POWERBANK Corp
For the period ended Jun 30, 2024. Filed Oct 1, 2024.
View on SEC.govAbout this filing
The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Oct 1, 2024
Use the contents to explore the available documents and sections.
Contents
EX-99.5 · Recent Developments
Recent Developments
Since the commencement of the quarter ended June 30, 2024, the Company achieved the following business objectives:
| ● | April 2024: The Company commenced trading on the Nasdaq Global Market at opening of Monday, April 8, 2024 under the symbol “SUUN”. |
| ● | April 2024: The Company reached mechanical completion on the SB-1, SB-2 and SB-3 Community Solar Projects acquired by Honeywell International Inc. (“Honeywell”). The projects are being constructed under an EPC Contract with SolarBank. SolarBank also expects that it will retain an operations and maintenance contract for the projects following the completion of construction. |
| ● | April 2024: The Company commenced construction on a 1.4 MW DC rooftop solar project in Alberta as a pilot project. This project received interconnection approval in December 2023, full permitting in March 2024, and is currently undergoing the process of engineering and final design. Construction is expected to be completed in the second fiscal quarter of FY2025. |
| ● | April 2024: The Company partnered with TriMac Engineering of Sydney, Nova Scotia to develop a 10 MW DC community solar garden in the rural community of Enon, Nova Scotia, and three 7 MW DC projects in Sydney, Halifax and Annapolis, Nova Scotia respectively (the “NS Projects”). The NS Projects are being developed under a Community Solar Program that was announced by the Government of Nova Scotia on March 1, 2024 and owned by AI Renewable Fund. |
| ● | May 2024: The Company announced that it has executed a lease agreement on a 29.6 acre site in Black Creek, New York. SolarBank intends to develop a 3.2 MW DC ground-mount solar power project on the site. |
| ● | June 2024: The Company announced that it intends to develop a 6.41 MW DC ground-mount solar power project know as the Rice Road project on a site located in Bloomfield, New York. |
| ● | June 2024: The Company announced that it has entered into a loan agreement with Seminole Financial Services, LLC for an initial US$2,600,000 construction to mini-perm loan that will be used to complete construction of the Geddes Project located in Upstate, New York. |
| ● | July 2024: The Company closed its acquisition of Solar Flow-Through Funds Ltd. (“SFF”). This transaction values SFF at up to $45M but the consideration payable excludes the common shares of SFF currently held by the Company. |
| ● | July 2024: The Company announced an update on its 3.25 MW DC ground-mount solar power project located in the Town of Camillus, New York on a closed landfill. The project has now received its plan approval and special use permit from the town of Camillus. |
| ● | July 2024: The Company advanced construction on the 1.4MW DC rooftop solar project in Alberta. Construction of the project is expected to be completed in November 2024. |
| ● | August 2024: The Company announced that it intends to develop a 7 MW DC ground-mount solar power project known as the Oak Orchard project located in Clay, New York. |
| ● | August 2024: The Company announced that it intends to develop a 6.41 MW DC ground-mount solar power project known as the East Bloomfield project located in East Bloomfield, New York. |
| ● | September 2024: The Company announced that it intends to develop a 5.4 MW DC ground-mount solar power project known as the Boyle project located in Broome County, New York. The project is expected to employ agrivoltaics (the dual use of land for solar energy production and agriculture) including sheep grazing with a local agricultural partner. |
Selected Annual Information
Comparative information for annual periods from June 30, 2022, 2023 and 2024 has been presented in accordance with the International Financial Reporting Standards (“IFRS”) and are expressed in Canadian dollars.
| Year ended June 30 | 2024 (Audited) ($) | 2023 (Audited) ($) | 2022 (Audited) ($) |
|---|---|---|---|
| Revenue | 58,377,133 | 18,397,509 | 10,197,619 |
| Revenue - EPC | 54,066,468 | 15,577,210 | 9,791,511 |
| Revenue – development | 2,011,750 | 2,724,040 | 406,108 |
| Revenue – IPP production | 577,960 | - | - |
| Revenue – O&M services | 119,634 | 96,259 | - |
| Revenue – Other services | 1,601,321 | - | - |
| Cost of goods sold | (46,698,437) | (13,860,309) | (8,231,476) |
| Net income (loss) | (3,577,144) | 2,241,986 | (188,393) |
| Net income (loss) per share | (0.13) | 0.11 | (0.01) |
| Total assets | 39,225,861 | 24,969,537 | 9,194,537 |
| Long-term debt | 7,112,710 | 1,254,465 | 1,388,013 |
| Dividends | - | - | - |
The following discussion addresses the operating results and financial condition of the Company for the year ended June 30, 2024 compared with the year ended June 30, 2023.
Result of Operations
For the year ended June 30, 2024 as compared to the years ended June 30, 2023 and June 30, 2022.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.