PowerBank Corporation (NASDAQ:SUUN) announced on Wednesday that it has secured new financing to accelerate its renewable energy projects in New York. The funding lets PowerBank expand its independent power producer business efficiently, without shareholder dilution.
PowerBank entered a revolving credit facility of up to $8 million with NY Green Bank, a division of the New York State Energy Research and Development Authority. The funds will cover utility interconnection deposits for about 50 megawatts of solar and energy storage projects, supporting New York’s clean energy goals.
Interconnection deposits fund grid upgrades needed to connect new projects. Since these deposits are refundable if a project doesn’t proceed, the facility serves as a reusable pool of capital as developments move forward.
Also Read: PowerBank, Smartlink AI Deploy First Solar-Powered AI Satellite
This revolving loan gives PowerBank flexibility to advance projects faster while protecting its balance sheet. As assets are completed or sold, proceeds can fund new developments. NY Green Bank may also increase the facility to $12 million.
Chief executive Dr. Richard Lu commented, “The financing from NY Green Bank for this initial portfolio represents an excellent opportunity for PowerBank and our partners. This transaction reflects PowerBank’s established track record in New York State, and our strong working relationship with NYSERDA. As these projects advance, we’re excited to contribute to the region’s clean energy objectives.”
SUUN Price Action: PowerBank shares were up 2.42% at $1.69 at the time of publication on Wednesday, according to Benzinga Pro data.
Read Next:
Photo by Bilanol via Shutterstock
Recent Comments