Canadian Solar Receives DNV Endorsement for Cutting-Edge TOPCon Modules: Enhancing Reliability and Lowering LCOE

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