PBK News & Events

PowerBank (PBK) announced that the 7.01 MW DC / 5 MW AC ground-mount community solar project known as SB-14 located in upstate New York has achieved commercial operation. The 7.01 MW Project was developed and constructed by PowerBank for Honeywell (HON) as part of the company's $41M engineering, procurement, and construction agreement covering a portfolio of three community solar projects totaling 21 MW DC. The project is built on an industrial brownfield owned by Honeywell, which is regulated by the New York State Department of Environmental Conservation. The project has been moved from Honeywell to Honeywell Aerospace, following the planned spinoff of Honeywell Aerospace on June 29. PowerBank originated the site and developed SB-14 as part of a three-project portfolio alongside SB 13-1 and SB 13-2. This is the second project from the portfolio to reach commercial operation, and brings the total to 14.02 MW of clean energy. PowerBank has retained an operations and maintenance contract for the projects.

PowerBank's (PBK) wholly owned subsidiary Abundant Solar Power has executed an Operations and Maintenance Services Agreement with Honeywell (HON) to provide operations and maintenance services for a 21 MW portfolio of three projects named SB 13-1, SB 13-2, and SB-14. The projects are built on an industrial brownfield owned by Honeywell, which is regulated by the New York State Department of Environmental Conservation. The Projects have been moved from Honeywell International to Honeywell Aerospace following the planned spinoff of Honeywell Aerospace on June 29. The agreement outlines the roles, responsibilities, and performance standards governing the long-term management of the Projects. The agreement also defines reporting obligations, cost responsibilities, and coordination protocols between the parties.

PowerBank announced that it has entered into securities purchase agreements with two new long term institutional investors for the purchase and sale of 7M common shares in a registered direct offering. The gross proceeds from the offering are expected to be approximately $4.2M, before deducting placement agent fees and other estimated offering expenses. The closing of the offering is expected to occur on or about July 1. A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

PowerBank is pleased to announce the execution of a Joint Development Agreement with Nodiac Development, a distributed data center power infrastructure company specializing in the development and deployment of modular, containerized data centers co-located with energy assets. Under the JDA, the companies intend to develop modular data centers at PowerBank sites that already hold generation and access to additional power, land, and permitting approvals. Nodiac deploys scalable, repeatable 1-20 MW modular data center units at distribution-level interconnection points, bypassing the multi-year transmission and "large load" queue's that delay traditional hyperscale builds. PowerBank first announced its collaboration with Nodiac.ai in April, with the execution of a Letter of Intent between the companies. This agreement outlined the intention to leverage PowerBank's portfolio of solar and Battery Energy Storage System sites across North America for the purposes of deployment of distributed AI compute infrastructure on such sites. PowerBank will advance current collaborations with Nodiac to evaluate additional sites. The JDA also establishes a framework for the joint development of modular data centers on selected sites and provides both companies with a framework for the distribution of cash flow from the projects.