PowerBank Corporation Launches 4.99 MW Battery Storage System in Ontario

PowerBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103) has officially entered the battery storage sector with the installation of its first 4.99 MW Battery Energy Storage System (BESS) at the SFF-06 project site in Cramahe, Ontario. This significant development is backed by a $25.8 million green loan from RBC and was acquired through a $45 million transaction with Solar Flow-Through Funds Ltd. The project is equally owned by PowerBank and First Nations partners, highlighting a collaborative approach to renewable energy development.

The system not only benefits from a 22-year contract with the Independent Electricity System Operator (IESO) featuring premium pricing but also qualifies for a 30% Clean Technology Investment Tax Credit, underscoring the financial and environmental incentives behind the project. Civil and electrical work for the project is being carried out by Anvil Crawler under a $1.85 million contract, ensuring the project's progress towards completion.

However, the development of the related 903 project faces delays due to pending municipal approvals and local opposition, leading to a notice of potential force majeure to the IESO. This situation highlights the challenges of renewable energy projects, including regulatory hurdles and community concerns.

For more details on PowerBank Corporation's initiatives and the full press release, visit https://ibn.fm/wUQXH. Additional information about forward-looking statements can be found at https://ibn.fm/1V6Go.