SolarBank Partners with Viridi on Combined 3.06 MW Solar and 1.2 MWH Battery Energy Storage Project Located in Buffalo, New York
SolarBank (NASDAQ: SUUN) announces partnership with Viridi for a combined 3.06 MW DC solar power and 1.2 MWH battery storage project in Buffalo, New York. The project will be constructed on a closed landfill site, converting unused land into a clean energy asset. SolarBank intends to own the project, while Viridi will supply the battery energy storage system (BESS) featuring innovative lithium-ion battery packs with integrated fire suppression and anti-propagation technology.
The project will operate as a community solar initiative, allowing local residents to benefit from solar power without installing panels on their homes. SolarBank has secured the site lease and applied for interconnection approval. The development is subject to successful interconnection approval, permitting process completion, and securing necessary financing.
SolarBank (NASDAQ: SUUN) annuncia una partnership con Viridi per un progetto combinato di 3,06 MW DC di energia solare e 1,2 MWH di stoccaggio in batteria a Buffalo, New York. Il progetto sarà realizzato su un sito di discarica chiuso, trasformando terreni inutilizzati in un asset di energia pulita. SolarBank intende possedere il progetto, mentre Viridi fornirà il sistema di stoccaggio energetico in batteria (BESS) dotato di innovative batterie agli ioni di litio con tecnologia integrata di soppressione degli incendi e anti-propagazione.
Il progetto funzionerà come un'iniziativa solare comunitaria, consentendo ai residenti locali di beneficiare dell'energia solare senza dover installare pannelli sulle proprie abitazioni. SolarBank ha ottenuto il contratto di locazione del sito e ha presentato domanda per l'approvazione dell'interconnessione. Lo sviluppo è soggetto all'approvazione dell'interconnessione, al completamento del processo di autorizzazione e all'ottenimento del finanziamento necessario.
SolarBank (NASDAQ: SUUN) anuncia una asociación con Viridi para un proyecto combinado de 3.06 MW DC de energía solar y 1.2 MWH de almacenamiento en batería en Buffalo, Nueva York. El proyecto se construirá en un sitio de vertedero cerrado, convirtiendo tierras no utilizadas en un activo de energía limpia. SolarBank tiene la intención de ser propietaria del proyecto, mientras que Viridi proporcionará el sistema de almacenamiento de energía en batería (BESS) que contará con innovadores paquetes de baterías de iones de litio con tecnología integrada de supresión de incendios y anti-propagación.
El proyecto operará como una iniciativa solar comunitaria, permitiendo a los residentes locales beneficiarse de la energía solar sin necesidad de instalar paneles en sus hogares. SolarBank ha asegurado el contrato de arrendamiento del sitio y ha solicitado la aprobación de interconexión. El desarrollo está sujeto a la aprobación exitosa de la interconexión, la finalización del proceso de permisos y la obtención del financiamiento necesario.
SolarBank (NASDAQ: SUUN)는 뉴욕주 버팔로에서 3.06 MW DC 태양광 발전 및 1.2 MWH 배터리 저장 프로젝트를 위해 Viridi와 파트너십을 발표했습니다. 이 프로젝트는 폐쇄된 매립지에 건설되어 사용되지 않는 토지를 청정 에너지 자산으로 전환합니다. SolarBank는 프로젝트 소유를 계획하고 있으며, Viridi는 통합 화재 억제 및 전파 방지 기술이 적용된 혁신적인 리튬 이온 배터리 팩을 갖춘 배터리 에너지 저장 시스템(BESS)을 공급할 것입니다.
이 프로젝트는 커뮤니티 태양광 이니셔티브로 운영되어 지역 주민들이 자신의 집에 패널을 설치하지 않고도 태양광 에너지의 혜택을 누릴 수 있게 합니다. SolarBank는 부지 임대 계약을 확보하고 상호 연결 승인을 신청했습니다. 개발은 성공적인 상호 연결 승인, 허가 절차 완료 및 필요한 자금 확보에 따라 진행됩니다.
SolarBank (NASDAQ: SUUN) annonce un partenariat avec Viridi pour un projet combiné de 3,06 MW DC d'énergie solaire et de 1,2 MWH de stockage sur batterie à Buffalo, New York. Le projet sera construit sur un site de décharge fermé, transformant des terrains non utilisés en un actif d'énergie propre. SolarBank a l'intention de posséder le projet, tandis que Viridi fournira le système de stockage d'énergie sur batterie (BESS) avec des packs de batteries lithium-ion innovants intégrant une technologie de suppression des incendies et d'anti-propagation.
Le projet fonctionnera comme une initiative solaire communautaire, permettant aux résidents locaux de bénéficier de l'énergie solaire sans avoir à installer de panneaux sur leurs maisons. SolarBank a sécurisé le bail du site et a demandé l'approbation de l'interconnexion. Le développement est soumis à l'approbation réussie de l'interconnexion, à l'achèvement du processus de permis et à l'obtention du financement nécessaire.
SolarBank (NASDAQ: SUUN) gibt eine Partnerschaft mit Viridi für ein kombiniertes Projekt von 3,06 MW DC Solarenergie und 1,2 MWH Batteriespeicher in Buffalo, New York, bekannt. Das Projekt wird auf einem geschlossenen Deponiegelände gebaut, wodurch ungenutztes Land in ein sauberes Energie-Asset umgewandelt wird. SolarBank beabsichtigt, das Projekt zu besitzen, während Viridi das Batteriespeichersystem (BESS) mit innovativen Lithium-Ionen-Batteriepacks mit integrierter Brandbekämpfung und Antiprogressions-Technologie bereitstellen wird.
Das Projekt wird als Gemeinschafts-Solarinitiative betrieben, die es den Anwohnern ermöglicht, von Solarenergie zu profitieren, ohne Solarpanels auf ihren Häusern installieren zu müssen. SolarBank hat den Pachtvertrag für das Gelände gesichert und einen Antrag auf Interkonnektionsgenehmigung gestellt. Die Entwicklung unterliegt der erfolgreichen Interkonnektionsgenehmigung, dem Abschluss des Genehmigungsverfahrens und der Sicherstellung der erforderlichen Finanzierung.
- Project repurposes unused landfill land for clean energy generation
- Advanced safety features in Viridi's BESS technology reduce operational risks
- Community solar model enables multiple revenue streams from local subscribers
- Project completion contingent on securing financing
- Development subject to multiple regulatory approvals
- Risk of policy changes affecting solar incentives could impact project economics
Insights
This strategic partnership marks a significant development in the renewable energy sector, combining advanced solar installation with cutting-edge battery storage technology. The project demonstrates several key competitive advantages:
- The 3.06 MW DC solar capacity coupled with 1.2 MWH battery storage represents an optimal sizing ratio for grid stability and peak demand management, potentially maximizing revenue through energy arbitrage and grid services.
- Viridi's proprietary cell isolation technology addresses a critical market need for safer energy storage solutions, particularly valuable in urban settings like Buffalo where safety regulations are stringent.
- The landfill site utilization aligns with the growing trend of transforming brownfield sites into revenue-generating assets, typically offering lower land acquisition costs and tax incentives.
The community solar business model presents significant revenue potential through subscription-based income streams. New York's robust community solar policies and incentives enhance project viability. However, key development risks include interconnection approval delays, financing constraints, and potential policy changes affecting renewable energy incentives.
Viridi's advanced battery technology, featuring cell-level isolation and integrated fire suppression, positions this project advantageously in a market increasingly focused on safety and reliability. This technological edge could translate into higher subscription rates and potential premium pricing for the community solar offering.
Project will utilize Viridi's innovative lithium-ion battery packs with integrated fire suppression systems that meet stringent safety requirements
Viridi's innovative lithium-ion battery packs feature integrated fire suppression and pioneering anti-propagation technology, meeting strict safety standards. Unlike conventional approaches that modify battery cells, Viridi isolates each cell to prevent thermal runaway, ensuring that a single failure does not escalate. This fail-safe design eliminates secondary impacts, making Viridi's energy storage solutions the safest and most adaptable in residential, commercial, and industrial settings. Whether deployed behind the meter to support Virtual Power Plants (VPPs), in front of the meter for grid-scale stability, or as a mobile power solution for remote, commercial, and industrial needs, Viridi delivers reliable, high-performance energy storage built for the demands of modern infrastructure.
The Company has secured a lease over the Project site and has applied for interconnection approval for the Project. Assuming the successful receipt of interconnection approval, the Company will work to complete the permitting process and secure the necessary financing for the construction of the Project.
Following receipt of the necessary permits and financing, the Company intends to commence the construction of the Project. Once completed, the Project will be operated as a community solar project with supporting BESS. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home.
There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approvals, a community solar contract, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the Project and statements made in this press release.
About Viridi
Viridi is transforming energy storage with its proprietary fail-safe lithium-ion battery technology. Viridi's battery energy storage systems (BESS) feature breakthrough anti-propagation technology, preventing propagation and significantly reducing the risk of lithium-ion battery fires. Viridi's commercial-scale BESS is among the first and only to be installed in an existing, occupied space, setting a new benchmark for safety and reliability. Engineered for seamless integration into virtually any environment, the BESS combines modular customization, advanced IoT, real-time AI optimization, data analytics, and connectivity to deliver unparalleled remote monitoring and energy optimization. Viridi enables clean, scalable energy solutions across industries, paving the way for a safer, more sustainable future.
For more information, visit: www.viridiparente.com
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 Company's growth strategies the expected energy production from the solar power project and BESS mentioned in this press release; the number of homes expected to be powered; the receipt of permits and financing to be able to construct the Project; the receipt of incentives for the Project; 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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