PowerBank Corporation's Entry into the Battery Storage Market: Key FAQs
Summary
What is PowerBank Corporation’s new project in Ontario?
PowerBank Corporation is installing a 4.99 MW battery energy storage system (BESS) at its SFF-06 project in Cramahe, Ontario, designed to deliver 4.75 MW of daily contract capacity for 251 business days annually.
Why is PowerBank Corporation’s entry into the battery storage market significant?
This marks PowerBank’s bold entry into a rapidly growing market projected to hit $31.2 billion by 2029, with a 16.3% CAGR, showcasing their commitment to providing reliable, clean energy.
How will the Ontario BESS project benefit the grid?
The project will power Ontario’s grid with reliable, clean energy, with PowerBank receiving a fixed capacity payment of $1,221/MW per business day, above the $876/MW average for storage projects.
Who is financing the Ontario BESS project?
The project is backed by a $25.8 million loan from Royal Bank of Canada (RBC), which serves as Lender, Administrative and Collateral Agent, and Green Loan Structuring Agent.
Where can I find more information about PowerBank Corporation’s projects?
The latest news and updates relating to PowerBank Corporation (NASDAQ: SUUN) are available in the company’s newsroom at https://ibn.fm/SUUN.
What is the expected impact of the BESS project on Ontario’s energy supply?
Once completed, the project is designed to deliver 4.75 MW of daily contract capacity, significantly contributing to Ontario’s grid with clean energy for 251 business days annually.
How does PowerBank’s capacity payment compare to industry averages?
PowerBank will receive a fixed capacity payment of $1,221/MW per business day, which is well above the $876/MW average for storage projects, indicating a favorable financial arrangement.
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