GUELPH, Ontario, March 6, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its technology team set a world record of 23.81% conversion efficiency for n-type large area multi-crystalline silicon solar cell. The record-setting N-type P5 cell conversion efficiency was recently tested and certified by Germany's Institute für Solarenergieforschung GmbH (ISFH). This is the third time within a span of nine months that the company has set multi-crystalline solar cell conversion efficiency world record (see 22.8% and 22.28% records for p-type multi-crystalline cells).
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, "I am very pleased to announce that we broke the world record yet again. This is a milestone for our revolutionary n-type P5 technology development. It proves that both our p-type and n-type multi-crystalline silicon technology can achieve efficiencies as good as mono. We remain focused on expanding our technology pipeline to provide our customers with the most LCOE-competitive products."
Canadian Solar has been developing and is commercially launching its P5 cell technology and solar module products. In September 2019, Canadian Solar set a world record of 22.8% conversion efficiency for p-type P5 cell. The 23.81% record efficiency multi-crystalline cell was fabricated utilizing 157mmx157mm (area 246.44cm2) n-type P5 silicon wafer and PASCon (Passivated Contact) technology.
Canadian Solar is a technology leader in the solar industry and one of the highest ranking global solar manufacturers in terms of patent applications and patent grants. The Company has over 1500 patents granted, covering China, North American, European and Asia-Pacific regions. All of the Company's cell capacity was upgraded to PERC by August 2019. On the module product side, Canadian Solar has pioneered the GW-scale introduction of half-cut cell modules (Ku-series), bifacial modules (BiKu), multi-bus bar (MBB), 166mm wafers (HiKu and BiHiKu).
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 38 GW of premium quality modules to customers in over 150 countries around the world. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on 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 and economic conditions and the state of the solar industry; 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., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in 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 customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 25, 2019. 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.
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