No Admission of Liability or Wrongdoing, Nor Payment
GUELPH,
ON., June 8, 2022 /PRNewswire/ -- Canadian
Solar Inc. (NASDAQ: CSIQ) and Canadian Solar (USA) Inc. (jointly "Canadian Solar") announced
today that they have reached a settlement agreement with Solaria
resolving their pending patent litigation, following the claim
construction order by the U.S. District Court for the Northern
District of California adopting
the core argument advanced by Canadian Solar, as well as the
decision by the U.S. International Trade Commission to grant
Canadian Solar's request to review the initial determination of its
Administrative Law Judge. Pursuant to the terms of the settlement,
Solaria agreed to terminate the Section 337 investigation it
initiated at the U.S. International Trade Commission and to dismiss
with prejudice the patent infringement claims it asserted against
Canadian Solar in the Northern District of California. Canadian Solar agreed to withdraw
the inter partes review it filed with the U.S. Patent and
Trademark Office challenging a Solaria asserted
patent. Neither party admits any liability or wrongdoing, and
no payment is required under the settlement.
"We are pleased to resolve our dispute with Solaria, and to
continue our focus on providing our customers with high quality
solar products and exceptional service," said Dr. Shawn Qu, Chairman and CEO of Canadian
Solar Inc. No changes to Canadian Solar's product
offerings will result from the settlement - Canadian Solar had
already discontinued the shingled solar module technology at issue
in the litigation several months ago. "Our newest all black modules
can achieve significantly higher power output and module
efficiency, and this will give our customers even better
performance than the previous shingled cell technology they have
replaced," said Dr. Qu. Canadian Solar is committed to
continuing innovation and to providing a cost-effective source of
renewable energy in all the markets it serves around the world.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer
of utility-scale solar power and battery storage projects with
a geographically diversified pipeline in various stages of
development. Over the past 20 years, Canadian Solar has
successfully delivered over 71 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise,
since entering the project development business in 2010, Canadian
Solar has developed, built and connected over 6.6 GWp in over
20 countries across the world. Currently, the Company has around
800 MWp of solar projects in operation, 5.3 GWp of projects under
construction or in backlog (late-stage), and an additional 18.5 GWp
of projects in pipeline (mid- to early- stage). Canadian Solar
is one of the most bankable companies in the solar and renewable
energy industry, having been publicly listed on the 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 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, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; 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., China, Brazil
and India; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; uncertainties related to the CSI Solar carve-out
listing; litigation and other risks as described in the Company's
filings with the Securities and Exchange Commission, including its
annual report on Form 20-F filed on April
28, 2022. 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.
Canadian Solar Inc. Investor Relations Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
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SOURCE Canadian Solar Inc.