Core Insights - PowerBank Corporation has announced the completion of the Coordinated Electric System Interconnection Review for its 5.7 MW North Main St solar project in upstate New York, allowing it to proceed to the permitting phase [1][3] Project Details - The North Main St project is expected to qualify for New York's Value of Distributed Energy Resources (VDER) compensation mechanism, with an estimated first-year average rate of US$0.0971 per kWh, ensuring fair compensation for the clean energy delivered to the grid [2] - Once permits and financing are secured, construction will begin, and the project will operate as a community solar initiative, allowing renters, businesses, and homeowners to subscribe and receive bill credits without needing on-site installations [3] Company Expertise and Capacity - PowerBank has a proven track record with over 100 MW of completed projects and a development pipeline exceeding 1 GW, positioning the company to deliver reliable renewable energy solutions [4] - The North Main St project contributes to New York's Climate Leadership and Community Protection Act goal of achieving 6 GW of solar capacity by 2025, with New York accounting for nearly one-third of the U.S.'s 6.2 GW of installed solar capacity [5] Company Overview - PowerBank Corporation focuses on distributed and community solar projects in North America, developing solar, Battery Energy Storage Systems (BESS), and EV Charging projects that sell electricity to various off-takers [7] - The company aims to maximize returns through a diverse portfolio across multiple leading North American markets, with a potential development pipeline of over 1 GW [7]

Company Overview - PowerBank Corporation is an independent renewable and clean energy project developer focusing on distributed and community solar projects in Canada and the USA, with over 100 MW of completed projects and a development pipeline exceeding 1 GW [5][6] - The company has extensive experience in solar development and operations, including community solar, commercial and industrial installations, and government-led initiatives [4] Project Funding and Development - PowerBank has received $1.74 million in funding for three Community Solar projects in Nova Scotia, which will generate a total of 12.4 MW DC [1][3] - The funding allocation includes $340k for the Sydney Solar Project, $440k for the Petpeswick Solar Project, and $960k for the Brooklyn Solar Project [3] - The projects are 48% owned by AI Renewable Flow-through Fund and 52% owned by a non-profit organization or Potlotek First Nation, with PowerBank acting as the lead developer and builder [3] Community Solar Program - The Nova Scotia Community Solar Program is the first of its kind in Canada, aiming to support the province's commitment to 80% renewable energy by 2030 and achieving a net-zero electricity grid by 2035 [4] - The program plans to add 100 MW of solar generation to the grid, helping to reduce reliance on fossil fuels and promote local economic growth [4] - Community solar projects allow renters and homeowners to earn credits on their electric bills and save $0.02/kWh from the electricity generated, enabling access to renewable energy without the need for personal installations [4] Strategic Partnerships - PowerBank will collaborate with Trimac Engineering, a trusted local engineering firm in Nova Scotia, to deliver the Community Solar projects [3] - The company has a proven track record in community solar development in the United States, having completed over 50 MW of such projects [3] Industry Context - Net Zero Atlantic is a key research organization supporting the energy transition in Atlantic Canada, aiming for a carbon-neutral region by 2050 [2] - The funding from Net Zero Atlantic is crucial for the development of sustainable solar projects in Nova Scotia, contributing to the province's renewable energy goals [4]

Core Insights - PowerBank Corporation has launched its largest U.S. asset, the 3.79 MW Geddes Solar Power Project in New York, which is now fully operational and marks the beginning of its Bitcoin treasury strategy [1][2][3] Group 1: Project Overview - The Geddes Solar Power Project generates 3.79 MW of clean energy, sufficient to power approximately 450 homes annually, and is built on a repurposed landfill [3][8] - The project will generate net cash flows that will be allocated to Bitcoin acquisitions, creating a hybrid strategy that combines energy generation with digital asset investment [3][5] Group 2: Strategic Implications - The launch of the Geddes Project represents a strategic inflection point for PowerBank, integrating clean energy leadership with financial innovation through Bitcoin investments [2][7] - The company aims to enhance the value of its operating assets by using cash generated from the Geddes Project to invest in Bitcoin, aligning with a future-focused monetary reserve model [2][7] Group 3: Operational and Financial Strategy - PowerBank will fund Bitcoin purchases through excess cash generated by the Geddes Project after fulfilling capital expenditures, debt service obligations, and operational needs [5] - The timing, size, and frequency of Bitcoin purchases will depend on market conditions, Bitcoin pricing, cash needs, and regulatory factors [5] Group 4: Company Profile - PowerBank Corporation is an independent renewable energy project developer focusing on distributed and community solar projects in North America, with over 100 MW of completed projects and a development pipeline exceeding 1 GW [6][9] - The company is positioned as a high-growth player in the renewable energy sector, actively assessing the expansion of its Bitcoin treasury strategy across additional solar and battery energy storage projects [6][7]

Core Viewpoint - SolarBank Corporation is changing its name to PowerBank Corporation to better reflect its strategic focus on providing power solutions that extend beyond solar energy, aligning with the growing digital economy [1] Group 1: Name Change Details - The name change will take effect on July 28, 2025, with common shares trading under the new name from that date [2] - The name change does not involve a consolidation of share capital, and shareholders will not need to exchange existing share certificates [3] - The name change was approved by shareholders at a special meeting on July 23, 2025 [4] Group 2: Company Overview - PowerBank Corporation focuses on renewable and clean energy project development, particularly in distributed and community solar projects across Canada and the USA [5] - The company has a development pipeline exceeding one gigawatt and has completed renewable energy projects with a total capacity of over 100 megawatts [5]

Core Insights - SolarBank Corporation is developing a 2.4 MW DC community solar project in Nova Scotia, named the Sydney project, which will generate approximately 2,730 MWh of clean energy annually, enough to power 221 homes and reduce CO2 emissions by about 1,900 tons per year [1][5][14] - The project has an estimated value of $4.57 million and is expected to provide over $1.36 million in electricity savings for local residents over its lifetime [2][4][14] - The Sydney project is part of Nova Scotia's initiative to achieve 80% renewable energy by 2030 and net-zero emissions by 2035, contributing to local economic development and job creation [5][9] Project Details - The Sydney project is owned by AI Renewable Flow-through Fund, with SolarBank as the lead developer and builder, partnering with Trimac Engineering for execution [2][3] - Construction is expected to begin in Spring 2026, with permits secured and interconnection underway, allowing for near-term EPC revenue generation [3][7] - The project will leverage SolarBank's extensive experience in community solar development, having completed over 50 MW of projects in the United States [2][7] Economic and Environmental Impact - The project will create local jobs and support the Province of Nova Scotia's net-zero goals, aligning with government incentives for community solar initiatives [4][5] - Community solar allows renters and homeowners to participate in solar energy without the need for rooftop installations, providing bill credits and savings of $0.02 per kWh [6][9] - The investment in local clean energy infrastructure is part of a broader strategy to reduce reliance on fossil fuels and enhance energy security in Nova Scotia [5][14]

Core Viewpoint - SolarBank Corporation is renewing its at-the-market equity program to raise up to US$15 million for business objectives and general corporate purposes following the expiration of its previous prospectus [1][2]. Group 1: ATM Program Details - The ATM Program allows the company to issue common shares with an aggregate offering price of up to US$15 million, which will be sold at prevailing market prices through designated agents [2][3]. - The company is not obligated to sell any shares under the ATM Program, and the timing and number of shares sold will depend on various factors [1][3]. Group 2: Use of Proceeds - The net proceeds from any sales under the ATM Program will be used for advancing business objectives, funding ongoing operations, repaying debt, discretionary capital programs, and potential future acquisitions [2]. Group 3: Distribution Agreement - The company has entered into a distribution agreement with H.C. Wainwright & Co., LLC and Research Capital Corporation, which includes a commission of up to 3.0% on gross offering proceeds from each sale [4]. - The distribution will occur in compliance with Canadian and U.S. securities regulations [5]. Group 4: Company Overview - SolarBank Corporation focuses on renewable and clean energy project development, particularly in distributed and community solar projects across Canada and the USA [8]. - The company has a development pipeline exceeding one gigawatt and has completed projects with a combined capacity of over 100 megawatts [8].

Core Insights - SolarBank Corporation is implementing a Bitcoin treasury strategy by allocating net cash from its Geddes Solar Power Project to acquire Bitcoin, positioning itself as a pioneer in the renewable energy sector adopting this strategy [1][4][7] - The Geddes Project has a designed capacity of 3.79 megawatts (MW) DC and is repurposing a closed landfill, addressing clean energy needs and transforming contaminated sites [3][8] - The company has a development pipeline exceeding 1 gigawatt, indicating significant growth potential beyond its current operational capacity of over 32 MW [3][10] Company Strategy - The Bitcoin treasury strategy will be evaluated for extension to other solar and battery energy storage projects, enhancing the company's asset base as an independent power producer [2] - The allocation strategy for Bitcoin purchases will depend on net cash generated after operational costs and market conditions, with no Bitcoin purchases made as of the announcement date [5][8] Market Position - SolarBank is among the first renewable energy companies to adopt a Bitcoin treasury strategy, joining other corporations in this innovative approach [7] - The company is capitalizing on growing institutional adoption of Bitcoin and increasing demand for distributed solar and battery storage solutions [9] Financial Model - The Geddes Project is expected to generate revenue starting in June 2025, with a portion of net revenue allocated to Bitcoin purchases based on market conditions [3][8] - This model creates dual value streams: stable energy revenue and digital asset holdings, enhancing the company's financial resilience [8]

Core Viewpoint - SolarBank Corporation is adopting a treasury strategy that integrates Bitcoin as a strategic reserve asset, inspired by successful models from other companies, aiming to leverage the growing adoption of Bitcoin while maintaining its primary focus on renewable energy development [1][2]. Company Strategy - The company has filed an application with Coinbase Prime for secure custody and management of its Bitcoin holdings, which is expected to provide financial resilience against currency debasement and inflation [1][3]. - SolarBank's primary business remains as a renewable energy developer and power producer, with a significant pipeline of over 1 GW in development across North America [2]. Financial Partnerships and Projects - SolarBank has established a $100 million community solar financing partnership with CIM Group, targeting 97 MW of renewable power projects in the USA [4]. - The company has also engaged in a $49.5 million transaction with Qcells to deploy community solar power plants using "Made-in-USA" solar panels [4]. - Additionally, a $41 million clean energy partnership with Honeywell aims to repurpose closed landfill sites for community solar farms [4]. - A $25 million credit facility from Royal Bank of Canada is intended to support SolarBank's battery energy storage system (BESS) project portfolio [4]. Market Position and Growth - SolarBank is positioned as a first-mover in blending clean energy with decentralized finance (DeFi) and Web3, appealing to tech-savvy investors and capitalizing on the growth of the renewable energy sector [4]. - The company generates recurring revenue through long-term Power Purchase Agreements (PPAs) with utilities and partners, enhancing its financial stability [2].

[Financial Statements](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) [Statement of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of March 31, 2025, total assets surged to C$194.0 million, primarily due to acquisitions, while liabilities and equity also significantly increased - Significant increases in non-current assets were observed in **Property, Plant & Equipment (C$34.8 million vs C$3.5 million)**, **Development Assets (C$32.9 million vs C$8.9 million)**, **Goodwill (C$37.6 million vs C$0.4 million)**, and **Intangible Assets (C$34.5 million vs C$2.0 million)**, largely due to acquisitions[3](index=3&type=chunk) Consolidated Statement of Financial Position (C$) | | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$193,972,608** | **$39,225,861** | | Current Assets | $45,277,012 | $17,629,849 | | Non-current Assets | $148,695,596 | $21,596,012 | | **Total Liabilities** | **$127,222,702** | **$20,501,560** | | Current Liabilities | $40,070,938 | $13,388,850 | | Non-current Liabilities | $87,151,764 | $7,112,710 | | **Total Equity** | **$66,749,906** | **$18,724,301** | [Statement of (Loss) Income and Comprehensive (Loss) Income](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20%28Loss%29%20Income%20and%20Comprehensive%20%28Loss%29%20Income) The company reported a net loss of C$9.0 million for the nine months ended March 31, 2025, driven by a 42% revenue drop and increased expenses - Revenue from EPC services, the largest contributor, decreased significantly to **C$20.3 million** from **C$47.5 million** year-over-year, while IPP production revenue grew to **C$6.6 million** from **C$0.26 million**[5](index=5&type=chunk) Financial Performance for the Nine Months Ended March 31 (C$) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $29,105,028 | $50,400,013 | -42.2% | | Gross Profit | $5,799,820 | $10,269,052 | -43.5% | | Total Operating Expenses | $(12,614,867) | $(8,125,069) | +55.3% | | Net (Loss) Income | $(9,029,169) | $5,522,702 | -263.5% | | Basic (Loss) Income Per Share | $(0.29) | $0.20 | -245.0% | | Diluted (Loss) Income Per Share | $(0.29) | $0.15 | -293.3% | [Statement of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to C$66.7 million, primarily due to C$28.6 million in share issuances for acquisitions and C$6.6 million from offerings Reconciliation of Total Equity (Nine months ended Mar 31, 2025) | Description | Amount (C$) | | :--- | :--- | | **Balance at June 30, 2024** | **$18,724,301** | | Net Loss | $(9,029,169) | | Other Comprehensive Income | $508,664 | | Shares issued for SFF Acquisition | $44,455,267 | | Shelf Prospectus Shares Issued | $6,615,200 | | Other Share-related Transactions | $4,475,643 | | **Balance at March 31, 2025** | **$66,749,906** | [Statement of Cash Flows](index=8&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities resulted in a C$2.1 million net cash outflow, offset by C$21.2 million from financing, leading to a C$18.8 million cash increase Cash Flow Summary (Nine months ended Mar 31, C$) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $(2,088,001) | $10,919,336 | | Net Cash from Investing Activities | $(333,706) | $(5,078,827) | | Net Cash from Financing Activities | $21,218,282 | $(310,121) | | **Increase in Cash** | **$18,796,575** | **$5,341,685** | | **Cash, Ending** | **$23,929,445** | **$6,091,112** | [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Nature of Operations and Corporate Developments](index=10&type=section&id=1.%20Nature%20of%20operation%3A) SolarBank Corporation develops and operates solar projects in Canada and the US, with shares trading on Cboe Canada and Nasdaq Global Market - The company develops and operates solar photovoltaic power generation projects in **Canada (Ontario)** and the **United States (New York)**[11](index=11&type=chunk) - Common shares commenced trading on the **Nasdaq Global Market** under the symbol **'SUUN'** on April 8, 2024[13](index=13&type=chunk) [Basis of Presentation and Consolidation](index=10&type=section&id=2.%20Basis%20of%20presentation) Financial statements are prepared under IAS 34, consolidating new subsidiaries from the Solar Flow-Through Funds Ltd. acquisition, with functional currencies based on entity location - Financial statements are prepared in accordance with **IAS 34, Interim Financial Reporting**[14](index=14&type=chunk) - A significant number of new subsidiaries, primarily in Canada, were added during the period as part of the **Solar Flow-Through Funds Ltd. transaction**[23](index=23&type=chunk) [Development Assets](index=17&type=section&id=10.%20Development%20assets) Development assets surged to C$32.9 million, primarily due to C$22.6 million in BESS and C$0.5 million in EV charge systems from the SFF acquisition - Additions of **Battery energy storage systems** and **EV charge point systems** were related to the business acquisition of **Solar Flow-Through Funds Ltd.**[39](index=39&type=chunk)[40](index=40&type=chunk) Development Assets Breakdown (C$) | Asset Type | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | IPP facilities | $9,791,246 | $8,909,371 | | Battery energy storage systems | $22,602,603 | $ - | | EV charge point systems | $541,666 | $ - | | **Total** | **$32,935,515** | **$8,909,371** | [Loan Payables](index=21&type=section&id=14.%20Loan%20payables) Loan payables totaled C$4.7 million, including a Geddes construction loan, a new USD$1.0 million line of credit, and a C$3.0 million subsidiary loan - The Geddes Construction Loan is for up to **USD$2.6 million**, secured by Geddes Project assets valued at **C$9.8 million**[51](index=51&type=chunk)[54](index=54&type=chunk) - A subsidiary obtained a new line of credit for **USD$1.0 million** in December 2024[55](index=55&type=chunk) - Subsidiary Solar High Yield Project 1 Ltd. entered into a **C$3.0 million** loan agreement with an **11% annual interest rate**, maturing in November 2025[56](index=56&type=chunk) [Intangible Assets](index=21&type=section&id=15.%20Intangible%20assets) Intangible assets increased to C$34.5 million, primarily from C$29.3 million in FIT and C$4.9 million in BESS contracts due to the SFF acquisition - The addition of **FIT** and **BESS contracts** is related to the business acquisition of **SFF**[58](index=58&type=chunk) Intangible Assets (C$) | Asset Type | Net Book Value (Mar 31, 2025) | Net Book Value (Jun 30, 2024) | | :--- | :--- | :--- | | FIT contracts | $29,534,574 | $2,001,447 | | BESS contracts | $4,925,500 | $ - | | **Total** | **$34,460,074** | **$2,001,447** | [Long-Term Debt](index=23&type=section&id=16.%20Long-term%20debt) Long-term debt surged to C$63.8 million, primarily due to C$52.7 million in assumed loans from SFF and OFIT acquisitions, plus a new C$10.1 million RBC credit agreement - The company assumed **51 term loans** from the **SFF acquisition** and **2 loans** from the **OFIT GM and OFIT RT acquisition**[62](index=62&type=chunk)[66](index=66&type=chunk) - The company entered into a credit agreement with **RBC**, obtaining an advancement of **C$10.1 million** for the construction of **BESS projects** in Ontario[68](index=68&type=chunk) Long-Term Debt Breakdown (C$) | Component | Mar 31, 2025 | Jun 30, 2024 | | :--- | :--- | :--- | | HASCAP Loan | $675,926 | $759,259 | | Long-term loans (Acquired) | $53,042,265 | $4,068,139 | | Credit agreement (RBC) | $10,090,819 | $ - | | **Total** | **$63,809,010** | **$4,827,398** | [Acquisitions](index=25&type=section&id=18.%20Acquisitions) On July 8, 2024, the company acquired Solar Flow-Through Funds Ltd. for up to C$41.8 million, resulting in C$37.1 million goodwill and contributing C$5.0 million revenue - The company acquired all common shares of **SFF** on **July 8, 2024**, through a plan of arrangement[73](index=73&type=chunk)[75](index=75&type=chunk) - Consideration included an upfront payment of **3.6 million SolarBank shares** and **contingent value rights (CVRs)** for up to **2.3 million additional shares**[74](index=74&type=chunk) Preliminary SFF Purchase Price Allocation (C$) | Item | Value | | :--- | :--- | | Total fair value of consideration | $42,710,670 | | Subtotal identifiable net assets | $21,377,669 | | **Goodwill arising on acquisition** | **$37,147,456** | [Financial Instruments and Risk Management](index=27&type=section&id=19.%20Financial%20instruments) The company manages credit, currency, concentration, liquidity, and interest rate risks, with significant customer concentration and C$101.4 million in contractual obligations - For the nine months ended March 31, 2025, **one customer (Customer A)** accounted for **43% of total revenue**, compared to **two customers (E and F)** accounting for **81%** in the prior year[88](index=88&type=chunk) - The company uses **interest rate swaps** to hedge floating rate term loans into fixed-rate arrangements[81](index=81&type=chunk)[90](index=90&type=chunk) Contractual Obligations as at March 31, 2025 (C$) | Obligation | Total | Less than one year | | :--- | :--- | :--- | | Long-Term Debt | $63,809,010 | $5,248,436 | | Operating Lease | $10,552,219 | $987,454 | | Loan payable | $4,738,794 | $4,738,794 | | Accounts Payable | $20,761,894 | $20,761,894 | | **Total** | **$101,372,078** | **$32,377,184** | [Share Capital](index=29&type=section&id=20.%20Share%20Capital) Common shares outstanding increased to 34.9 million, driven by issuances for the SFF acquisition, a registered direct offering, and an ATM program - Issued **3.6 million common shares** for the **SFF acquisition** on July 8, 2024[94](index=94&type=chunk) - Sold **2.4 million common shares** in a registered direct offering at **$5.08 per share** for gross proceeds of **$12.2 million**[94](index=94&type=chunk) - Sold **1.2 million common shares** through at-the-market offerings for gross proceeds of **$3.0 million**[94](index=94&type=chunk) Warrants Outstanding | | Mar 31, 2025 | Mar 31, 2024 | | :--- | :--- | :--- | | Warrants Outstanding | 10,212,085 | 7,928,000 | [Non-Controlling Interest (NCI)](index=33&type=section&id=21.%20Non-Controlling%20Interest) Non-controlling interests (NCI) totaled C$15.0 million, primarily from SFF acquisition subsidiaries, with a C$3.0 million net loss allocated to NCI NCI Summary (C$) | Metric | As at Mar 31, 2025 | | :--- | :--- | | Total Net Assets of Subsidiaries with NCI | $27,570,209 | | **Carrying Amount of NCI** | **$14,964,443** | | Net Loss Allocated to NCI (9 months) | $(2,980,037) | [Segment Information](index=36&type=section&id=24.%20Segment%20Information) Post-SFF acquisition, segments are Development & EPC (C$22.5M revenue), IPP Production (C$6.6M revenue), and Corporate; US is top revenue source, Canada holds most non-current assets - Effective December 31, 2024, reportable segments are: **Development and EPC**, **IPP Production**, and **Corporate and other activities**[110](index=110&type=chunk) Revenue by Segment (Nine months ended Mar 31, 2025, C$) | Segment | External Revenue | Gross Profit | | :--- | :--- | :--- | | Development & EPC | $22,491,700 | $5,431,548 | | IPP Production | $6,575,712 | $547,236 | | Corporate and other | $37,616 | $(178,964) | | **Total** | **$29,105,028** | **$5,799,820** | Geographic Information (C$) | Geography | Revenue (9M 2025) | Non-Current Assets (Mar 31, 2025) | | :--- | :--- | :--- | | Canada | $9,919,553 | $138,085,855 | | United States | $19,185,475 | $10,609,741 | [Goodwill](index=40&type=section&id=27.%20Goodwill) Goodwill increased to C$37.6 million, primarily driven by C$37.1 million from the Solar Flow-Through Funds Ltd. acquisition Goodwill Balance by Acquisition (C$) | Entity | Goodwill Balance | | :--- | :--- | | OFIT GM | $289,202 | | OFIT RT | $149,555 | | Solar Flow-Through Funds Ltd | $37,147,456 | | **Total** | **$37,586,213** |

Core Viewpoint - SolarBank Corporation has filed a final short form base shelf prospectus allowing it to offer up to C$200 million in various securities over a 25-month period, replacing its previous prospectus set to expire in June 2025 [1][2]. 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 renewable energy projects with a combined capacity of over 100 megawatts and has a potential development pipeline exceeding one gigawatt [5]. Financial Offering Details - The Shelf Prospectus allows the company to offer common shares, debt securities, warrants, subscription receipts, units, and share purchase contracts, with terms determined by market conditions at the time of offering [2][3]. - Net proceeds from any securities sold will be used for advancing business objectives, general corporate purposes, and potential future acquisitions [3]. Regulatory Filings - A corresponding shelf registration statement has been filed with the United States Securities and Exchange Commission, but it is not yet effective [1][4]. - The Shelf Prospectus and Registration Statement can be accessed through SEDAR+ and EDGAR respectively [4].