PowerBank Corporation (Nasdaq: PBK) has executed a lease agreement for a 3.2 MW DC ground-mount solar project in Broome County, New York, according to a company press release. The project, known as the Scofield project, is a relocation and redesign of the previously announced Boyle Rd. project.

The project has a total construction value of approximately $8 million USD and is expected to qualify for a federal Investment Tax Credit of approximately $3.2 million USD under the One Big Beautiful Bill Act of 2025. The company said physical work began on the project prior to the July 4, 2026 deadline required to remain eligible for the tax credit.

Once operational, the project will function as a community solar installation, with electricity fed into the local power grid. PowerBank said the project is expected to power the equivalent of approximately 400 homes. An interconnection application is already underway, and the company plans to complete the permitting process and secure construction financing following interconnection approval. The project is also expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun Program.

PowerBank also disclosed amendments to consulting agreements with several executive officers. Effective July 1, 2026, Executive Chair Matthew Wayrynen's monthly fee was increased to C$50,000, Chief Executive Officer Richard Lu's monthly fee was increased to C$66,875, and Executive Vice President of Corporate Development Tracy Zheng's monthly fee was increased to C$33,334. Each agreement carries a five-year term, with fees subject to further increases if the company completes equity or debt financings totaling at least US$25,000,000.

The company also announced it will issue 298,804 shares to certain former and current directors and officers of Solar Flow-Through Funds Ltd. in connection with outstanding director fees assumed as part of a prior acquisition.