Financing ·
PowerBank Corporation entered a Fee for Service Development Agreement with 1001634281 Ontario Inc. to develop battery…
PBKPOWERBANK Corp
PowerBank Corporation entered a Fee for Service Development Agreement with 1001634281 Ontario Inc. to develop battery energy storage projects for the IESO’s second long-term capacity procurement (LT2(c-2)). The agreement includes a right of first refusal as Engineering, Procurement, and Construction provider and explores an 18 MW BESS in Hamilton. Additionally, PowerBank settled $1,396,717 in outstanding legal fees by issuing approximately 1,297,352 common shares at a deemed price of $0.63 per share, with the remainder payable in cash upon project debt completion. Shares are subject to a four-month and one-day hold period pending regulatory approvals. 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.