PowerBank Corporation completed a conversion of its construction loan into a mini‑perm loan for the Geddes Solar Project on February 2 2026, receiving $920,000 in new financing. The conversion reduces the company’s short‑term debt load and extends the loan maturity to January 20 2032, with a principal balance of $1.695 million on the new loan. The original construction loan, announced on June 24 2024, was $2.6 million.
The Geddes Project, which became fully operational in July 2025, is a community solar installation built on a repurposed closed landfill in upstate New York. It is PowerBank’s largest U.S. asset and serves as the launchpad for the company’s Bitcoin treasury strategy, which deploys net cash generated by the project into Bitcoin to enhance asset value and create a future‑focused monetary reserve.
Financially, PowerBank’s FY 2025 revenue fell 29% to $41.5 million, but gross margin improved to 25% from 20% in FY 2024, reflecting efficient project management and procurement. In Q1 FY 2026, revenue rose 27% to CAD 19.2 million (USD 19.15 million) and margin jumped to 45% from 27% in the prior quarter, again driven by cost discipline and a favorable mix of high‑margin projects.
By converting the construction loan, PowerBank shifts debt from a short‑term, high‑interest instrument to a longer‑term, lower‑interest mini‑perm, strengthening its balance sheet and freeing up working capital for ongoing operations and future development. The extended maturity aligns with the company’s strategy to scale distributed solar infrastructure and supports the long‑term financial sustainability of its growing project portfolio.
"This is a pivotal moment for PowerBank… Geddes isn’t just our largest U.S. asset— it’s our launchpad into a bold, dual‑track strategy that fuses clean energy leadership with financial innovation," said Dr. Richard Lu, President and CEO. The financing underscores PowerBank’s ability to secure long‑term capital for operational assets and signals confidence in its growth trajectory.
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