GUELPH,
ON, Dec. 15, 2022 /PRNewswire/
-- Canadian Solar Inc. (the "Company", or "Canadian
Solar") (NASDAQ: CSIQ), today announced that its majority-owned
subsidiary CSI Solar Co., Ltd. will start mass production of high
efficiency N-type TOPCon (Tunnel Oxide Passivated Contact) solar
modules in the first quarter of 2023.
Canadian Solar's TOPCon modules are best in class and have a
power output of up to 690W, and a cell conversion efficiency of
around 25.0%, which is 1.5% higher than the average cell efficiency
of the mainstream products in the market. Canadian Solar's TOPCon
modules will increase energy yield of PV systems and deliver one of
the most competitive BOS (balance of system) cost savings and LCOEs
(levelized cost of electricity) for solar power plants, compared to
PERC modules.
Canadian Solar will provide a diversified portfolio of the
TOPCon products to meet the needs for utility-scale, commercial and
residential markets. The TOPCon portfolio includes the 182mm cell
based bifacial TOPBiHiKu6 (555W-570W) and monofacial
TOPHiKu6 (420W-575W) modules, and the 210mm cell based
bifacial TOPBiHiKu7 (615W-690W) modules. Canadian Solar will
deliver the 182mm cell based TOPCon modules in the first quarter of
2023 and will start mass production of the 210mm cell based TOPCon
modules in the second quarter of 2023. TOPCon module shipments are
expected to account for around 30% of the Company's 2023 total
module shipments.
The TOPCon modules will solidify Canadian
Solar's product and technology leadership, while further
increasing customers' return on investment:
- Temperature coefficient of Canadian Solar's TOPCon modules is
as low as -0.30%/℃, and therefore, the TOPCon modules will have
better performance under hot environments compared to the
mainstream products in the market.
- No Boron-oxygen related LID (Light Induced Degradation), and
therefore, the TOPCon modules will have less power
degradation.
- The power degradation of the TOPCon modules was only 1.0% after
2,000 hours of damp and heat (DH2000) test, compared to 1.9%
degradation of PERC modules under similar test.
- The bifaciality of TOPCon bifacial modules can reach up to
85%, with a significant power gain of around 2% compared to
PERC bifacial modules under the similar field conditions.
- 30-year limited performance warranty for monofacial TOPCon
modules compared to 25-year for mainstream monofacial products in
the market.
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar commented, "We
are pleased to start delivering our cutting-edge N-type TOPCon
modules early next year. The TOPCon modules will become one of our
featured products with higher energy yield, lower LCOE and longer
performance warranty, compared to the mainstream products in the
market. The TOPCon modules will solidify our competitiveness in
terms of technology leadership and pricing power. We are committed
to delivering more high efficiency and quality products to our
customers, while contributing to combating climate change
globally."
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 82 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 7 GWp in over 20 countries
across the world. Currently, the Company has approximately 500 MWp
of projects in operation, 6 GWp of projects under construction or
in backlog (late-stage), and an additional 19 GWp of projects in
advanced and early-stage pipeline. 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 Europe;
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, as amended on
October 18, 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
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David
Pasquale
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Investor
Relations
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Global IR
Partners
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Canadian Solar
Inc.
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Tel:
+1-914-337-8801
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investor@canadiansolar.com
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csiq@globalirpartners.com
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SOURCE Canadian Solar Inc.