- SolarBank Corporation has changed its name to PowerBank Corporation to better align with its expanding clean energy portfolio.
- PowerBank develops solar and battery storage projects in the U.S. and Canada.
- The firm holds a project pipeline exceeding one gigawatt and a built project base of 100 MW.
- A recently announced $100 million financing with CIM Group is set to accelerate U.S. project construction.
- U.S. tax incentives and Canadian contract programs position the company for stable growth and investor appeal.
Disseminated on behalf of PowerBank Corporation
SolarBank Corporation, a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., is now PowerBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: 103), a move that underscores the company’s evolving business model and its role in powering the digital economy. The name change, effective July 28, 2025, was approved by shareholders and reflects a strategic shift from a solar-centric identity toward a broader energy infrastructure platform (https://ibn.fm/CDCjI).
Trading under the same stock tickers, the newly renamed PowerBank Corporation aims to clarify its market position as a provider of diversified clean energy solutions, including solar and battery storage. No changes were made to the company’s share capital, and shareholders are not required to take action. Share certificates remain valid under the new name. The rebranding comes as PowerBank deepens its operations across North America, with an active development pipeline exceeding 1 gigawatt and a built project capacity of over 100 megawatts.
PowerBank’s model includes selling electricity to utilities, municipalities, commercial entities, and residential off-takers through both direct and community solar contracts. The company is also scaling its Battery Energy Storage Systems (“BESS”), enabling it to tap into demand for dispatchable power and grid flexibility.
In the United States, the firm’s growth opportunities remain with the recently enacted “Big Beautiful Bill,” which offers full investment tax credits (“ITCs”) for solar and battery projects that begin construction before July 4, 2026, and come online within four years. This creates a finite window of opportunity for project developers, and PowerBank appears well-positioned to capitalize. CEO Richard Lu said the company has multiple advanced-stage U.S. projects eligible for the ITC benefits, with construction readiness already in motion.
A critical catalyst for near-term growth is the company’s recently announced $100 million project-level financing deal with CIM Group. The funding will support construction of a 97-megawatt U.S. solar portfolio, primarily concentrated in regions where PowerBank already holds permits and interconnection approvals. This arrangement gives the company the financial runway to convert development assets into operating projects, a key milestone for revenue generation and longer-term asset ownership.
PowerBank continues to pursue Canadian opportunities. In Ontario, the firm is advancing battery storage projects through the IESO Long-Term RFP program, which offers 10-year contracts for clean, dispatchable energy. In Nova Scotia, the company holds a sizable share of the province’s Community Solar program, positioning it to participate in both current and upcoming capacity rounds.
For more information, visit the company’s website at https://PowerBankCorp.com/. This report contains forward-looking information. Please refer to the press release entitled “SolarBank Issues Update on Strategic Positioning Amid Shifting U.S. and Canadian Policy Landscape” and dated July 10, 2025, for additional details on the information, risks and assumptions.
NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the Company’s newsroom at https://ibn.fm/SUUN
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