TORONTO, Nov. 7, 2024
/CNW/ - 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.
-
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
- 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.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/solarbank-expands-into-the-projected-395-billion-data-center-market-as-developer-and-strategic-partner-302298574.html
SOURCE SolarBank Corporation
