PowerBank Corporation (NASDAQ: PBK, Cboe CA: PBK, FSE: 103) has closed a registered direct offering of 7,000,000 common shares, raising $4.2 million before placement agent fees and other expenses, according to a press release issued July 1, 2026.

The Toronto-based energy company said two new long-term institutional investors participated in the offering. A.G.P./Alliance Global Partners acted as sole placement agent.

PowerBank said it intends to use the net proceeds for its independent power producer project portfolio, working capital, and general corporate purposes.

The securities were offered under a shelf registration statement on Form F-10 that became effective May 9, 2025. The company has filed a prospectus supplement with the U.S. Securities and Exchange Commission and with applicable Canadian securities regulatory authorities.

PowerBank develops, builds, owns, and operates solar and battery energy storage systems in North America. The company states it has developed energy projects with a combined capacity of over 100 megawatts and has a development pipeline of over one gigawatt.