PowerBank Corporation (NASDAQ:SUUN) stock rose Wednesday after it received an initial $4 million payment for the previously announced Elmira, Jordan Road 1, and Jordan Road 2 projects.
The company expects the remaining portion of the $41 million transaction as construction milestones are met.
This payment approach follows standard solar EPC industry practices, aligning revenue recognition with project progress and risk mitigation.
PowerBank CEO Dr. Richard Lu said the seven-year partnership underscores the company’s development expertise and standing in the New York market, adding that “the One Big Beautiful Bill Act has created urgent conditions to monetize select development projects while maintaining our IPP growth focus.”
He noted that the resulting proceeds will allow PowerBank to deliver the projects on schedule for Solar Advocate Development.
Sale Of Solar Projects
On December 22, 2025, PowerBank announced the sale of its Elmira, Jordan Road 1, and Jordan Road 2 solar projects to Solar Advocate Development LLC for around $41 million.
This achievement highlights the strength of a long-standing strategic partnership that has delivered permitted, interconnected solar assets since 2018.
Together, the projects provide a total of 16.87 MW of clean energy capacity.
SUUN Price Action: PowerBank shares were up 9.90% at $2.11 during premarket trading on Wednesday, according to Benzinga Pro data.
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