PowerBank receives $920,000 from closing of Geddes Project

PowerBank (SUUN) announced that is has received $920,000 from the closing of the term conversion of the construction loan for the Geddes Project in upstate New York. The loan was initially announced by PowerBank on June 24, 2024. PowerBank entered into a loan agreement with Seminole Financial Services for an initial $2.6M construction to mini-perm loan which was used to complete construction of the Geddes Project located in Upstate, New York. This funding structure enables PowerBank to efficiently transition from construction financing to long-term debt to support operations .Seminole Financial Services was founded with the goal of financing Renewable Energy and Real Estate projects across the U.S. Under the terms of the Loan, upon the substantial completion of the Project receiving permission to operate, the loan was eligible to be converted into a mini-perm loan subject to the satisfaction of certain customary conditions. The Geddes Project was announced to be fully operational on July 25, 2025 and the conversion to a mini-perm loan has now been completed. As a result of conversion, the principal amount of the Loan is $1,695,000 and it has a maturity date of January 20, 2032.