PowerBank Corporation (NASDAQ: PBK) shares eked up Tuesday. The vertically-integrated independent North American energy company, announced the execution of equipment procurement agreements for eight distributed solar and energy storage projects across New York and Pennsylvania through its wholly owned subsidiary Abundant Solar Power Inc.
The Projects, once financed, constructed and operational, are expected to bring approximately 30 MW DC of solar and 31 MWh of energy storage to the United States. This procurement is expected to enable the Projects to remain eligible for United States federal Investment Tax Credits for energy projects under the One Big Beautiful Bill Act of 2025.
This morning’s news release alluded to physical work on the procured equipment is expected to safe harbor the Projects by through the IRS Physical Work Test prior to the July 4, deadline under the “United States One Big Beautiful Bill Act.”
The announcement follows the Safe Harbour of an additional 15 solar and energy projects in New York State. PowerBank has now ensured that 23 solar and energy storage projects, with a combined total of 97 MW DC and 42 MWh, are expected to remain eligible for the United States federal Investment Tax Credits.
PBK shares captured 1.2 cents, or 1.3%, to 93.2 cents.
