The new agreement expands Pulse Clean Energy and CSI Energy
Storage's multi-year relationship
GUELPH,
ON, Jan. 4, 2023 /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"), has been selected to provide up to
550 MWh of SolBank energy storage products to Pulse Clean Energy
("Pulse") to be used in various UK-based projects.
The 550 MWh of energy storage projects covered in the agreement
will utilize CSI Energy Storage's SolBank, a proprietary battery energy
storage solution designed and manufactured for utility-scale
applications. Under the agreement, CSI Energy Storage will also
provide commissioning services for the products, in addition to
long-term warranties and performance guarantees.
The new agreement expands CSI Energy Storage's relationship with
Pulse. In May 2022, Pulse
announced that it selected CSI Energy Storage to provide the
engineering, procurement, and construction
services for a total of 100 MWh across four projects. The
agreement also included a 10-year Long Term Services Agreement
(LTSA) for the operation and maintenance of the facilities.
Trevor Wills, COO of Pulse
Clean Energy, provided the following comment, "This large
order commitment underscores the viability of Pulse's project
pipeline and our commitment to strengthening energy security in the
UK by reaching 1 GW+ of installed capacity in the near term.
Enabling decarbonisation and renewable integration remain a key
focus of our efforts as every MW of storage we install will allow
locally produced wind and solar to efficiently and reliably serve
UK customers."
Pulse has developed a pipeline of more than 2,000 MWh of
grid-scale battery storage and energy optimization opportunities
across the UK. CSI Energy Storage's SolBank will be deployed to
support the capacity needs of the grid at a number of these sites
and additional sites across the UK.
In September 2022, CSI Energy
Storage launched SolBank, a proprietary designed and manufactured
energy storage battery solution. At the same time, 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.
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar, commented, "We are
excited to expand our relationship with Pulse Clean Energy as they
ramp up execution on their pipeline of diesel-to-battery conversion
projects and beyond. Pulse's projects will have a meaningful
environmental benefit while also further enabling the energy
transition in the UK. We look forward to supporting Pulse as they
continue to grow their project pipeline."
CSI Energy Storage has deployed more than 2.4 GWh of battery
energy storage solutions to date across the United
States, Canada, the United Kingdom, and China. As
of September 30, 2022, CSI Energy Storage's total pipeline has
reached nearly 25 GWh. The Company offers end-to-end energy storage
solutions and services, made possible by robust manufacturing
capabilities and cutting-edge products such as the SolBank.
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. INVESTOR RELATIONS CONTACTS
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
CSI ENERGY STORAGE MEDIA INQUIRIES
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.