GUELPH,
ON, Sept. 14, 2022 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ:
CSIQ) today announced that CSI Energy Storage, which is part
of its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"),
will launch the SolBank, a proprietary designed and
manufactured energy storage battery solution for utility-scale
applications. CSI Energy Storage also announced the expansion of
its battery manufacturing capacity from the existing 2.5 GWh to 10
GWh by the end of 2023. The SolBank battery energy storage solution
will be showcased at the RE+ trade show, to be held on September 19-22, 2022, in Anaheim, California.
The SolBank is a lithium iron phosphate (LiFePO4)
chemistry-based battery enclosure with up to 2,800 kWh of usable
energy capacity, specifically engineered to be one of the safest
and most reliable systems for utility-scale applications. The
SolBank is designed with liquid cooling and humidity control,
active balancing BMS (Battery Management System) technologies, and
complies with the latest international safety and compliance
standards.
CSI Energy Storage currently produces the SolBank at its
workshops in Jiangsu Province in
China. The current annual battery
manufacturing output capacity is 2.5 GWh and is expected to reach
10 GWh by the end of 2023. These workshops include the
manufacturing of its own proprietary designed battery modules,
packs, and containerization with fully automated, state-of-art
production lines and testing facilities.
The newly launched SolBank battery solution will be one of the
most bankable and competitive integrated battery storage solutions
in the market. To complement this, CSI Energy Storage also provides
additional value services to its customers, including full
commissioning and integration services, turnkey EPC project
execution and long-term operational service and capacity
maintenance. These services build upon its teams' experience and
capabilities developed over many years of delivering renewable
energy projects for Canadian Solar.
As of Q2 2022, CSI Energy Storage's system integration's total
pipeline reached 11 GWh, including 861 MWh under long-term service
agreements, 1.9 GWh under construction or contracted and an
additional earlier stage pipeline of 8.2 GWh.
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar, commented, "We are delighted to
launch our proprietary battery storage product, the SolBank, which
is one of the best in the market in terms of product safety and
cost competitiveness. Our manufacturing capacity in battery storage
will spur the continued growth of our battery storage solutions
business, which will in turn enhance the synergies with our battery
storage project development business. Solar plus battery storage
will be one of the key solutions to combat climate change. We look
forward to working together with our existing and new partners and
contribute to global decarbonization efforts."
The CSI Energy Storage team will attend RE+ and present the
SolBank product at Canadian Solar's booth #2204, Anaheim Convention Center, Halls A-D.
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 21 years, Canadian Solar has
successfully delivered around 76 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 6.8 GWp in over 20
countries across the world. Currently, the Company has around 311
MWp of solar projects in operation, 5.3 GWp of projects under
construction or in backlog (late-stage), and an additional 21 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. Contacts
Isabel Zhang
David
Pasquale
Investor Relations
Global IR Partners
Canadian Solar
Inc.
csiq@globalirpartners.com
investor@canadiansolar.com
Tel: +1-914-337-8801
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SOURCE Canadian Solar Inc.