SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), Viridi Partner on Buffalo, NY Solar and Battery Project

• SolarBank and Viridi are collaborating on a 3.06 MW solar and 1.2 MWh battery energy storage system in Buffalo, New York, repurposing a closed landfill, converting unused land into a source of clean energy.
• Pending approvals and financing, SolarBank is set to begin construction, while Viridi will provide the battery storage system.
• Viridi’s battery systems include integrated fire suppression and anti-propagation technology to enhance safety.
• Once operational, the project will function under a community solar model, where residents can subscribe to the project, earning credits on their electricity bills without installing personal solar panels.

Disseminated on behalf of SolarBank Corporation

SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., has announced a partnership with Viridi, the industry leader in fail-safe battery energy storage systems (“BESS”), to develop a combined 3.06 megawatt (“MW”) direct current ground-mounted solar power project and a 1.2 megawatt-hour (“MWh”) BESS, in Buffalo, New York. This initiative aims to transform a closed landfill into a productive asset that generates clean energy for the local community (https://ibn.fm/XEmgk).

The selected site, located at 1037 South Park Ave. in South Buffalo, was previously a landfill. By repurposing this land, the project not only addresses environmental concerns but also contributes to the community by providing a sustainable energy source. This approach exemplifies innovative land use, turning otherwise unusable areas into hubs for renewable energy production.

Once operational, the project will function under a community solar model. This setup allows local residents, including renters and homeowners, to subscribe to the solar project. Subscribers receive credits on their electricity bills corresponding to their share of the generated solar energy, enabling them to benefit from renewable energy without the need to install personal solar panels. This model promotes inclusivity and broad participation in clean energy initiatives.

Viridi, known for its leadership in fail-safe battery energy storage systems, will supply the BESS for this project. Their innovative lithium-ion battery packs are equipped with integrated fire suppression and pioneering anti-propagation technology. Unlike traditional methods that modify battery cells, Viridi’s design isolates each cell to prevent thermal runaway, ensuring that a single cell failure does not escalate. This fail-safe approach enhances safety and reliability, making the energy storage solution adaptable for various settings.

SolarBank, subject to the receipt of financing, intends to be the owner of the project. The company has secured a lease for the project site and has applied for interconnection approval. Upon receiving the necessary permits and financing, the company plans to commence construction. The integration of the BESS with the solar installation will allow for the storage of generated energy, which can be dispatched during peak demand periods, thereby enhancing grid stability and optimizing energy use. This project aligns with New York State’s energy storage roadmap, which supports the development of such hybrid generation-storage projects.

SolarBank has already begun construction on another BESS project, representing the company’s first foray into this sector. The company has kicked off construction of project SFF-06, one out of two battery energy storage systems in Ontario, earlier in February 2025, through a $25.8 million CAD ($18.17 million USD) project finance facility from the Royal Bank of Canada. The initiatives come as battery storage demand surges, with the global market projected to reach $31.2 billion USD by 2029, growing at 16.3% annually (https://ibn.fm/G6g5b).

For more information, visit the company’s website at SolarBankCorp.com. This report contains forward looking information. Please refer to https://ibn.fm/G76GJ for additional details.

NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN

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