This milestone marks PowerBank's bold entry into the rapidly growing battery storage market. The first five of nine EVLO Battery Containers are now on-site, supporting progress toward a sustainable energy future.

PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103), a leading North American energy infrastructure developer and asset owner, proudly announces the installation of its cutting-edge 4.99 MW Battery Energy Storage System (BESS) in Cramahe, Ontario, at the project known as SFF-06.

This milestone marks PowerBank's bold entry into the rapidly growing battery storage market. The first five of nine EVLO Battery Containers are now on-site, supporting progress toward a sustainable energy future.

Strategic Financing, Acquisition, and Market Opportunity. The SFF-06 project, alongside a second initiative (903), is backed by a robust $25.8 million loan from Royal Bank of Canada (RBC), serving as Lender, Administrative and Collateral Agent, and Green Loan Structuring Agent. This financial partnership underscores PowerBank's commitment to innovative, eco-conscious energy solutions.

SFF-06 is owned by 1000234763 Ontario Inc. (ProjectCo), in which PowerBank holds a 50% stake, with the remaining 50% owned by a partnership of First Nations communities in Ontario.

Acquired through PowerBank's $45 million valued acquisition of Solar Flow-Through Funds Ltd. in July 2024, this project positions the company in a battery storage market projected to increase to $31.2 billion by 2029, growing at a 16.3% CAGR, according to Fortune Business Insights.

Expert Partnership. PowerBank has tapped Anvil Crawler Development Corp., part of the esteemed Skyline Group of Companies, to handle civil and electrical work. With a $1.85 million contract, Anvil Crawler brings its expertise to ensure seamless project execution.

Long-Term Value with IESO Contract. In July 2023, SFF-06 secured a 22-year contract through the Independent Electricity System Operator's (IESO) Expedited Long-Term RFP (E-LT1 RFP). With a fixed capacity payment of $1,221/MW per business day—well above the $876/MW average for storage projects—this contract ensures strong financial returns.

Once operational, SFF-06 will deliver 4.74 MW of daily contract capacity for 251 business days annually, powering Ontario's grid with reliable, clean energy.

Clean Tech Incentives. The project qualifies for the 2024 Clean Technology Investment Tax Credit, offering up to 30% reimbursement of eligible capital costs. This refundable credit enhances SFF-06's financial performance while aligning with PowerBank's mission to accelerate renewable energy adoption through strategic government incentives.

PowerBank's SFF-06 project is a significant development for Ontario's energy landscape, blending cutting-edge technology, strategic partnerships, and sustainable investment to drive the clean energy revolution forward.

Project Risks. There are several risks associated with the development of the Project. The development of any project is subject to required permits, the continued availability of third-party financing arrangements for the Company, the risks associated with the construction of a battery energy storage project and the degradation of battery storage capacity over time based on the number of discharge cycles. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for battery energy storage, which could result in future projects 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.

As previously disclosed, the 903 project remains in the permitting process and commencement of construction remains subject to the receipt of final permits. In particular, in order to proceed with construction of the 903 project an Official Plan Amendment and Zoning By-law Amendment ("OPA/ZBA") are required from the Town of Armour, Ontario. On November 8, 2022 the ProjectCo -1000234763 Ontario Inc received a Municipal Support Resolution, which was unanimously approved by the council for the Town of Armour. However, the OPA/ZBA have been delayed as a result of certain public opposition and the council's evaluation of how to respond to such opposition. A delay in obtaining the necessary OPA/ZBA means that ProjectCo may not be able to commence construction on the originally planned timeline and delaying construction means that achieving commercial operation on or before April 2026 will be delayed. In order to extend the deadline for commercial operation under the E-LT1 contract for the project, ProjectCo has sent the IESO a notice of potential force majeure event to the OPA/ZBA delay. The timing of the issuance of the OPA/ZBA and its impact on project schedule remains uncertain. The permitting delays have delayed certain payments due to Evlo for the battery energy storage system for the 903 project and OZ-1 project (which is also undergoing permitting). Evlo and the Company are negotiating an accommodation on the payment deadlines, but there is no certainty on the outcome of such negotiations.

About PowerBank Corporation

PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar, Battery Energy Storage System (BESS) and EV Charging projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit www.powerbankcorp.com.