PowerBank Corporation (NASDAQ: SUUN) announced it has executed three lease agreements for battery energy storage systems in upstate New York. The projects, named Round Hill Rd, Montana Rd, and Genesee Rd, will each have 5 MW AC capacity and discharge over 4 hours, totaling 60 megawatt hours of combined battery energy storage capacity.

The projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority Retail Storage Incentive Program and compensation under New York's Value of Distributed Energy Resources mechanism, according to the company's statement.

PowerBank is initiating preliminary screening analysis as part of the interconnection process. The company stated it will work to complete permitting and secure financing for construction pending interconnection approval.

The Toronto-based company develops, builds, owns and operates solar and battery energy storage systems. PowerBank reports having completed over 100 MW of projects with a development pipeline exceeding 1 GW.

The company noted several risks associated with project development, including the need for community solar contracts, interconnection approval, required permits, third-party financing arrangements, and potential changes to government incentives for battery storage.

According to the International Energy Agency's Global Energy Review 2026 cited in the release, 108 GW of new battery storage capacity was deployed globally in 2025, representing a 40% year-over-year increase. In the United States, 18.9 GW was installed in 2025, up 52% from 2024.