PowerBank Announces Commercial Operation of First Battery Energy Storage System in Ontario

Press Release

4.99 MW Ontario BESS Project Achieves Commercial Operation, Securing 22-Year Revenue Contract with the IESO

Toronto, Ontario, May 5, 2026 — PowerBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: 103) (“PowerBank” or the “Company“), a leader in North American energy infrastructure development and asset ownership, is pleased to announce that the 4.99 MW Battery Energy Storage System (“BESS”) project in Cramahe, Ontario, also known as BESS SFF 06 (the “Project”), has reached Commercial Operation and commenced revenue producing operations.

BESS SFF 06 project (Photo: PowerBank Corporation).

BESS SFF 06 has been constructed and is operating at the site of an existing ground-mount solar project. The existing solar project is a separate project which was awarded a contract in 2015 by the Independent Electricity System Operator (“IESO”) under the Feed In Tariff program. In July 2023, the Project was awarded a contract by the IESO under the Expedited Long-Term RFP (E-LT1 RFP). The contract, which has a term of 22 years, includes a fixed contract capacity payment of $1,221/MW per business day, significantly above the weighted average price of $876/MW for all storage category projects under the E-LT1 RFP. This underscores the competitive positioning of these projects in the Ontario energy storage market. Now that the project is operational, it will have 4.74 MW of daily contract capacity available (at a capacity payment to ProjectCo of $1,221/MW per business day) for 251 business days in a year.

Furthermore, the Project is eligible for the Clean Technology Investment Tax Credit introduced in 2024. This refundable tax credit provides up to 30% reimbursement of eligible capital costs for new clean technology, significantly enhancing the economic returns of the projects. This aligns with PowerBank’s commitment to leveraging government incentives to accelerate the transition to renewable energy while optimizing financial performance.

“Reaching commercial operation on BESS SFF 06 is a deeply meaningful milestone for our team,” said Dr. Richard Lu, CEO of PowerBank Corporation. “Battery energy storage is a critical pillar of a resilient, renewable grid — and this project proves that the technology, the contracts, and the partnerships are in place to deliver. We look forward to bringing more of our pipeline online as we continue building the clean energy infrastructure North America needs.”

“BESS SFF 06 represents the engineering and operational excellence our team brings to every project,” said Andrew van Doorn, P. Eng, President & Chief Operating Officer of PowerBank Corporation. “With over 30 years of experience delivering renewable energy infrastructure, I know firsthand that moments like this — a fully commissioned BESS project helping power the Ontario grid — are the result of years of disciplined execution.”

Aerial view of BESS SFF 06 (Photo: PowerBank Corporation).

The BESS SFF 06 project is financed through a combined loan for two projects (BESS SFF 06 and BESS 903) (“Loan”) in a principal amount of $28.1 million from Royal Bank of Canada as Lender, Administrative and Collateral Agent and Green Loan Structuring Agent (the “Lender” or “RBC”).

The Project is owned by 1000234763 Ontario Inc. (“ProjectCo”) ProjectCo is the borrower under the terms of the Loan. The Project represents PowerBank’s initial foray into battery energy storage, a market forecast by Fortune Business Insights to grow at a 16.3% compound annual growth rate from 2022 to reach US$31.2 billion by 20291. PowerBank’s interest in ProjectCo was acquired as part of the $45 million valued acquisition of Solar Flow-Through Funds Ltd. that closed in July 2024.

The Company has an indirect 50% interest in ProjectCo, with the remaining 50% held by a partnership formed by First Nations communities in Ontario.

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

There are several risks associated with the operation of the Project. The operation of any battery energy storage project is subject to maintaining compliance with required permits, the IESO E-LT1 Contract, technical risks associated with the operation of equipment the degradation of battery storage capacity over time based on the number of discharge cycles. 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.

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 and Battery Energy Storage System (BESS) 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.

For further information, please contact:

PowerBank Corporation

Tracy Zheng

Email: ir@powerbankcorp.com

Phone: 289.439.4718

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