Transaction Entered into with Solar Advocate Development for the Sale and Construction of Three Solar Power Projects in New York State
Three Community Solar Projects Totaling 16.87 MW; Strategic Sale Fuels Independent Power Producer Expansion

^{This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated June 5, 2025 to its short form base shelf prospectus dated May 7, 2025.}

TORONTO, Dec. 22, 2025 /PRNewswire/ – PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) (“PowerBank” or the “Company“), a leader in North American energy infrastructure development and asset ownership, today announced the sale of its Elmira, Jordan Road 1, and Jordan Road 2 solar power projects (the “Projects“) to Solar Advocate Development LLC (the “Owner”). The transaction, valued at approximately $41 million USD, includes PowerBank’s continued engagement to construct the Projects through to commercial operation. The three community solar projects represent a combined generation capacity of 16.87 MW.

Dr. Richard Lu, CEO of PowerBank, commented: “This transaction represents a pivotal moment in PowerBank’s evolution. Since 2018, we have built a trusted partnership with Solar Advocate Development, and these three projects mark our eleventh successful collaboration. What makes this particularly strategic is our ability to capitalize on accelerated construction timelines created by the One Big Beautiful Bill Act. While our core focus remains building our Independent Power Producer portfolio for long-term value creation, we’re selectively monetizing development assets where market conditions are optimal. This transaction exemplifies that strategy—converting development expertise into immediate capital that directly funds our IPP growth trajectory. It’s a win-win: our partner gets high-quality community solar projects, and we reinvest the proceeds to expand our owned-and-operated asset base.”

Transaction Highlights

The transaction demonstrates PowerBank’s comprehensive development capabilities and deepening market presence in New York State’s renewable energy sector. Key highlights include:

Total Transaction Value: Approximately $41 million USD, encompassing both project sale and construction services
Combined Capacity: 16.87 MW across three strategically located community solar installations
Development Milestones Achieved: Completed interconnection agreements with utility partners and secured permits from local authorities
NYSERDA Eligibility: Projects positioned to qualify for New York State Energy Research and Development Authority NY-Sun Program incentives
EPC Contract Engineering, procurement, and construction (“EPC”) agreements executed December 19, 2025, with PowerBank delivering turnkey solutions to commercial operation

Strategic Rationale and Market Context

This transaction reflects PowerBank’s balanced approach to value creation in the rapidly evolving renewable energy landscape. The passage of the One Big Beautiful Bill Act has created accelerated timelines for solar project development, enabling PowerBank to strategically monetize select shovel-ready assets while maintaining focus on its core objective to expand its portfolio as an Independent Power Producer.

The Projects are being constructed as ground-mount solar installations serving the community solar market—a high-growth segment providing clean energy access to residential and small business customers who cannot install on-site solar. As community solar projects, these facilities will deliver renewable electricity benefits to multiple subscribers within their local utility service territories.

PowerBank’s ongoing partnership with Solar Advocate Development, now spanning seven years and eleven announced or completed projects, underscores the Company’s reputation for delivering high-quality, permitted, and interconnected solar assets. The net proceeds from this and similar strategic sales directly support PowerBank’s expansion of its owned IPP portfolio, creating a sustainable capital recycling model.

There are several risks associated with the development of the Projects. The development of any project is subject to the continued availability of third-party financing arrangements for the Owner and the risks associated with the construction of a solar power project. Each EPC agreement includes a corresponding guarantee agreement entered into between Owner and the Company that provides that the Owner shall have, if it is not satisfied with its due diligence, the absolute and unconditional right to sell, transfer, convey or assign the Project back to the Company (“Sell-Back Right”) without incurring any further liabilities by providing written notice to Company at any time within 60 days of December 19, 2025. If any EPC agreement is terminated, the Company will not achieve the transaction value and will required to return any funds that have been received associated with the terminated Project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, 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 statements in this press release.

About PowerBank Corporation

PowerBank Corporation is a North American renewable energy developer and independent power producer specializing in distributed solar and Battery Energy Storage System (BESS) projects across Canada and the United States. The Company’s integrated business model encompasses project development, construction management, and long-term asset ownership, serving utility, commercial, industrial, municipal, and residential off-takers.

PowerBank’s diversified portfolio strategy spans multiple leading North American markets and includes utility-scale projects, host off-taker arrangements, community solar installations, and virtual net metering programs. The Company has successfully developed and constructed renewable energy projects exceeding 100 megawatts of combined capacity and maintains a robust development pipeline of over one gigawatt of potential future projects.

To learn more about PowerBank Corporation and its commitment to accelerating the clean energy transition, please visit www.powerbankcorp.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information ‎within the meaning of Canadian securities legislation (collectively, “forward-looking ‎statements”) that relate to the Company’s current expectations and views of future events. ‎Any statements that express, or involve discussions as to, expectations, beliefs, plans, ‎objectives, assumptions or future events or performance (often, but not always, through the ‎use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will ‎continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, ‎‎”projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be ‎forward-looking statements and may involve estimates, assumptions and uncertainties ‎which could cause actual results or outcomes to differ materially from those expressed in ‎such forward-looking statements. In particular and without limitation, this news release ‎contains forward-looking statements pertaining to the Company’s expectations regarding its industry trends and overall market growth; the Company’s growth strategies the expected energy production from the solar power projects mentioned in this press release; the expected value of the EPC agreements; the reduction of carbon emissions; and the Company’s development pipeline. No assurance ‎can be given that these expectations will prove to be correct and such forward-looking ‎statements included in this news release should not be unduly relied upon. These ‎statements speak only as of the date of this news release.‎

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: that the Owner will not exercise the Sell-Back Right; obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and services offered by the Company’s competitors; that the Company’s current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under “Forward-‎Looking Statements” and “Risk ‎Factors” in the Company’s most recently completed Annual Information Form, and other public filings of the Company, which include: the Owner may exercise the Sell-Back Right and require the Company to reacquire any of the Projects and return the related funds received; the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company’s growth strategy depends upon the continued availability of third-party financing arrangements; the Company’s future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company’s project development and construction activities may not be successful; developing and operating solar Project exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements (“PPAs”) and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company’s effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company’s results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation and tariffs; unexpected warranty expenses that may not be adequately covered by the Company’s insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any global pandemic on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.

The Company undertakes no obligation to update or revise any ‎forward-looking statements, whether as a result of new information, future events or ‎otherwise, except as may be required by law. New factors emerge from time to time, and it ‎is not possible for the Company to predict all of them, or assess the impact of each such ‎factor or the extent to which any factor, or combination of factors, may cause results to ‎differ materially from those contained in any forward-looking statement. Any forward-‎looking statements contained in this news release are expressly qualified in their entirety by ‎this cautionary statement.‎

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