Geddes, US1, and VC1 Projects Producing Power as Operating IPP Assets

TORONTO, June 22, 2026 /PRNewswire/ - PowerBank Corporation (NASDAQ:PBK) (Cboe CA: PBK) (FSE: 103) a leader in independent energy development and asset ownership in North America, is pleased to share that the Geddes, US1, and VC1 projects (the "Projects"), three independently owned power projects in New York State totaling to approximately 4.48 MW, are all functioning well going into the summer months. The Projects are included in the 100 MW of energy capacity PowerBank has already built and are operational examples of the future of its 1 GW+ development.

The Geddes project is enrolled in NYSERDA's NY-Sun program as a Community Solar project. As a Community Solar project, Geddes benefits from participation in New York's Value of Distributed Energy Resources compensation mechanism, regulated by the New York Public Service Commission. VDER eligibility lasts for a minimum of 25 years of operations. For 2026, it is estimated that the Geddes project will benefit from an average VDER rate of $0.1103 per kilowatt-hour of solar energy exported to the grid, based on NYSERDA's VDER Calculator.

The US1 project has offtake secured by a 25-year Power Purchase Agreement with the Village of Union Springs, New York, and provides power to the Village through net metering. The VC1 project has offtake secured by a 25-year Power Purchase Agreement with the Village of Cazenovia, New York and provides power to the Village through net metering.

PowerBank will ensure a proactive approach to operations, with regular preventive maintenance throughout the term, and timely vegetation management to prevent panel shading and preserve site access. Real-time monitoring will ensure rapid identification and resolution of corrective workflows. PowerBank employees regularly visit these assets to meet with contractors and provide further oversight of operations.