Energy infrastructure developer PowerBank Corporation (NASDAQ:SUUN) is preparing for its 4.9 megawatt battery energy storage system (BESS) project in Ontario, Canada, to reach commercial operation this month.
The SFF-06 BESS Project is currently in the final stages of hot commissioning, which includes several milestones with technical partners to ensure safe installation, interconnection, and commissioning with the Hydro grid for the nine EVLO battery containers.
PowerBank anticipates the commercial operation date to occur this month, subject to receiving all necessary commissioning approvals. SFF-06 will be PowerBank’s first operational battery energy storage project.
SFF-06 is owned by 1000234763 Ontario, in which PowerBank holds a 50% stake, with the remaining interest owned by a partnership of First Nations communities in Ontario.
The project positions PowerBank in a battery storage market projected to increase to US$31.2 billion by 2029, growing at a compound annual growth rate of 16.3%.
PowerBank is also developing two other BESS projects in Ontario, known as 903 and OZ-1.
Due to permitting delays, the company and its battery storage systems supplier were in discussions to terminate the contracts for OZ-1 on mutually agreeable terms. Once permitting certainty is achieved for OZ-1, PowerBank will either re-enter into agreements with the supplier or pursue an alternative supplier.
A termination arrangement has been completed, with PowerBank relinquishing all rights and obligations. The company will pay a C$475,000 termination fee to the supplier, as well as a C$100,000 reimbursement of certain retrofit costs.
The final completion deadlines for the remaining projects are being adjusted.
PowerBank Corporation is an independent renewable and clean energy project developer focused on distributed and community solar projects in Canada and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: PowerBank Corporation
