PowerBank Corporation's Entry into the Battery Storage Market: Key FAQs

What is PowerBank Corporation’s new project in Ontario?

PowerBank Corporation is installing a 4.99 MW battery energy storage system (BESS) at its SFF-06 project in Cramahe, Ontario, designed to deliver 4.75 MW of daily contract capacity for 251 business days annually.

Why is PowerBank Corporation’s entry into the battery storage market significant?

This entry is significant because the battery storage market is projected to hit $31.2 billion by 2029, representing a 16.3% CAGR, and PowerBank’s project contributes to Ontario’s grid with reliable, clean energy.

How does the BESS project benefit Ontario’s grid?

The project will power Ontario’s grid with reliable, clean energy, delivering 4.75 MW of daily contract capacity for 251 business days annually.

What financial backing does the PowerBank Corporation’s BESS project have?

The project is backed by a $25.8 million loan from Royal Bank of Canada (RBC), which serves as Lender, Administrative and Collateral Agent, and Green Loan Structuring Agent.

What is the expected revenue from the BESS project?

PowerBank will receive a fixed capacity payment of $1,221/MW per business day for the power supplied, which is well above the $876/MW average for storage projects.

Where can investors find the latest news and updates about PowerBank Corporation?

The latest news and updates relating to PowerBank Corporation (NASDAQ: SUUN) are available in the company’s newsroom at https://ibn.fm/SUUN.

What is the contract duration for PowerBank Corporation’s BESS project?

PowerBank has entered into a 22-year contract for the BESS project, ensuring long-term value and stability for the project.

How does PowerBank Corporation’s project compare to other storage projects?

PowerBank’s project stands out by receiving a fixed capacity payment of $1,221/MW per business day, significantly above the $876/MW average for storage projects, indicating higher revenue potential.