PowerBank Announces $1.1 Million USD Incentive from NYSERDA for 7.1 MW Solar Project in New York

PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) ("PowerBank" or the "Company), a leader in distributed solar energy, battery storage, and clean energy infrastructure across North America, is pleased to announce that its 7.1 MW Jordan Rd 2 community solar project (the "Project") located on  privately-owned brownfield lands in Skaneateles Falls, New York has  been approved for up to $1,119,618 USD in incentives through the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. The Project is also expected to qualify for up to an additional $1,576,590 in NY-Sun incentives through the Inclusive Community Solar Adder. The Project received its municipal approvals, previously announced here. 

PowerBank is also pleased to announce that the Project has received its brownfield-specific environmental approvals to operate from the NYS Department of Environmental Conservation.

The NY-Sun Program is a public-private partnership that aims to drive growth in the solar industry and make solar technology more affordable for all New Yorkers. Led by NYSERDA, the program provides incentives and financing to expand solar adoption for homes, businesses, and communities, while supporting local job creation and advancing the state's clean energy goals.

The Jordan Rd 2 Project is expected to deliver enough energy to power approximately 895 homes annually. Once constructed and operational, following receipt of financing and final permits, the Project will be operated as a community solar project. Community solar is a solar photovoltaic system interconnected directly to the local electricity grid via distribution lines. Once the system is placed into service by the utility and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters, homeowners and electricity customers can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home. This allows homeowners to realize a reduced cost per kW/hour from the power they consume versus standard utility rates.

PowerBank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, underpins the project's execution. SUUNStrategic partnerships and institutional-grade development capabilities position PowerBank to deliver reliable, high-impact renewable energy solutions.

The Project advances New York's path to 10 GW of solar by 2030. The State leads the United States in community solar capacity, having achieved the New York State Climate Act 6 GW solar goal in the fall of 2024.

There are several risks associated with the development of the Project. The development of any project is subject to receipt of a community solar contract, 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 future Project no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the Project and statements made in this press release.

Corporate Updates

The Company announces that further to its press release of February 12, 2026, the Company and Orbit AI have mutually agreed to terminate the Company's proposed strategic investment of US$500,000 by the Company into Orbit AI. The Collaboration Agreement with Orbit AI remains in place and the Company continues to discuss with Orbit AI collaboration opportunities to support the orbital cloud.

The Company also announces that it received a written notice (the "Notice") from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") indicating that, based upon the closing bid price of the Company's common shares for the 30 consecutive business day period between February 19, 2026, through April 1, 2026, the bid price for the Company's  common shares had closed below the minimum US$1.00 per share requirement for continued listing on the Nasdaq under Nasdaq Listing Rule 5450(a)(1) (the "Minimum Bid Price Rule").

PowerBank Corporation | www.powerbankcorp.com