renewable energy by 2030 and net-zero by 2035.
Unlike traditional rooftop systems, community solar allows renters, businesses, and homeowners to subscribe to the solar farm and receive bill credits and savings of $0.02/kWh, without installing any equipment. Project feeds directly into the local electricity grid and offers a flexible, accessible way for Nova Scotians to participate in the clean energy transition. As one of only four community solar contracts awarded under the program so far, the Brooklyn project contributes approximately 6.86 MW DC to the 100 MW AC of planned solar additions that will help reduce fossil fuel reliance and drive local economic development.
PowerBank’s proven expertise, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, underpins the project’s execution. Strategic partnerships and institutional-grade development capabilities position PowerBank to deliver reliable, high-impact energy solutions. These capabilities are increasingly valuable as AI and data center growth place unprecedented demand on the North American grid.
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 and resilient 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 permitting and 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 services to be provided; the expected construction value of the Projects; details of the expected incentives for the Project; the number of homes expected to be powered, 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.
For further information, please contact:
PowerBank Corporation
Tracy Zheng
Email: ir@powerbankcorp.com
Phone: 289.439.4718
Source: PowerBank Corporation