PowerBank Ignites Next Phase of Growth with $4.2 Million Strategic Investment from New Institutional Investors to Advance U.S. Federal Projects

Executive Summary

• PowerBank Corporation announced a registered direct offering of 7,000,000 common shares to two new long-term institutional investors.
• The transaction is expected to generate gross proceeds of approximately $4.2 million, intended to fund the delivery of its independent power producer (IPP) project portfolio, working capital, and general corporate purposes.
• Proceeds will specifically support IPP projects involving the U.S. Department of Military and Naval Affairs and other U.S. Federal government projects.

Key Details

• Transaction Structure: Registered direct offering of 7,000,000 common shares.
• Gross Proceeds: Approximately $4.2 million (before deducting placement agent fees and estimated offering expenses).
• Closing Date: Expected on or about July 1, 2026, subject to customary closing conditions.
• Use of Proceeds: Delivery of independent power producer (IPP) project portfolio, working capital, and general corporate purposes.
• Placement Agent: A.G.P./Alliance Global Partners acting as sole placement agent.
• Regulatory Basis: Offered pursuant to an effective shelf registration statement on Form F-10 (File No. 333-287070), effective May 9, 2025.
• Strategic Context: The financing supports the company's growth strategy in the North American energy storage and energy market, specifically targeting projects with U.S. Federal government entities.

Notable Quotes

• "This US$4.2 million financing represents an important milestone for PowerBank as we continue to execute on our growth strategy in the North American energy storage and energy market. The proceeds will directly support our IPP portfolio, including projects with U.S. Department of Military and Naval Affairs and other U.S. Federal government projects." — Richard Lu, Chief Executive Officer