$1.5 Million Grant Applications to Develop Fast EV Charger Projects Submitted by SolarBank in Partnership with AI Renewable Fund and First Nation
Press Release
Sep 26, 2024
- SolarBank to be turnkey developer, asset manager and operations and maintenance provider for EV projects
- Strategic partnership with AI Renewable Fund to support clean transportation and further diversification of SolarBank’s portfolio
- Results of application expected by January 2025
TORONTO, Sept. 26, 2024 – 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.
There are several risks associated with the development of the Projects. The development of any project is subject to receipt of required permits, receipt of government incentives, the availability of third-party financing arrangements for the Company and the risks associated with the construction of an EV charging project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for EV charging, which could result in future projects no longer being economical. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the statements in this press release.
About SolarBank Corporation
SolarBank 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 SolarBank, please visit www.solarbankcorp.com.
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