Core Insights - SolarBank Corporation reported a decrease in total revenue for the six-month period ended December 31, 2024, amounting to CAD 20.1 million, down from CAD 26.3 million in the same period of 2023 [6][7] - The company experienced a significant increase in gross profit, reaching CAD 5.9 million, or 29.2% of revenues, compared to CAD 4.8 million, or 18.4% of revenues in 2024 [7] - Adjusted EBITDA rose to CAD 2.4 million from CAD 0.3 million in 2024, indicating improved operational performance [7][18] Financial Performance - Total revenue for the six months ended December 31, 2024, was CAD 20,101,585, a decrease from CAD 26,325,066 in 2023 [6] - Cash flow from operating activities decreased to CAD 1,305,247 from CAD 26,655,009 in 2023 [6] - The company reported a net loss of CAD 1,857,441, or CAD 0.06 per basic share, compared to a net income of CAD 2,023,461, or CAD 0.08 per basic share in 2023 [6][8] Revenue Breakdown - Independent power producer (IPP) revenue increased significantly from CAD 0.1 million to CAD 5.4 million during the period [7] - Revenue from Engineering, Procurement, and Construction (EPC) contracts was lower as the company sought partners for advanced projects [5] - A notable transaction of USD 49.5 million with Qcells was secured for the sale and construction of four solar projects in New York State [7] Asset Growth and Financing - The company's assets grew by 372% to CAD 185.3 million following the acquisition of Solar Flow-Through Funds Ltd., compared to CAD 39.2 million at June 30, 2024 [7] - Current assets increased to CAD 33.6 million from CAD 17.6 million as of June 30, 2024, primarily due to the acquisition [8] - A CAD 25.8 million project finance facility from the Royal Bank of Canada was announced to support the development of two battery energy storage system projects [7] Strategic Outlook - The company is focused on expanding its independent power producer assets, which provide stable recurring revenue under long-term contracts [5] - Approximately 145 MW of projects are expected to reach notice to proceed within the next 12 months, indicating ongoing growth in project development [7] - The company aims to maximize returns through a diverse portfolio of renewable energy projects across North America [19]

Financial Performance - Revenue from development fees for Q4 2024 was CAD 2.17 million, a significant increase from CAD 67,668 in Q4 2023[5] - Gross profit for the six months ended December 31, 2024, was CAD 5.86 million, compared to CAD 4.84 million for the same period in 2023, reflecting a growth of 21%[5] - The net loss for Q4 2024 was CAD 2.10 million, compared to a net loss of CAD 15,507 in Q4 2023[5] - For the six months ended December 31, 2024, SolarBank Corporation reported a net loss of CAD 1,857,441 compared to a net income of CAD 2,023,461 for the same period in 2023, indicating a significant decline in profitability[9] - For the three months ended December 31, 2024, total revenue was $4,096,264, a decrease from $18,643,805 in the same period of 2023, representing a decline of approximately 78%[113] - For the six months ended December 31, 2024, total revenue was $20,101,585, down from $26,325,066 in the same period of 2023, indicating a decrease of about 24%[115] Assets and Liabilities - Total assets increased to CAD 185.34 million as of December 31, 2024, up from CAD 39.23 million on June 30, 2024, representing a growth of 372%[2] - Total liabilities increased to CAD 122.50 million as of December 31, 2024, up from CAD 20.50 million on June 30, 2024, representing a growth of 497%[2] - Current liabilities rose to CAD 34.74 million as of December 31, 2024, compared to CAD 13.39 million on June 30, 2024, an increase of 159%[2] - Cash reserves increased to CAD 13.76 million as of December 31, 2024, up from CAD 5.27 million on June 30, 2024, marking a growth of 161%[2] - The company’s equity attributable to shareholders increased to CAD 46.45 million as of December 31, 2024, compared to CAD 16.36 million on June 30, 2024, reflecting a growth of 184%[2] Cash Flow and Operating Activities - Cash generated from operating activities was CAD 3,622,907 for the six months ended December 31, 2024, a decrease from CAD 27,588,072 in 2023, highlighting a substantial drop in operational cash flow[9] - The total comprehensive loss for the period was CAD 610,179, which includes a net loss of CAD 69,616 and other comprehensive income of CAD 679,795[7] Expenses - Operating expenses totaled CAD 6.52 million for the six months ended December 31, 2024, compared to CAD 4.58 million in the previous year, indicating a rise of 42%[5] - The company experienced a depreciation and amortization expense of CAD 3,050,350 for the six months ended December 31, 2024, compared to CAD 71,298 in the previous year, reflecting increased asset utilization[9] Shareholder Information - The company issued 3,575,632 common shares for the acquisition of SFF on July 8, 2024, and 55,000 broker warrants were exercised at $0.75 per share[95] - The company has 31,067,655 common shares issued and outstanding as of December 31, 2024, an increase from 27,136,075 in 2023[94] - The basic loss per share for the three months ended December 31, 2024, was $(0.07), while it was $(0.00) for the same period in 2023[122] - The basic loss per share for the six months ended December 31, 2024, was $(0.06), compared to a profit of $0.08 for the same period in 2023[122] Acquisitions and Investments - The company acquired shares of Solar Flow-Through Funds Ltd. on July 8, 2024, which leases 70 properties for IPP facilities, enhancing its operational capacity[47] - The acquisition of Solar Flow-Through Funds Ltd on July 8, 2024, contributed $37,147,456 to the goodwill balance[124] - The preliminary fair value of net identified assets acquired from SFF was $21,377,669, with goodwill arising on acquisition amounting to $37,147,456[79] Debt and Financing - Long-term debt as of December 31, 2024, reached CAD $62,974,941, with a current portion of CAD $4,968,457[60] - The company obtained a line of credit for USD $1,000,000 on December 3, 2024, with an interest rate of 2.5% above the applicable variable interest rate[56] - The company entered into a credit agreement with Royal Bank of Canada, obtaining $8,352,254 for BESS projects, with estimated principal repayments totaling $62,974,941 over the next five years[16] Operational Focus - The company has focused on expanding its operations in solar photovoltaic power generation projects in Canada and the United States, particularly in Ontario and New York[10] - The company operates in two principal geographical areas: Canada and the United States, with total revenue from external customers in the U.S. for the three months ended December 31, 2024, being $2,077,661[119] Risk Management - The company maintains a low credit risk with its counterparties, as receivables are from reputable customers and local government utilities[84] - The company has a liquidity risk management strategy to ensure sufficient liquidity to meet financial obligations as they become due[89] Employee Compensation - The remuneration for key management personnel for the six months ended December 31, 2024, includes short-term employee benefits of $1,322,387, up from $610,628 in 2023[107] - The company reported a significant increase in short-term employee benefits for the three months ended December 31, 2024, totaling $619,161 compared to $303,029 in the same period of 2023[107]

Core Insights - SolarBank Corporation is developing two community solar projects in Skaneateles, New York, with a total capacity of 14.4 MW DC, expected to power approximately 2,100 homes [1][2] Group 1: Project Development - The projects have received positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR) [1] - The next step involves completing the permitting process, which is already underway [1] - The projects are anticipated to qualify for incentives under the NY-Sun Program by NYSERDA [1] Group 2: Community Solar Benefits - Community solar allows renters and homeowners to benefit from solar energy without installing panels on their properties [2] - Participants can earn credits on their electricity bills based on their share of the solar energy generated, leading to reduced costs per kWh compared to standard utility rates [2] Group 3: Company Overview - SolarBank Corporation focuses on developing and owning renewable and clean energy projects, particularly distributed and community solar projects in North America [4] - The company has a development pipeline exceeding one gigawatt and has completed renewable energy projects with a combined capacity of over 100 megawatts [4]

$25.8 Million Royal Bank of Canada Facility is being used to finance construction of the 4.99 MW BESS Project TORONTO, Feb. 4, 2025 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce that its first Battery Energy Storage System ("BESS") project located in Ontario is expected to commence construction during the week of February 10, 2025. The project is known as SFF-06 (the "Project") and is located in Cramahe, Ontario. The SFF- ...

Core Insights - SolarBank Corporation has achieved significant milestones in 2024, including major acquisitions, project completions, and listings on stock exchanges [2][9] - The company is focused on expanding its renewable energy projects, particularly in solar and battery energy storage, while also venturing into data center infrastructure [6][11] Financial Transactions - A $49.5 million transaction with Qcells for the sale and construction of four solar projects in New York State [6] - A $25.8 million project finance facility from the Royal Bank of Canada to develop two battery energy storage projects [6] - Over $67.5 million committed by strategic and financial partners to support various initiatives [3] Corporate Developments - SolarBank began trading on the Nasdaq Global Market on April 8, 2024, and listed on Cboe Canada on February 14, 2024 [6] - The company appointed Chelsea L. Nickles to its board of directors, bringing over 20 years of renewable energy experience [6] - The acquisition of Solar Flow-Through Funds Ltd. was completed, valued at up to $45 million [6] Project Highlights - Mechanical construction was completed on the 3.7 MW DC Geddes project, expected to provide green energy to 500 homes [8] - SolarBank plans to develop multiple solar projects in New York, including two 7 MW DC projects and a 3 MW DC project, all expected to operate as community solar sites [8] - A partnership with TriMac Engineering aims to develop a 10 MW DC community solar garden in Nova Scotia [8] Strategic Focus - The company intends to pursue opportunities in data center colocation, aligning with its commitment to clean energy technologies [6] - SolarBank is exploring the development of agrivoltaics projects, integrating solar energy production with agricultural practices [8]

Core Viewpoint - SolarBank Corporation is actively participating in The Microcap Conference 2025, aiming to showcase its growth strategy and recent developments to potential investors [1][2][4]. Company Overview - SolarBank Corporation is an independent renewable and clean energy project developer focusing on distributed and community solar projects in Canada and the USA [5]. - The company has developed over 100 megawatts of renewable and clean energy projects and has a development pipeline exceeding 1 gigawatt, which includes solar, battery storage, and EV charging projects [3][5]. Conference Participation - The Microcap Conference 2025 will take place from January 28-30, 2025, at the Borgata Hotel Spa & Casino in Atlantic City, NJ, and is recognized as the largest independent microcap event in the U.S. [1][4]. - SolarBank's CEO, Dr. Richard Lu, will present on January 29, 2025, and will hold one-on-one meetings with investors to discuss the company's growth strategy and investment opportunities [2][3]. Industry Context - The conference serves as a platform for microcap companies to connect with top-tier investors, providing opportunities for networking and showcasing their value propositions [4].

Disseminated on behalf of SolarBank Corporation AUSTIN, Texas, Jan. 15, 2025 (GLOBE NEWSWIRE) -- via IBN – SolarBank Corporation (NASDAQ:SUUN) (Cboe CA: SUNN), a premier developer and owner of renewable and clean energy projects specializing in distributed and community solar initiatives throughout Canada and the United States, has selected IBN, a multifaceted financial news and publishing company for private and public entities, to spearhead its corporate communications efforts. SolarBank is dedicated to a ...

Core Viewpoint - Qcells, a subsidiary of Hanwha Solutions, is acquiring four solar projects from SolarBank in New York, representing a total capacity of 25.577 MW, as part of a broader investment strategy to enhance U.S. solar manufacturing and support the clean energy transition [2][4][5]. Company Overview - SolarBank Corporation is an independent renewable energy project developer focusing on distributed and community solar projects in Canada and the USA, with a development pipeline exceeding one gigawatt and over 100 megawatts of projects built [9]. - Qcells is recognized as a leading clean energy company, known for high-performance solar cells and panels, with manufacturing facilities in the U.S., Malaysia, and South Korea [3][7]. Investment and Development Details - Qcells is investing nearly $2.8 billion to enhance U.S. domestic solar manufacturing, which includes the acquisition of the four solar projects from SolarBank valued at approximately $49.5 million [2][4][5]. - The projects will utilize Qcells modules manufactured in the USA and are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program [2][5]. Project Characteristics - The four solar projects, named Gainesville, Hardie, Rice Road, and Hwy 28, have received positive interconnection results and will be developed as separate community solar projects [2][4]. - Community solar allows renters and homeowners to benefit from solar energy without installing panels on their properties, providing them with credits on their electric bills [5].

Funding will be used to develop and construct two battery energy storage projects acquired as part of the Solar Flow-Through Funds Ltd. acquisition. This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024 to its short form base shelf prospectus dated May 2, 2023 TORONTO, Dec. 16, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company") is pleased to announce its subsidiary h ...

TORONTO, Dec. 13, 2024 /PRNewswire/ - SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the "Company"), an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA, reports that the nominees listed in the management information circular for the 2024 Annual General and Special Meeting of shareholders (the "Meeting") were elected as directors of SolarBank. Detailed results of the vote for the ele ...