PowerBank Corporation Advances 3.2 MW Solar Project in New York

The project represents a $8 million investment and is expected to generate enough clean electricity to power approximately 400 homes. By operating as a community solar site, the installation allows local residents and renters to offset their utility costs through electricity credits without requiring rooftop infrastructure. The company is currently navigating the interconnection application process and planning for future permitting and construction financing.

Alongside the project development, PowerBank has restructured its executive compensation framework. Effective July 1, 2026, the company entered into five-year consulting agreements with key leadership, including Executive Chair Matthew Wayrynen, CEO Dr. Richard Lu, and Executive Vice President Tracy Zheng. These agreements include provisions for monthly fee increases tied to the company achieving equity or debt financing milestones exceeding US$25 million. Additionally, the company is issuing 298,804 shares to former and current directors associated with its acquisition of Solar Flow-Through Funds Ltd.