PowerBank Secures $1.1M NYSERDA Incentive for 7.1 MW New York Community Solar Project

Key Highlights

• PowerBank Corporation (NASDAQ: SUUN | Cboe CA: SUNN) has received approval for up to $1,119,618 USD in incentives from the New York State Energy Research and Development Authority (NYSERDA) under the NY-Sun Program for its 7.1 MW Jordan Rd 2 community solar project.
• The project is located in Skaneateles Falls, New York, on privately-owned brownfield lands, and has received environmental approvals from the New York State Department of Environmental Conservation (NYSDEC).
• The project is expected to generate clean energy sufficient to power approximately 895 homes annually, according to management.
• The project may additionally qualify for up to $1,576,590 through NYSERDA's Inclusive Community Solar Adder, bringing potential total incentives to approximately $2.7 million USD.
• The Company also disclosed receipt of a Nasdaq deficiency notice related to its stock price falling below the $1.00 minimum bid requirement, with a 180-day compliance period ending September 29, 2026.

What Happened

PowerBank Corporation announced on April 7, 2026, that its 7.1 MW Jordan Rd 2 community solar project in Skaneateles Falls, New York, has been approved for up to $1,119,618 USD in incentives from NYSERDA under the NY-Sun Program. The project is developed on privately-owned brownfield lands and has received environmental clearance from the NYSDEC, according to the press release.

The Jordan Rd 2 project will operate as a community solar installation, allowing subscribers to earn credits on their electricity bills from their share of the solar energy generated. According to management, the project is expected to produce sufficient electricity to power approximately 895 homes annually.

In addition to the base NY-Sun incentive, the Company noted the project may also qualify for up to $1,576,590 through the Inclusive Community Solar Adder, a supplemental program targeting underserved communities, which would bring the total potential incentive value to approximately $2.7 million USD.

Why It Matters

The Jordan Rd 2 incentive represents continued progression of PowerBank's New York State development pipeline. The Company reports a portfolio of over 100 MW of completed projects and a development pipeline exceeding 1 GW across North America, according to management. Brownfield-to-solar conversions have become a key development strategy for the Company in New York, allowing it to repurpose underutilized land while accessing state incentive programs.

The announcement also included disclosure of a Nasdaq compliance notice: the Company received notification that its common shares had fallen below the $1.00 minimum bid price requirement. PowerBank has a 180-day compliance period ending September 29, 2026, to regain compliance. Separately, the Company and Orbit AI mutually agreed to terminate a previously announced proposed $500,000 strategic investment, though their collaboration agreement remains in effect.

Looking Ahead

According to the Company, the Jordan Rd 2 project is part of a broader spring mobilization effort across its New York State portfolio. Management has previously announced the advancement of a combined 42 MW across nine projects in New York State. The Company has not provided a specific timeline for when the Jordan Rd 2 project will reach commercial operation.

Read the full press release: PowerBank Announces $1.1 Million USD Incentive from NYSERDA for 7.1 MW Solar Project in New York

Disclaimer and Forward-Looking Statements

The information contained herein is provided by ArcStone Financial Pulse Inc. ("ArcStone Financial Pulse"), a subsidiary of ArcStone Securities and Investments Corp. ("ArcStone"), for informational purposes only. It is not, and under no circumstances should it be construed as, an offer to sell or a solicitation of an offer to buy any securities or other financial instruments in any jurisdiction. This content is not a research report within the meaning of FINRA Rules 2241 or 2242 and does not constitute a research report under any applicable securities laws.

Certain statements contained herein may constitute "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements are based on current expectations, estimates, and assumptions that involve known and unknown risks and uncertainties which may cause actual results or developments to differ materially from those expressed or implied. These statements often include words such as "anticipate," "believe," "expect," "intend," "may," "plan," "project," "should," "target," or similar expressions. Readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. Except as required by law, ArcStone undertakes no obligation to update or revise any forward-looking information.

This content is not intended as investment advice or a recommendation to buy or sell any security and does not take into account the investment objectives, financial situation, or needs of any individual. Investors should consult their own professional advisors before making any investment decisions.

ArcStone Securities and Investments Corp. is not a registered broker-dealer and does not provide investment advice or recommendations. All registrable activities in the United States are conducted through ArcStone Securities, LLC and Kingswood US, both FINRA-registered broker-dealers, members SIPC. ArcStone Canada Inc. is not registered as a dealer in any Canadian jurisdiction; registrable dealing activities in Canada are conducted through appropriately registered affiliates. ArcStone Financial Pulse Inc. is owned by the same parent entity as ArcStone Securities LLC and ArcStone Kingswood, the broker-dealer and investment banking division of ArcStone. This common ownership represents a structural conflict of interest. The issuer featured in this article (the "Company") may be a current or former client of ArcStone or one of its affiliates. Where ArcStone or its subsidiaries and affiliates have received or have been promised consideration for services provided to the Company, such consideration may include cash, stock, stock options, warrants, and/or Restricted Stock Units (RSUs) for the provision of corporate advisory, investor relations, digital media, or capital markets consulting services over a twelve (12) month period. This relationship represents a potential conflict of interest, as ArcStone may be perceived to have an incentive to present the Company in a favorable light. The principals, directors, officers, employees, and related entities of ArcStone and its affiliates may, from time to time, own, buy, or sell securities or derivatives of the Company or its affiliates.