Honeywell Community Solar Project SB-14 Successfully Achieves Commercial Operation in Upstate New York

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, announces that the 7.01 MW DC / 5 MW AC ground-mount community solar project known as SB-14 (the "Project"), located in upstate New York, has achieved commercial operation. The 7.01 MW Project was developed and constructed by PowerBank for Honeywell International Inc. (NASDAQ: HON) ("Honeywell") as part of the Company's US$41 million engineering, procurement, and construction ("EPC") agreement covering a portfolio of three community solar projects totaling 21 MW DC. The Project is built on an industrial brownfield owned by Honeywell, which is regulated by the New York State Department of Environmental Conservation. The Project has been moved from Honeywell International Inc. to Honeywell Aerospace Inc., following the planned spinoff of Honeywell Aerospace on June 29, 2026.

PowerBank originated the site and developed SB-14 as part of a three-project portfolio alongside SB 13-1 and SB 13-2. This is the second project from the portfolio to reach commercial operation, and brings the total to 14.02 MW of clean energy now being generated for the community.

In September 2023, the Company completed the sale of the Projects to Honeywell and entered into an EPC agreement to build the Projects through to commercial operation. The total transaction value, including the sale of the Projects and the EPC agreement, is approximately US$41 million. PowerBank has retained an operations and maintenance contract for the Projects.

Community solar allows dozens or even hundreds of renters and homeowners to save money from the electricity generated by the project. By subscribing to a community solar project, a homeowner earns credits on their electric bill every month from their share of the solar energy generated, accessing the financial and environmental benefits of solar without installing panels on their home.

Andrew van Doorn, President and COO of PowerBank, commented: "Reaching commercial operation on SB-14 reflects the strength of our long-standing partnership with Honeywell and the consistent execution our team brings to every project. Developing a community solar facility on a regulated industrial brownfield requires precision at every stage, and delivering that cleanly speaks to the maturity of PowerBank's development and construction platform. We are proud of what this team has built here, and we look forward to bringing the final project across the finish line."

PowerBank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, underpins the project's execution. PowerBank is increasingly well-positioned to serve not only traditional utility and community solar offtakers, but also the rapidly growing demand for reliable, on-site power generation driven by AI compute infrastructure and modular data centers.

PowerBank Corporation | www.powerbankcorp.com