PowerBank Corporation, a leader in distributed solar energy, battery storage, and clean energy infrastructure across North America, has announced that its 7.1 MW Jordan Rd 2 community solar project, located on privately owned brownfield land in Skaneateles Falls, New York, has been approved for up to $1,119,618 in incentives through the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.

The project is also expected to qualify for an additional $1,576,590 in NY-Sun incentives through the Inclusive Community Solar Adder. Municipal approvals for the project had previously been announced, and PowerBank has now also received brownfield-specific environmental approvals from the New York State Department of Environmental Conservation.

The NY-Sun Program is a public-private partnership led by NYSERDA that aims to expand solar energy adoption in New York, making solar technology more accessible while supporting local job creation and advancing the state’s clean energy goals. Through this program, the Jordan Rd 2 project will generate enough electricity to power approximately 895 homes annually. Once operational, the project will function as a community solar installation, directly interconnected to the local electricity grid. This model allows residents and businesses to subscribe to a portion of the solar output and receive monthly credits on their electricity bills, enabling access to renewable energy without installing panels on their own properties.

Community solar projects like Jordan Rd 2 offer significant benefits to subscribers, including reduced electricity costs compared with standard utility rates, increased energy independence, and access to clean, renewable power. PowerBank’s extensive experience, including over 100 MW of completed projects and a development pipeline exceeding 1 GW, supports the reliable delivery and operation of such projects. Strategic partnerships and institutional-grade development capabilities further position the company to provide high-impact renewable energy solutions.

The Jordan Rd 2 project contributes to New York’s broader goal of achieving 10 GW of solar energy by 2030. The state already leads the United States in community solar capacity and recently surpassed its 6 GW target under the New York State Climate Act in the fall of 2024.

PowerBank notes that, like any development project, Jordan Rd 2 carries certain risks, including the need to secure a community solar contract, obtain all necessary permits, and access third-party financing. Changes to government incentives or policy support could also affect the project’s economic viability. Investors and stakeholders are encouraged to review the forward-looking statements and associated risk factors included in the company’s disclosures.

In other corporate updates, PowerBank and Orbit AI have mutually agreed to terminate a proposed $500,000 strategic investment by PowerBank into Orbit AI, while the existing Collaboration Agreement remains in place. Discussions on further collaboration opportunities to support the orbital cloud continue. The company also received a notice from Nasdaq regarding the closing bid price of its common shares, which fell below the minimum $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5450(a)(1).

This notice has no immediate effect on the listing, and PowerBank has 180 calendar days, until September 29, 2026, to regain compliance. If necessary, the company may consider transferring its securities to The Nasdaq Capital Market, which could provide an additional 180 days to regain compliance. There is no immediate impact on the company’s business operations, and its common shares will continue to be listed and traded on The Nasdaq Global Market.