Northwire Canada EditionTuesday, October 20, 2026
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Financings

PowerBank Appoints Andrew van Doorn as President & Chief Operating Officer

SUNN · Price

Executive Summary

  • PowerBank Corp. promoted Andrew van Doorn, P.Eng., to President while he continues as COO, underscoring the company’s focus on expanding its renewable‑energy and BESS portfolio.
  • The Company entered into an equity distribution agreement to renew its ATM program, authorizing up to US$50 million of common shares to be sold from treasury at market prices.
  • Net proceeds from any ATM sales will be used for general corporate purposes, including working capital, debt repayment, discretionary capital projects and potential acquisitions.

Key Details

  • Executive Promotion
  • Andrew van Doorn appointed President; retains COO duties.
  • Van Doorn brings 28 years of leadership in solar PV, BESS, and utility‑scale electrical infrastructure (≈200 MW completed solar projects, 140 MW rooftop portfolio, etc.).
  • Tracy Zheng promoted to Executive Vice President, Corporate Development.

  • ATM Equity Program

  • Distribution Agreement with H.C. Wainwright & Co., LLC; Research Capital Corporation; and Research Capital USA Inc. (the “Agents”).
  • Company may issue up to US$50 million of common shares (“Offered Shares”) from treasury on a discretionary, at‑the‑market basis.
  • Sales will be executed through the Agents on Nasdaq, Cboe Canada, or other applicable marketplaces; pricing will reflect prevailing market prices at time of each sale.
  • The agreement terminates when aggregate gross proceeds reach US$50 million or earlier by termination provisions.

  • Fees & Expenses

  • Agents entitled to a commission of up to 3.0 % of gross offering proceeds per transaction.
  • Company will reimburse Agents for specified expenses and provide customary indemnification and contribution rights.

  • Use of Proceeds

  • Advance business objectives and general corporate purposes, including:

    • Funding ongoing operations / working capital,
    • Repaying existing indebtedness,
    • Discretionary capital programs,
    • Potential future acquisitions.
  • Regulatory Documentation

  • ATM program filed in Canada via prospectus supplement dated Feb 17 2026 (to the final short‑form base shelf prospectus, May 7 2025).
  • U.S. filing also made via a prospectus supplement dated Feb 17 2026 to the Form F‑10 registration statement.

  • Forward‑Looking Statements

  • The release contains numerous forward‑looking statements regarding the ATM program, use of proceeds, and the Company’s growth strategy; investors are cautioned about associated risks.

Notable Quotes

  • “Andrew has been instrumental in driving PowerBank's operational excellence and commercial success,” said Dr. Richard Lu, CEO.
  • “I am honored to take on this expanded role at such a pivotal time for PowerBank and the power industry,” said Andrew van Doorn.
Read the original news release →

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