$1.5 Million Grant Applications to Develop Fast EV Charger Projects Submitted by SolarBank in Partnership with AI Renewable Fund and First Nation

SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce that it has submitted $1.5 million in grant applications for three fast electric vehicle (EV) charger projects (the "Projects") located in Ontario, Canada.

The projects are owned by AI Renewable 2023 LP ("AI Renewable") in partnership with a First Nation. These pilot projects represent AI Renewable's first EV charging investments, contributing to the further diversification of SolarBank's project portfolio and positioning both companies to advance clean transportation while collaborating with the First Nations.

The applications were submitted as part of the Natural Resources Canada's Zero Emission Vehicle Infrastructure Program (ZEVIP). SolarBank's role will be the turnkey developer, asset manager and operations and maintenance (O&M) provider. The total cost of the Projects is estimated to be $2.3 million, and the Company is expecting to receive maximum grant funding subject to approval by NRCan (Natural Resources Canada). The results of the application are expected by January 2025, with development of the Projects expected to reach completion by the fourth calendar quarter 2026.

The Projects are located in Woodstock, Peterborough and Milton. Two of the Projects, Peterborough and Milton, also have grant applications under review by the Ontario government's EV ChargeON program and are expecting to receive the results before the end of the current calendar year. The actual amount of grant funding provided is subject to the final approval and discretion of the applicable government agencies.

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