$1.5 Million Grant Applications to Develop Fast EV Charger Projects Submitted by SolarBank in Partnership with AI Renewable Fund and First Nation
SolarBank (NASDAQ: SUUN) has submitted $1.5 million in grant applications for three fast electric vehicle (EV) charger projects in Ontario, Canada. The projects, owned by AI Renewable 2023 LP in partnership with a First Nation, are part of Natural Resources Canada's Zero Emission Vehicle Infrastructure Program (ZEVIP). SolarBank will serve as the turnkey developer, asset manager, and operations and maintenance provider.
The total cost of the projects is estimated at $2.3 million. Located in Woodstock, Peterborough, and Milton, two of the projects have additional grant applications under review by Ontario's EV ChargeON program. Results are expected by January 2025, with project completion anticipated by the fourth quarter of 2026.
This initiative represents AI Renewable's first EV charging investments, diversifying SolarBank's portfolio and advancing clean transportation in collaboration with First Nations.
SolarBank (NASDAQ: SUUN) ha presentato richieste di finanziamento per $1,5 milioni per tre progetti di ricarica rapida per veicoli elettrici (EV) in Ontario, Canada. I progetti, di proprietà di AI Renewable 2023 LP in collaborazione con una First Nation, fanno parte del Programma di Infrastruttura per Veicoli a Emissioni Zero (ZEVIP) del Ministero delle Risorse Naturali del Canada. SolarBank fungerà da sviluppatore chiavi in mano, gestore delle attività e fornitore di operazioni e manutenzione.
Il costo totale dei progetti è stimato in $2,3 milioni. Situati a Woodstock, Peterborough e Milton, due dei progetti hanno altre richieste di finanziamento in fase di revisione da parte del programma ChargeON per veicoli elettrici dell'Ontario. I risultati sono attesi entro gennaio 2025, con il completamento del progetto previsto per il quarto trimestre del 2026.
Questa iniziativa rappresenta i primi investimenti di AI Renewable nella ricarica per veicoli elettrici, diversificando il portafoglio di SolarBank e promuovendo i trasporti puliti in collaborazione con le Prime Nazioni.
SolarBank (NASDAQ: SUUN) ha presentado solicitudes de subvención por $1,5 millones para tres proyectos de cargadores rápidos de vehículos eléctricos (EV) en Ontario, Canadá. Los proyectos, propiedad de AI Renewable 2023 LP en asociación con una First Nation, son parte del Programa de Infraestructura para Vehículos de Emisiones Cero (ZEVIP) de Recursos Naturales de Canadá. SolarBank actuará como desarrollador llave en mano, administrador de activos y proveedor de operaciones y mantenimiento.
El costo total de los proyectos se estima en $2,3 millones. Situados en Woodstock, Peterborough y Milton, dos de los proyectos tienen solicitudes de subvención adicionales en revisión por el programa ChargeON de EV de Ontario. Se esperan resultados para enero de 2025, y se anticipa la finalización del proyecto para el cuarto trimestre de 2026.
Esta iniciativa representa las primeras inversiones de AI Renewable en carga de EV, diversificando el portafolio de SolarBank y avanzando en el transporte limpio en colaboración con las Primeras Naciones.
SolarBank (NASDAQ: SUUN)은 캐나다 온타리오주에서 세 개의 빠른 전기차(EV) 충전기 프로젝트에 대해 150만 달러의 보조금 신청서를 제출했습니다. AI Renewable 2023 LP가 원주민과 협력하여 소유하는 이 프로젝트는 캐나다 자연 자원부의 제로 배출 차량 인프라 프로그램(ZEVIP)의 일환입니다. SolarBank는 종합 개발자, 자산 관리 및 운영 및 유지보수 제공자 역할을 할 것입니다.
프로젝트의 총 비용은 약 230만 달러로 추산됩니다. 우드스톡, 피터버러 및 밀턴에 위치한 이 프로젝트 중 두 개는 온타리오의 EV ChargeON 프로그램에 대한 추가 보조금 신청이 검토 중입니다. 결과는 2025년 1월까지 예상되며, 프로젝트 완료는 2026년 4분기로 anticipate됩니다.
이 이니셔티브는 AI Renewable의 첫 번째 EV 충전 투자로, SolarBank의 포트폴리오를 다양화하고 원주민과 협력하여 청정 교통수단을 발전시키고 있습니다.
SolarBank (NASDAQ: SUUN) a soumis des demandes de subvention de 1,5 million de dollars pour trois projets de chargeurs rapides de véhicules électriques (EV) en Ontario, Canada. Ces projets, appartenant à AI Renewable 2023 LP en partenariat avec une Première Nation, font partie du programme d'infrastructure pour les véhicules à émissions nulles (ZEVIP) de Ressources naturelles Canada. SolarBank agira en tant que développeur clé en main, gestionnaire d'actifs et fournisseur de services opérationnels et de maintenance.
Le coût total des projets est estimé à 2,3 millions de dollars. Situés à Woodstock, Peterborough et Milton, deux des projets ont d'autres demandes de subvention en cours d'examen par le programme ChargeON de l'Ontario. Les résultats sont attendus d'ici janvier 2025, avec une finalisation du projet prévue pour le quatrième trimestre 2026.
Cette initiative représente les premiers investissements d'AI Renewable dans la recharge des véhicules électriques, diversifiant le portefeuille de SolarBank et avançant dans le transport propre en collaboration avec les Premières Nations.
SolarBank (NASDAQ: SUUN) hat Förderanträge in Höhe von 1,5 Millionen Dollar für drei Schnellladeprojekte für Elektrofahrzeuge (EV) in Ontario, Kanada, eingereicht. Die Projekte, die im Besitz von AI Renewable 2023 LP in Partnerschaft mit einer First Nation sind, sind Teil des Programms für Infrastrukturen für Fahrzeuge mit null Emissionen (ZEVIP) von Natural Resources Canada. SolarBank wird als schlüsselfertiger Entwickler, Asset-Manager sowie Anbieter von Betrieb und Wartung fungieren.
Die Gesamtkosten der Projekte werden auf 2,3 Millionen Dollar geschätzt. Die Projekte, die sich in Woodstock, Peterborough und Milton befinden, haben zwei weitere Förderanträge, die derzeit vom EV ChargeON-Programm von Ontario geprüft werden. Ergebnisse werden bis Januar 2025 erwartet, und der Abschluss des Projekts wird für das vierth Quartal 2026 angestrebt.
Diese Initiative stellt AI Renewables erste Investitionen in die EV-Ladetechnologie dar, diversifiziert das Portfolio von SolarBank und fördert den sauberen Verkehr in Zusammenarbeit mit den First Nations.
- Potential $1.5 million in grant funding for EV charger projects
- Diversification of SolarBank's project portfolio into EV charging
- Strategic partnership with AI Renewable Fund and First Nation
- Multiple roles for SolarBank: developer, asset manager, and O&M provider
- Additional grant applications under review for two projects
- Project development subject to various risks and uncertainties
- Actual grant funding amount subject to government approval
- Potential changes in government incentives for EV charging projects
Insights
This news is moderately impactful for SolarBank (SUUN). The company has submitted grant applications for
- The grant approval is not guaranteed and results are not expected until January 2025.
- Project completion is projected for Q4 2026, indicating a long-term horizon for potential returns.
- The partnership with AI Renewable Fund and a First Nation could open doors for future collaborations and projects.
- SolarBank's role as turnkey developer, asset manager and O&M provider suggests multiple revenue streams if the projects are approved.
Investors should note that while this news indicates potential future growth, it does not immediately impact the company's financials. The long timeline and dependence on government approvals add uncertainty to the project's realization.
The submission of these grant applications signifies SolarBank's strategic move into the EV charging infrastructure market, aligning with the growing trend towards electric mobility. Key observations include:
- The projects target three locations in Ontario, potentially establishing a foothold in a key Canadian market.
- Collaboration with a First Nation partner demonstrates commitment to inclusive clean energy development.
- The initiative supports Canada's Zero Emission Vehicle Infrastructure Program, positioning SolarBank favorably in the government's clean transportation agenda.
However, investors should be aware that the EV charging market is becoming increasingly competitive. SolarBank's success will depend on efficient project execution and the ability to secure future projects. The long development timeline (completion expected by Q4 2026) also means that technological advancements could impact project viability.
- SolarBank to be turnkey developer, asset manager and operations and maintenance provider for EV projects
- Strategic partnership with AI Renewable Fund to support clean transportation and further diversification of SolarBank's portfolio
- Results of application expected by January 2025
The projects are owned by AI Renewable 2023 LP ("AI Renewable") in partnership with a First Nation. These pilot projects represent AI Renewable's first EV charging investments, contributing to the further diversification of SolarBank's project portfolio and positioning both companies to advance clean transportation while collaborating with the First Nations.
The applications were submitted as part of the Natural Resources Canada's Zero Emission Vehicle Infrastructure Program (ZEVIP). SolarBank's role will be the turnkey developer, asset manager and operations and maintenance (O&M) provider. The total cost of the Projects is estimated to be
The Projects are located in
There are several risks associated with the development of the Projects. The development of any project is subject to receipt of required permits, receipt of government incentives, the availability of third-party financing arrangements for the Company and the risks associated with the construction of an EV charging project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for EV charging, which could result in future projects no longer being economical. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the statements in this press release.
About SolarBank Corporation
SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. In particular and without limitation, this news release contains forward-looking statements pertaining to the Company's expectations regarding its industry trends and overall market growth; the diversification of SolarBank's project portfolio; the advancement of clean transportation; the details of the amount and timing of the government grants; that SolarBank will be the turnkey developer, asset manager and operations and maintenance (O&M) provider; the total cost of the Projects and their expected completion timelines; and the size of the Company's development pipeline. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and services offered by the Company's competitors; that the Company's current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.
Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "Forward-Looking Statements" and "Risk Factors" in the Company's most recently completed Annual Information Form, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company's growth strategy depends upon the continued availability of third-party financing arrangements; the Company's future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company's project development and construction activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements ("PPAs") and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company's effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company's results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty expenses that may not be adequately covered by the Company's insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any resurgence of COVID-19 on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.
The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
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SOURCE SolarBank Corporation
FAQ
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