PowerBank Corporation Launches First Energy Storage Project in Ontario

PowerBank Makes Significant Strides in Energy Storage

PowerBank Corporation, a leader in energy infrastructure development, has officially begun the installation of its first battery energy storage system (BESS) in Ontario, Canada. Known as the SFF-06 project, this state-of-the-art facility represents a critical move into the burgeoning battery storage market. With a capacity of 4.99 MW, the project is expected to contribute significantly to Ontario's clean energy grid upon completion.

Project Overview and Financial Backing

On August 6, 2025, PowerBank announced the on-site arrival of the first five out of nine EVLO Battery Containers that are part of the project. This ambitious undertaking is effectively supported by a substantial loan of $25.8 million from Royal Bank of Canada (RBC), which acts as Lender, Administrative and Collateral Agent. This partnership not only highlights the financial backing for the project but also reinforces PowerBank's commitment to pioneering eco-friendly energy solutions.

Strategic Collaboration

The SFF-06 project is co-owned by PowerBank and a consortium of First Nations communities in Ontario, illustrating an investment in both local partnerships and sustainability. The project reflects PowerBank's recent strategic acquisition of Solar Flow-Through Funds Ltd. for $45 million in July 2024, allowing it to position itself in a battery storage market projected to rise to $31.2 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.3%, according to research by Fortune Business Insights.

Furthermore, PowerBank has enlisted Anvil Crawler Development Corp., affiliated with the Skyline Group of Companies, to undertake civil and electrical work on the site. The $1.85 million contract aims to ensure that the project meets its ambitious schedule.

Long-Term Commitment to Clean Energy

The SFF-06 project also secured a notable 22-year contract with the Independent Electricity System Operator (IESO) via the Expedited Long-Term RFP (E-LT1 RFP) in July 2023. With a fixed capacity payment of $1,221/MW per business day—substantially above the $876/MW average for storage projects—this contract guarantees strong financial returns, positioning PowerBank for sustained success.

Once operational, SFF-06 is set to deliver a daily contract capacity of 4.74 MW for 251 business days each year, reinforcing Ontario's transition to a cleaner energy landscape. To top it off, the project qualifies for the 2024 Clean Technology Investment Tax Credit, enabling reimbursements of up to 30% on eligible capital costs, further enhancing its financial viability.

Looking Ahead: Risks and Challenges

While the outlook appears promising, several risks remain associated with the project's development. Securing necessary permits and addressing any potential public opposition can pose significant hurdles. Currently, the 903 project is still in the permitting phase, with construction pending the acquisition of key municipal approvals from the Town of Armour, Ontario. Any delays in this process may postpone the timeline for the project, affecting its anticipated operational start date.

Moreover, future government policies or adjustments to financial incentives could influence the project's economic viability, representing a dynamic landscape for investments in battery energy storage systems.

A Vision for a Sustainable Future

PowerBank Corporation is dedicated to fostering a sustainable energy future through innovative projects like SFF-06. As the company continues to develop a diverse portfolio of clean energy solutions—including solar and EV charging initiatives—it seeks to maximize returns and encourage renewable energy adoption across North America.

To learn more about PowerBank and its projects, please visit www.powerbankcorp.com. This ambitious venture is not just about meeting energy needs; it aligns with a larger vision of driving the clean energy revolution forward in Ontario and beyond. PowerBank's commitment to sustainability and innovative partnerships stands as a beacon of progress in the energy sector.