GUELPH, ON, Sept. 14, 2022 /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"), will launch the SolBank, a proprietary designed and manufactured energy storage battery solution for utility-scale applications. 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. The SolBank battery energy storage solution will be showcased at the RE+ trade show, to be held on September 19-22, 2022, in Anaheim, California.
The SolBank is a lithium iron phosphate (LiFePO4) chemistry-based battery enclosure with up to 2,800 kWh of usable energy capacity, specifically engineered to be one of the safest and most reliable systems for utility-scale applications. The SolBank is designed with liquid cooling and humidity control, active balancing BMS (Battery Management System) technologies, and complies with the latest international safety and compliance standards.
CSI Energy Storage currently produces the SolBank at its workshops in Jiangsu Province in China. The current annual battery manufacturing output capacity is 2.5 GWh and is expected to reach 10 GWh by the end of 2023. These workshops include the manufacturing of its own proprietary designed battery modules, packs, and containerization with fully automated, state-of-art production lines and testing facilities.
The newly launched SolBank battery solution will be one of the most bankable and competitive integrated battery storage solutions in the market. To complement this, CSI Energy Storage also provides additional value services to its customers, including full commissioning and integration services, turnkey EPC project execution and long-term operational service and capacity maintenance. These services build upon its teams' experience and capabilities developed over many years of delivering renewable energy projects for Canadian Solar.
As of Q2 2022, CSI Energy Storage's system integration's total pipeline reached 11 GWh, including 861 MWh under long-term service agreements, 1.9 GWh under construction or contracted and an additional earlier stage pipeline of 8.2 GWh.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are delighted to launch our proprietary battery storage product, the SolBank, which is one of the best in the market in terms of product safety and cost competitiveness. Our manufacturing capacity in battery storage will spur the continued growth of our battery storage solutions business, which will in turn enhance the synergies with our battery storage project development business. Solar plus battery storage will be one of the key solutions to combat climate change. We look forward to working together with our existing and new partners and contribute to global decarbonization efforts."
The CSI Energy Storage team will attend RE+ and present the SolBank product at Canadian Solar's booth #2204, Anaheim Convention Center, Halls A-D.
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 76 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 6.8 GWp in over 20 countries across the world. Currently, the Company has around 311 MWp of solar projects in operation, 5.3 GWp of projects under construction or in backlog (late-stage), and an additional 21 GWp of projects in 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. 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 India; 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. 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. Contacts
Isabel Zhang David Pasquale
Investor Relations Global IR Partners
Canadian Solar Inc. csiq@globalirpartners.com
investor@canadiansolar.com Tel: +1-914-337-8801
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