PowerBank Announces 5 MW AC Distributed Solar and Battery Energy Storage System Project in New York

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated February 17, 2026 to its short form base shelf prospectus dated May 7, 2025.

Toronto, Ontario, April 13, 2026 — PowerBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: 103) ("PowerBank" or the "Company"), a leader in North American energy infrastructure development and asset ownership, is pleased to announce that it has executed a lease agreement on a 5 MW AC hybrid solar plus battery energy storage project known as the NY-Conklin Hill Rd project (the "Project"), in upstate New York. The Project is expected to be eligible for incentives under the New York State Energy Research and Development Authority ("NYSERDA") NY-Sun Program and the Retail Storage Incentive Program.

The rapid growth of wind and solar power and the rising demand for electricity from data centers are making batteries a necessity. They store surplus renewable energy for when it's not windy or sunny, and maintain a balance between energy supply and demand. There has been a 90 percent drop in the cost of batteries over the last 15 years as new factories have come on line, resulting in significant growth in this sector globally.

The Company is in the process of initiating the preliminary screening analysis as part of the interconnection process. Assuming receipt of interconnection approval, the Company will work to complete the permitting process and secure the necessary financing for the construction of the Project.

Once completed, the Project will likely be operated as a hybrid community solar plus energy storage project. Community solar is a solar project with access to the local electricity grid. Once the project is connected and generating electricity, energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, an electricity customer can earn credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar and energy storage without installing any equipment at their location.

PowerBank's proven expertise, with over 100 MW of completed projects and a development pipeline exceeding 1 GW, underpins the project's execution. Strategic partnerships and institutional-grade development capabilities position PowerBank to deliver reliable, high-impact renewable energy solutions.

The Project advances New York's path to 10 GW of distributed solar and 6GW of energy storage by 2030. The State leads the United States in community solar capacity, having achieved the New York State Climate Act 6 GW solar goal in the fall of 2024.

Transaction Update

PowerBank previously announced the sale of its Gainesville, Highway 28, Hardie and Rice Road solar power projects (the "Projects") to a third party (the "Owner"), which included PowerBank's continued engagement to construct the Projects through to commercial operation under EPC agreements. The development and construction of the Projects was subject to the receipt of required permits. As the Gainesville and Highway 28 projects have not at this time received the required permits, the Owner has provided notice to PowerBank to resell the Gainesville and Highway 28 projects back to PowerBank (the "Sell-Back Notice"). As a result of the Sell-Back Notice, the transactions for those two projects has been terminated and any funds advanced to PowerBank will be returned to the Owner. PowerBank remains confident in the underlying value of both assets. PowerBank will evaluate its strategic options for the Gainesville and Highway 28 projects, which may include developing them as owned independent power producer (IPP) assets or pursuing a sale to another third-party buyer. The Hardie and Rice Road projects are already under construction and are not affected by the Sell-Back Notice — with racking installation complete at Rice Road — and both are on track for module delivery in the second half of 2026 and commercial operation in Q1 2027 following spring remobilization. As of the original transaction date, the Hardie project and Rice Rd project had a combined total project value of US$22.88 million to PowerBank.

About PowerBank Corporation

PowerBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar and Battery Energy Storage System (BESS) projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers.

For further information, please contact:

PowerBank Corporation

Tracy Zheng

Email: tracy.zheng@powerbankcorp.com

Phone: 416.494.9559