BESS 903 Project Passes Major Permitting Milestone, Advancing PowerBank's Ontario Battery Storage Pipeline

PowerBank's Second Battery Energy Storage System has secured Official Plan Amendment and Zoning Bylaw Amendment approvals

TORONTO, Aug. 4, 2026 — PowerBank Corporation (Nasdaq: PBK) (Cboe CA: PBK) (FSE: 103) ("PowerBank" or the "Company"), a leader in independent energy development and asset ownership in North America, is pleased to announce that on July 21, 2026, the 903 BESS project (the "Project") secured Official Plan Amendment and Zoning Bylaw Amendment approvals, representing a significant regulatory milestone. These approvals conclude the longest and most complex phase of the permitting process, which included extensive public consultation. The project is now progressing through Site Plan Approval with receipt of all permits required to commence construction expected in Q4 2026. This marks PowerBank's second battery energy storage system (BESS) project in Ontario to achieve this permitting milestone.

In July 2023, the Project secured a 22-year contract through the Independent Electricity System Operator's (IESO) Expedited Long-Term RFP (E-LT1 RFP). The fixed capacity payment of $1,221/MW per business day is well above the $876/MW average for storage projects that were part of the E-LT1 RFP process.

The battery energy storage systems market is projected by Grand View Research to grow from US$17.4 billion in 2026 to US$99.7 billion by 2033, a 28.3% compound annual growth rate, with data centers representing the largest end-use segment of demand.1 Transmission and distribution-connected battery storage projects provide reliability benefits to existing electricity grids. In what is known as energy arbitrage, the storage systems will discharge their capacity during periods of peak demand and high prices and then re-charge from the grid when demand and prices are low. Utilities and system operators pay for these benefits to the grid via capacity payments. As the proliferation of artificial intelligence and data centers drives significant growth in electricity demand across North America, battery storage is increasingly viewed as a critical technology for maintaining grid reliability and enabling the rapid, flexible delivery of power that these facilities require.

The Project is owned by 1000234763 Ontario Inc., in which PowerBank holds a 50% stake, with the remaining 50% owned by a partnership of First Nations communities in Ontario.

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 energy solutions. These capabilities are increasingly valuable as AI and data center growth place unprecedented demand on the North American grid.

There are several risks associated with the development of the Project. The development of any project is subject to required permits, the continued availability of third-party financing arrangements for the Company, the risks associated with the construction of a battery energy storage project and the degradation of battery storage capacity over time based on the number of discharge cycles. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for battery energy storage, which could result in future projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the projects and statements made in this press release.

About PowerBank Corporation

PowerBank Corporation is a vertically integrated and independent North American energy company helping to power the digital economy. The Company develops, builds, owns, and operates solar and battery energy storage systems that deliver reliable and resilient power to the electricity grid, commercial and industrial clients, and municipal and residential off-takers. As AI and digital infrastructure drive unprecedented electricity demand, PowerBank is uniquely positioned to deliver the speed, scale, and energy independence that the next generation of power consumers requires, without waiting years for permitting and grid interconnection. The Company has a potential development pipeline of over one gigawatt and has developed energy projects with a combined capacity of over 100 megawatts built. To learn more about PowerBank, please visit www.powerbankcorp.com.

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