UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of November, 2024.
Commission
File Number 001-41976
Solarbank
Corporation
(Translation
of registrant’s name into English)
505
Consumers Rd., Suite 803
Toronto, Ontario, M2J 4Z2 Canada
(Address of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F ☐ Form 40-F ☒
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ☐
Indicate
by check mark if the registrant is “submitting” the Form 6-K in paper as permitted by Regulation S-T “Rule” 101(b)(7)
☐
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Date November 7, 2024 |
Solarbank Corporation |
| |
By: |
/s/
Sam Sun |
| |
|
Sam Sun |
| |
|
Chief Financial Officer & Corporate Secretary |
Exhibit
Index
Exhibit 99.1
SolarBank
Expands into the projected $395 Billion Data Center Market as Developer and Strategic Partner
Toronto,
Ontario, November 7, 2024 — SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) (“SolarBank” or the “Company”)
, a leading provider of renewable energy solutions, announces its strategic expansion into the rapidly growing data center market.
In alignment with its commitment to harnessing clean energy technologies, SolarBank intends to pursue opportunities as a developer, owner,
and strategic partner in data center infrastructure, supporting the demand for high-performance, sustainable energy solutions within
the sector.
Entering
a Booming Sector
The
global data center market, projected to reach $395 billion by 2030(1), has seen exponential growth driven by surging demand
for cloud computing, artificial intelligence, big data analytics, and the Internet of Things (IoT). The industry’s vast energy
requirements underscore an urgent need for scalable, eco-friendly solutions — a need that SolarBank is uniquely positioned to fulfill
with its expertise in renewable energy.
Industry
Leaders and Investment Trends
SolarBank’s
entry into the data center sector places it alongside leading global companies, including Amazon, Microsoft, Google, Facebook (Meta Platforms),
and Apple—all Fortune 500 companies that are heavily invested in expanding data center capacity. Collectively, these tech giants
have invested over $100 billion in data center infrastructure over the past five years, with each committed to advancing sustainable
and energy-efficient operations to meet worldwide data demands.
Prominent
data center providers such as Equinix, Digital Realty, and CyrusOne have also made substantial investments to address the digital economy’s
need for resilient and efficient data facilities. SolarBank’s focus on sustainability aligns well with the priorities of these
industry leaders as they work toward reducing environmental impact.
Strategic
Partnerships and Future Plans
As
SolarBank expands into this market, it is actively exploring partnerships and ownership opportunities with key players in data center
infrastructure. By leveraging partnerships and its own development capabilities, SolarBank aims to deliver energy-efficient, carbon-reducing
data center solutions that support both immediate needs and long-term growth.
“Expanding
into the data center business aligns with our vision of creating a resilient and sustainable energy grid,” said Richard Lu, CEO
of SolarBank. “Our experience in renewable energy will enable us to deliver energy-efficient, carbon-reducing data centers to support
today’s data needs and tomorrow’s technological advancements. As the world accelerates toward a future driven by AI, automation,
and clean energy, SolarBank remains committed to delivering innovative, scalable solutions that not only power industries but also empower
communities.”
Commitment
to Sustainability and Innovation
SolarBank’s
foray into the data center market underscores its dedication to integrating renewable energy into diverse and emerging markets. As part
of its commitment to sustainable energy, SolarBank aims to reduce the overall carbon footprint of data infrastructure, advancing both
corporate goals and broader environmental impact. The Company’s expansion reflects its strategic vision to foster innovation and
support a sustainable future through clean energy integration.
There
are several risks associated with the development of any data center. SolarBank is expanding into the data center industry but it does
not currently have any data center projects under development or that it has secured rights to. SolarBank does not have any contracts
with the parties mentioned in this news release. It is in discussions with various other parties regarding potential data center opportunities
and will provide details in a future news release if an agreement to acquire or develop a data center is concluded. The development of
any data center project is subject to identification of a suitable project site, receipt of required permits, entry into contracts for
construction and the use of the data center, the availability of third-party financing arrangements for the Company and the risks associated
with the construction of a data center. In addition, governments may revise, reduce or eliminate incentives and policy support schemes
for renewable energy, 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 projects and statements made in this press release.
| |
(1) |
https://www.globenewswire.com/news-release/2024/09/18/2948009/28124/en/Data-Center-Accelerators-Strategic-Business-Research-Report-2024-Global-Market-to-Reach-395-Billion-by-2030-AI-Powered-Accelerators-Mark-Promising-Upheaval-with-Energy-Efficient-Da.html |
| |
|
|
| |
(2) |
All
dollar values in this news release are in United States dollars |
About
SolarBank Corporation
SolarBank
Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects
in Canada and the USA. The Company develops solar, Battery Energy Storage System (BESS) and EV Charging projects that sell electricity
to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of
projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual
net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy
projects with a combined capacity of over 100 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.
For
further information, please contact:
SolarBank
Corporation
Genny
Nugent
Email:
genny.nugent@solarbankcorp.com
Phone:
416.494.9559
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 of the data center
market; the Company’s expansion into the data center market, including its pursuit of opportunities as a developer, owner, and
strategic partner in data center infrastructure; supporting the demand for high-performance, sustainable energy solutions within the
sector; the delivery of energy-efficient, carbon-reducing data center solutions that support both immediate needs and long-term growth;
the completion of any contracts for, or construction of, any data center; the receipt of interconnection approval, 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.
SolarBank (NASDAQ:SUUN)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
SolarBank (NASDAQ:SUUN)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
