GUELPH, Ontario, May 11,
2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or
"Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar
power companies, today announced that the company has acquired a
minority equity interest in eNow, a U.S. company specializing in
solar-based energy management system for the commercial
transportation industry. Canadian Solar is now a 10% shareholder of
eNow.
The investment will accelerate the expansion and growth of
photovoltaic (PV) based mobile energy solutions-utilizing Canadian
Solar's PV development and production expertise-and expand eNow's
global reach. The partnership brings to market Canadian
Solar's leading module technology interfacing with the unique power
management system designed by eNow. The solar-based energy
management system for commercial vehicles will help to reduce the
energy consumption and CO2 emission during engine idling, and also
can power vehicles' auxiliary systems.
"While we have become one of the world leading solar energy
solution providers with close to 20 GW module deployment since
2001, I still remember we started very small in 2001 when we
provided a 3 W solar power battery trickle charging system for
cars. eNow's power management for the commercial
transportation industry is a big step forward from Canadian Solar's
first product. We see a great potential for the transportation
industry. It will reduce transportation fuel costs while making a
significant impact in cutting vehicle emissions." commented Dr.
Shawn Qu, Chairman and Chief
Executive Officer of Canadian Solar.
"We are honored to have received funding from Canadian Solar,"
said Jeff Flath, Founder & CEO
of eNow. "Their tremendous expertise, technology innovation and
global credibility in the solar industry could not be matched. We
see this investment and partnership as more proof of the viability
of Energy-as-a-Service and the increasing demand for sustainable
solutions in the commercial transportation industry."
About eNow
Founded in 2011 in Providence, Rhode
Island, eNow is the market leader in designing, developing
and manufacturing solar-based power systems for the commercial
trucking, RV, and Marine industries. eNow's solutions are known for
their durability, superior power, low cost, and quick return on
investment. Over the past several years, eNow has made great
progress within the transportation industry, including partnerships
with industry leaders such as Dometic Group, Mitsubishi Fuso,
Freightliner, Navistar, IdleAir and Vanner. The eNow solar solution
is sold through OEMs and Aftermarket
Dealers. www.enowenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada,
Canadian Solar is one of the world's largest and foremost solar
power companies. As a leading manufacturer of solar photovoltaic
modules and provider of solar energy solutions, Canadian Solar also
has a geographically diversified pipeline of utility-scale power
projects in various stages of development. In the past 16 years,
Canadian Solar has successfully delivered over 20 GW of premium
quality modules to over 100 countries around the world.
Furthermore, Canadian Solar is one of the most bankable companies
in the solar industry, having been publicly listed on NASDAQ since
2006. For additional information about the company, follow Canadian
Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's
expected future shipment volumes, gross margins, business prospects
and future results, are forward-looking statements that involve a
number of risks and uncertainties that could cause actual results
to differ materially. These statements are made under the "Safe
Harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. In some cases, you can identify forward-looking
statements by such terms as "believes," "expects," "anticipates,"
"intends," "estimates," the negative of these terms, or other
comparable terminology. Factors that could cause actual results to
differ include general business and economic conditions and the
state of the solar industry; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets such as
Japan, the U.S., India and China; changes in customer order patterns;
changes in product mix; capacity utilization; level of competition;
pricing pressure and declines in average selling prices; delays in
new product introduction; delays in utility-scale project approval
process; delays in utility-scale project construction; cancelation
of utility-scale feed-in-tariff contracts in Japan; continued success in technological
innovations and delivery of products with the features customers
demand; shortage in supply of materials or capacity requirements;
availability of financing; exchange rate fluctuations; litigation
and other risks as described in the Company's SEC filings,
including its annual report on Form 20-F filed on April 27, 2017. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. Investors should not place
undue reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
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SOURCE Canadian Solar Inc.