e-STORAGE, a subsidiary of CSI Solar, deploys
leading-edge, flexible, turnkey energy storage solutions across the
globe
GUELPH,
ON, July 10, 2023 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ:
CSIQ) and its majority-owned subsidiary CSI Solar (SSE:
688472), today announced the re-branding of e-STORAGE, CSI Solar's
utility-scale battery energy storage subsidiary and platform. With
e-STORAGE, Canadian Solar will accelerate its growth in the global
energy storage market and operate as a distinct business unit,
under CSI Solar. Previously, e-STORAGE operated as CSI Energy
Storage.
e-STORAGE launches with nearly 26 GWh of energy storage projects
in its total pipeline and over $1.7
billion of contracted revenues as of July 2023, up from $1
billion in January 2023. This
provides significant growth visibility for e-STORAGE over a
multi-year period.
At the core of the e-STORAGE platform is SolBank, a
self-manufactured, lithium-iron phosphate chemistry-based battery
engineered for utility-scale applications. With the proprietary
SolBank product, e-STORAGE offers its customers end-to-end, turnkey
battery storage solutions. To date, the Company has deployed more
than 2.7 GWh of battery energy storage solutions across
the United States, Canada, the United
Kingdom, and China. The
Company offers end-to-end energy storage solutions and services,
made possible by robust manufacturing capabilities and cutting-edge
products such as SolBank.
e-STORAGE currently operates two fully automated,
state-of-the-art, and industry-leading manufacturing facilities and
expects to reach an annual capacity of 10 GWh. e-STORAGE is fully
equipped to continue providing high-quality, scalable energy
storage solutions and contribute to the widespread adoption of
clean energy.
Dr. Shawn Qu, Chairman and CEO of Canadian
Solar, commented, "We are thrilled to launch e-STORAGE and
accelerate the growth of our integrated utility-scale battery
energy storage business. Battery energy storage continues to grow
in importance and value for our customers as they continue to
deploy renewable energy and help to further decarbonize power
grids. By creating a distinct e-STORAGE brand for our utility-scale
turnkey battery storage business, we are further demonstrating that
our battery energy storage business has risen to equal significance
of long-standing solar business."
Energy storage installations around the world are expected to
grow 15-fold by 2030 and Bloomberg New Energy Finance further
estimates that approximately 1,100 GWh of new energy storage
capacity will be added globally from 2022 to 2030. As one of the
most bankable companies in the solar and renewable energy industry,
Canadian Solar is well-positioned to serve a growing number of its
customers who demand for new storage products and solutions.
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 22 years, Canadian
Solar has successfully delivered around 94 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 8.8 GWp in over 20 countries across the world. Currently, the
Company has around 609 MWp of solar projects in operation, 6.9 GWp
of projects under construction or in backlog (late-stage), and an
additional 17.7 GWp of projects in the 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. In addition,
Canadian Solar has completed its initial public offering ("IPO")
process and its shares started trading on the Shanghai Stock
Exchange's Sci-Tech Innovation Board on June
9, 2023, under the stock code 688472. 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, including those regarding
the Company's expected future shipment volumes, revenues, gross
margins and project sales 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
18, 2023. 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
e-STORAGE MEDIA INQUIRIES
Ally Copple
Innovant Public Relations
713-201-8800
Ally@InnovantPR.com
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SOURCE Canadian Solar Inc.