Key Points:
- PowerBank drives clean energy growth with 700 MWp+ pipeline across U.S. and Canada.
- Innovative Bitcoin treasury integration and tokenized solar assets diversify financing opportunities.
- Proven track record: 100+ projects built, $100M financings, 4,000+ homes powered.
TORONTO/NEW YORK, August 19, 2025 – PowerBank Corporation (NASDAQ: SUUN; Cboe Canada: SUNN), a North American renewable energy developer and operator, has begun installation of its first battery energy storage system in Ontario while expanding its solar portfolio in the United States and Canada. The company is simultaneously advancing a digital finance strategy through Bitcoin treasury integration and tokenization of renewable energy assets.
PowerBank Fuels 4,000 Homes With $100M+ in Financings
PowerBank Corporation, formerly known as SolarBank, rebranded in July 2025 as part of its expanded clean energy and digital asset strategy. Headquartered in Toronto with U.S. offices in Rochester, New York, the company operates as a developer, engineer, builder, and asset operator in the renewable energy sector.
The company’s business spans behind-the-meter solar power gardens, community solar plants, utility-scale solar farms, and battery energy storage systems. Since its inception, PowerBank has built more than 100 solar projects with a combined capacity exceeding 60 megawatts (MW), while managing over 100 operational solar plants. Its development pipeline exceeds 700 MWp, and it has facilitated more than $100 million in project financings.
PowerBank reports that its solar projects have collectively powered more than 4,000 homes and continue to contribute to net-zero emission goals across North America.
Installation of 20MWh Battery Storage in Ontario
On August 6, 2025, PowerBank announced the start of installation of its first battery energy storage system (BESS) in Ontario. The project, located in the Township of Armour, has a nameplate capacity of 4.99 megawatts/20 megawatt-hours and will use lithium iron phosphate technology.
The system is contracted under the Independent Electricity System Operator’s (IESO) Expedited Long-Term Procurement (ELT1) program, a provincial initiative designed to address rising electricity demand and strengthen grid reliability. According to project documents, the BESS will charge during periods of low demand and supply power back to the grid during peak hours, reducing reliance on peaking plants and enhancing energy security.
The project is currently in the permitting stage, with zoning and official plan amendments under review by the Township of Armour. A community consultation meeting is scheduled for April 7, 2025, at the Katrine Community Centre, providing local residents an opportunity to review project details and raise questions.
Dual-Market Strategy Drives PowerBank Growth in U.S. and Canada
PowerBank maintains a dual-market strategy across the United States and Canada. In the U.S., the company reports a development pipeline of more than 250 megawatts (MW) in New York and Maryland. Its activities include commercial, industrial, and community solar projects. In 2017, PowerBank entered into a 30-year Master Service Agreement with the State of Maryland through the Department of Transportation for renewable energy development.
By 2018, four community solar projects with a combined capacity of 10.2 MW DC had reached commercial operation. Subsequent years saw continued expansion, with a 7 MWp community solar farm placed in service in 2020, three additional projects commissioned in 2021, and six more completed in 2022, including municipal and behind-the-meter contracts.
In Canada, PowerBank has a proven track record under Ontario’s Feed-in-Tariff (FIT) program, securing close to 200 MWp in contract awards. The company has developed relationships with over 1,000 property owners and worked with more than 50 municipalities to secure approvals and permits. Currently, it manages over 90 projects, representing more than 30 MW of FIT assets under operation and maintenance agreements.
Beyond solar development, the company is participating in the IESO’s first Long-Term Request for Proposals for 4,000 MW of new dispatchable resources, such as battery energy storage systems, and has entered the electric vehicle charging market as a service provider.
PowerBank Nasdaq Shares Jump 18%, Volume Quadruples Average
PowerBank trades on both Nasdaq under the ticker SUUN and on Cboe Canada under the ticker SUNN. As of August 19, 2025, SUUN closed at $2.25, up 18.42% from the prior close of $1.90, with a trading volume of 1.6 million shares, well above its average of 316,000. The company’s market capitalization on Nasdaq is approximately $79.5 million. Over the past 52 weeks, the stock has traded between $1.23 and $6.43.
On Cboe Canada, SUNN shares closed at $3.20, reflecting a market cap of roughly $115 million. Trading activity on the day ranged between a low of $2.64 and a high of $3.39.
According to its latest investor materials, PowerBank has 26.8 million common shares outstanding, and 37.8 million fully diluted shares including warrants, options, and restricted share units. The company has reported more than $100 million in project financings completed since inception.
PowerBank Merges Renewable Power With Blockchain Finance Models
PowerBank has expanded its corporate strategy to include digital assets. On July 31, 2025, the company announced a strategic alliance with Intellistake, aimed at integrating Bitcoin treasury management and real-world asset (RWA) tokenization into its business model.
Earlier, on June 5, 2025, PowerBank unveiled a Bitcoin treasury strategy, funded in part by net cash from its 3.79 MW Geddes Solar Project in New York. By channeling project revenues into Bitcoin purchases, the company positioned itself among a growing number of energy firms aligning renewable power with blockchain finance.
Through its partnership with Intellistake, PowerBank plans to explore issuing digital tokens backed by solar assets, creating potential new financing models for renewable energy projects. According to company statements, each token could be directly tied to megawatts of clean power, offering investors an alternative way to participate in the energy transition.
CEO Richard Lu Leads PowerBank Into Solar, Storage, and Digital
PowerBank’s long-term strategy is focused on sustained growth across solar, storage, and digital infrastructure. The company plans to expand from small-scale Feed-in-Tariff (FIT) projects to utility-scale solar farms of up to 100 MWp, leveraging its development and operational expertise.
In the United States, PowerBank is targeting carbon-intensive markets with high electricity prices, including New Jersey, North Carolina, Pennsylvania, Virginia, and Texas. In Canada, it is pursuing opportunities in Nova Scotia and Alberta, alongside its established Ontario presence.
Beyond solar, PowerBank is extending into battery energy storage systems (BESS), driven by growing grid demand and supportive government policies. The company has also entered the electric vehicle charging market as a service provider, complementing its renewable energy platform.
The firm’s leadership team includes Dr. Richard Lu (President & CEO), Sam Sun (CFO), and Andrew van Doorn (COO), supported by an experienced board and executive group with backgrounds in energy, finance, law, and infrastructure development.
Added to this is the fact that PowerBank has been recognized by Energy Business Review as one of the Top 10 Renewable Energy Solutions Providers in Canada for 2023, highlighting its role in advancing clean power and supporting corporate net-zero commitments.
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