Under the terms of the deal, PowerBank will provide early-stage development services for battery energy storage opportunities submitted to the IESO’s LT2(c-2) request for proposals. If successful, the company will manage the projects through to the notice-to-proceed stage upon securing full permitting. PowerBank also holds a right of first refusal to act as the engineering, procurement, and construction provider for these ventures, including a potential 18 MW storage project in Hamilton.

CEO Dr. Richard Lu noted that the initiative positions the company to compete in one of North America’s most active procurement markets. The move follows a broader trend in Ontario, where recent capacity auctions have favored battery storage as a primary solution to manage peak demand amid the retirement of older power generation assets. Alongside this development, the company announced a debt settlement agreement to address $1,396,717 in outstanding legal fees through the issuance of approximately 1,297,352 common shares at a deemed price of $0.63 per share.