GUELPH,
ON, Sept. 11, 2023 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ),
today announced it has recently received the "Canadian Solar TOPCon
Technology Review Report" ("Report") from DNV, an esteemed
independent third-party expert in product certification, risk
management, and assurance. DNV was founded in Oslo, Norway in 1864.
In this comprehensive technology review, DNV evaluated Canadian
Solar's TOPCon 210 mm and 182 mm cell-based TOPBiHiKu6 and
TOPBiHiKu7 bifacial modules. These modules, boasting a front
side power output of up to 700W, have been considered by DNV to
demonstrate high durability and quality. Having reviewed the
Canadian Solar Levelized Cost of Energy (LCOE) model, DNV concurs
with the 3.2% reduction in LCOE, reinforcing the economic viability
of Canadian Solar's advanced technology.
DNV's Report reviews module performance, reliability, mounting
systems compatibility, field data, and an LCOE assessment. In this
context:
- DNV commended Canadian Solar's exemplary component validation
and service life modelling, ranking them at the forefront of the
industry. DNV noted the Company's commitment to high reliability is
evident through its rigorous re-testing program in which each
module undergoes tests for every Bill of Materials (BOM)
alteration, ensuring dependability across all configurations.
- DNV also noted the Canadian Solar TOPBiHiKu6 and TOPBiHiKu7
possess industry-leading module efficiencies, up to 22.6%,
temperature coefficients as low as -0.29%/°C, and bifaciality of
~80%, which indicate that the expected field performance of these
modules would be better than that of typical commercial modules.
DNV notes that N-type cells are inherently less susceptible to
light-induced degradation (LID) and light and elevated
temperature-induced degradation (LeTID) which is borne out by VDE
tests on these modules. The results of the VDE report indicate a
median (P50) LID for all modules of -0.19% and a P90 of ‑0.34%
after 60 kWh/m2 of exposure. DNV has also reviewed
rigorous reliability tests, including extensive thermal cycling,
damp heat exposure, and potential-induced degradation (PID)
testing, which resulted in a minimal power loss of less than 2%,
demonstrating the high durability of the modules.
- Canadian Solar's LCOE modelling, reviewed by DNV, underscores
the competitive edge of the TOPBiHiKu6 and TOPBiHiKu7 modules,
projecting reductions of 2.5% and 3.2% respectively compared to
PERC modules employing 144 half-cut cells of 182 mm width. These
modules stand as a testament to Canadian Solar's commitment to
efficient and cost-effective energy solutions.
- The report highlights DNV's thorough audit of Canadian Solar's
TOPCon module production process, supplier quality management,
Manufacturing Execution System (MES) and Statistical Process
Control (SPC) utilization, and human resource management. DNV notes
that Canadian Solar's quality systems, as observed in the audited
factory, are leading in the PV industry, which DNV expects to
result in minimal risk of module underperformance.
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar, expressed his satisfaction, stating,
"The independent recognition of our TOPCon modules by DNV, spanning
product performance, reliability, LCOE, and manufacturing quality,
is a source of pride. These results underscore Canadian Solar's
technological prowess and stringent quality controls. Our
commitment to delivering peak performance products to our global
customers is unwavering."
Canadian Solar started delivering TOPCon modules in the first
quarter of 2023 and is expected to have an annual TOPCon cell
manufacturing capacity of around 30 GW by the end of 2023.
Click here and download the Executive Summary on Canadian
Solar TOPCon Technology Review Report.
About DNV
DNV is an independent assurance and risk management provider,
operating in more than 100 countries. Through its broad experience
and deep expertise DNV advances safety and sustainable performance,
sets industry standards, and inspires and invents solutions.
DNV provides assurance to the entire energy value chain through
its advisory, monitoring, verification, and certification
services. As the world's leading resource of independent energy
experts and technical advisors, the assurance provider
helps industries and governments to navigate the many complex,
interrelated transitions taking place globally and regionally, in
the energy industry. DNV is committed to realizing the goals of the
Paris Agreement and supports customers to transition faster to
a deeply decarbonized energy system. www.dnv.com.
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 over 102 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 9 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has approximately 700 MWp of solar
power projects in operation, 8 GWp of projects under construction
or in backlog (late-stage), and an additional 17 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of 52 GWh,
including approximately 2 GWh under construction or in backlog, and
an additional 50 GWh at advanced and early-stage development.
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 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
+1 914-337-8801
csiq@globalirpartners.com
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SOURCE Canadian Solar Inc.