PowerBank (SUNN) Registration Filing summary

Company overview and business model

• Independent renewable and clean energy project developer, power producer, and asset operator in Canada and the U.S., focused on solar PV, battery energy storage systems (BESS), and EV-charging projects.

• Business model includes development, EPC, financing, and operation as an Independent Power Producer (IPP), with a shift from a solely "develop to sell" strategy to retaining ownership of renewable projects.

• Revenue generated from a diverse portfolio of distributed and community solar projects, including commercial, industrial, municipal, residential, and utility off-takers.

• Recent expansion into the data center market as a developer, owner, and strategic partner for sustainable energy solutions.

Financial performance and metrics

• As of March 31, 2025, held $23.9 million in cash and short-term investments, with a working capital deficit of $9.7 million.

• Closed a registered direct offering in March 2025, raising approximately US $8.5 million through the sale of 2,394,367 units.

• Consolidated capitalization as of December 31, 2024: 31,067,655 common shares outstanding, increasing to 33,462,022 after the 2025 offering.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used to advance business objectives, fund operations, working capital, repay debt, and support capital programs and potential acquisitions.

• Proceeds from the March 2025 offering are allocated to advancing IPP assets, BESS projects, a community solar project in New York, and general corporate purposes.

• Additional capital is needed to expand the IPP asset base and retain larger ownership in projects; absent new capital, will continue with a "develop to sell" strategy.