GUELPH,
ON, Oct. 22, 2024 /PRNewswire/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ:
CSIQ), today issued the following comment:
On October 8, 2024, Trina Solar
Co., Ltd., ("Trina"), a Chinese competitor of Canadian Solar, filed
a complaint for patent infringement in the U.S. District Court for
the District of Delaware lawsuit
against three of the Company's U.S. subsidiaries. The suit
alleges that the subsidiaries are directly or
indirectly infringing on two U.S. patents held by Trina relating to
tunnel oxide passivated contact solar photovoltaic module
technology (commonly referred to in the solar industry as "TOPCon"
technology).
As one of the largest solar product manufacturers in the world,
Canadian Solar manufactures and sells many different types of solar
products, including TOPCon solar modules, to customers both in
the United States and elsewhere in
the world. Canadian Solar has itself filed and received thousands
of patents in various jurisdictions for solar cells and related
technologies.
"Canadian Solar respects and takes very seriously its own
intellectual property rights and those of third parties. In our
view, this is a frivolous lawsuit, and we expect the court will
find that our proprietary TOPCon technology does not infringe on
the patents claimed by Trina," remarked Adam Walters, General Counsel, Americas for
Canadian Solar's Modules and Systems Solutions business.
Canadian Solar will continue to deliver high quality solar
products in the United States and
globally, as it has for more than 20 years since its founding in
Guelph, Canada.
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 energy storage
solutions, and developer of utility-scale solar power and battery
energy storage projects with a geographically diversified pipeline
in various stages of development. Over the past 23
years, Canadian Solar has successfully delivered over 133
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 approximately 11 GWp of solar power projects and 3.7
GWh of battery energy storage projects across the world. Currently,
the Company has approximately 1.6 GWp of solar power projects in
operation, 6.5 GWp of projects under construction or in backlog
(late-stage), and an additional 20.9 GWp of projects in advanced
and early-stage pipeline. In addition, the Company has 1 GWh of
battery energy storage projects in operation and a total battery
energy storage project development pipeline of around 63 GWh,
including approximately 8.5 GWh under construction or in backlog,
and an additional 54.3 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 power and battery energy storage market
and industry; geopolitical tensions and conflicts, including
impasses, sanctions and export controls; volatility, uncertainty,
delays and disruptions related to global pandemics; supply chain
disruptions; governmental support for the deployment of solar
power and battery energy storage; future available supplies of
silicon, solar wafers and lithium cells; 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 China,
the U.S., Europe, Brazil and Japan;
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;
the pipeline of projects and timelines related to them; the ability
of the parties to optimize value of that pipeline; 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; 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 26, 2024. 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 Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
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SOURCE Canadian Solar Inc.