Announcement
PowerBank Corporation (NASDAQ:PBK) disclosed that its U.S. subsidiary Abundant Solar Power Inc. has been awarded a $2.95 million contract by the United States Department of Defense and the Department of the Army. The contract, issued under a federal solicitation administered by the U.S. Army Corps of Engineers, calls for the design, engineering, procurement and construction of a solar array and electric‑vehicle charging infrastructure at the Armed Forces Reserve Center Farmingdale in Farmingdale, New York. The facility supports the Army Reserve, Naval Reserve, Marine Corps Reserve and the New York National Guard. PowerBank has received a Notice to Proceed and will commence the EPC work immediately.
Market Reaction
Following the announcement, PowerBank shares rose 14.4% in pre‑market trading on Friday.
Significance
The award represents PowerBank’s first project for the United States Federal Government and is classified under NAICS code 236220 (Commercial and Institutional Building Construction). It follows recent state‑level contracts awarded to Abundant Solar Power Inc. by the New York Department of Military and Naval Affairs for multiple ground‑mounted and rooftop solar installations and battery energy storage systems.
Company Track Record
PowerBank reports having completed more than 100 MW of solar and related projects to date and maintains a development pipeline of over 1 GW.