PowerBank receives $1.47 million from NYSERDA for solar project

PowerBank Corporation (NASDAQ: SUUN) received $1.47 million from the New York State Energy Research and Development Authority through its NY-Sun Program for the company's operational 3.79 MW Geddes Solar Power Project in New York State.

The project qualified for the Megawatt Block, Community Adder, and Landfill/Brownfield Adder under the program. PowerBank expects to receive an additional $245,000 through the Inclusive Community Solar Adder, according to a company statement.

The Geddes project is built on a closed landfill and operates as a community solar project that generates enough energy to power approximately 450 homes annually. Community solar allows renters, homeowners and electricity customers to subscribe to a solar project and receive credits on their electric bills from their portion of the solar energy generated.

The NY-Sun Program is a public-private partnership led by NYSERDA that provides incentives and financing to expand solar adoption. The Community Adder provides additional financial incentives for community solar projects, while the Landfill/Brownfield Adder is available for ground-mounted solar systems on brownfields or landfills. The Inclusive Community Solar Adder supports projects serving subscribers with low-to-moderate incomes or those living in affordable housing.

PowerBank develops solar and battery energy storage projects across Canada and the United States. The company has completed over 100 MW of projects and maintains a development pipeline exceeding 1 GW.

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