PowerBank Appoints Andrew van Doorn as President & Chief Operating Officer

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.