PowerBank Secures 21 MW O&M Deal and Raises $4.2 M for Federal Projects
PBK•PowerBank’s subsidiary secured a long-term operations and maintenance agreement with Honeywell to manage 21 MW across three community solar facilities in New York. The company simultaneously raised $4.2 million from institutional investors via a direct offering of 7 million shares to fund its U.S. federal IPP project portfolio.
1. 21-MW O&M Agreement with Honeywell
Abundant Solar Power Inc., a wholly owned subsidiary of PowerBank, executed a long-term operations and maintenance agreement with Honeywell Aerospace to manage three community solar projects (SB 13-1, SB 13-2, SB-14) totaling 21 MW on a New York State-regulated brownfield. The agreement establishes inspection, maintenance, repair, operational monitoring, reporting protocols, cost responsibilities, and environmental and safety standards to ensure reliable performance over the contract term.
2. $4.2 Million Institutional Direct Offering
PowerBank entered into securities purchase agreements with two institutional investors for the sale of 7 million common shares, expecting gross proceeds of approximately $4.2 million before fees. The offering, closing on or about July 1 subject to conditions, is earmarked for delivery of its IPP project portfolio—including U.S. Department of Military and Naval Affairs initiatives—along with working capital and general corporate purposes.
