GUELPH,
ON, Dec. 12, 2023 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ:
CSIQ) today announced that e-STORAGE, which is part of the
Company's majority-owned subsidiary CSI Solar Co.,
Ltd. ("CSI Solar"), will launch SolBank 3.0, the latest
iteration of its utility-scale energy storage system.
With a power up to 2.35 MW and capacity of 5 MWh, SolBank 3.0
seamlessly integrates high energy density cells, advanced safety
system, smart liquid cooling, and active balance system
controls. Solbank 3.0, housed in a 20-ft container, boasts a
remarkable up to 45% increase in product-level capacity and up to
40% decrease in commissioning time, compared to its previous
generation.
SolBank 3.0 is equipped with a pack and
electrical redundancy protection system, smart abnormal performance
detection, multi-level fire alarm, and suppression protection, all
of these ensuring product safety. At the same time, the optimized
thermal management system reduces auxiliary power consumption by up
to 30% compared to the previous generation. SolBank 3.0's flexible
and modular design is compatible with different power conversion
systems (PCS).
Colin
Parkin, President of e-STORAGE, commented, "SolBank 3.0
sets a new standard in energy storage solutions and provides
enhanced operational efficiency and reliability. SolBank 3.0
features exceptional new elements like higher energy density cells
and advanced safety design. In addition, our e-STORAGE team also
provides value-added services, such as system capacity maintenance
and augmentations, operation and maintenance, and plant
optimization. I am very proud of our e-STORAGE team for their
continuous efforts in innovation and delivering to our customers
the best-in-class energy storage solutions."
About Canadian Solar
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 110 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 around 9.3 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has around 850 MWp of solar power
projects in operation, 7.8 GWp of projects under construction or in
backlog (late-stage), and an additional 18.7 GWp of projects in the
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of approximately
55 GWh, including approximately 5 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.
e-STORAGE is a subsidiary of Canadian Solar and a leading
company specializing in the design, manufacturing, and integration
of battery energy storage systems for utility-scale applications.
The Company offers its own proprietary LFP battery solution,
comprehensive EPC services, and innovative solutions aimed at
improving grid operations, integrating clean energy, and
contributing to a sustainable future. e-STORAGE has US$2.6 billion of contracted backlog including
contracted long-term services agreements as of November 14, 2023. To date, e-STORAGE has
successfully implemented over 3.3 GWh DC of battery energy storage
solutions in various locations, including the United States, Canada, the United
Kingdom, and China. This
significant accomplishment solidifies e-STORAGE's position as a key
player in the global energy storage integration industry.
Currently, the Company operates two fully automated,
state-of-the-art manufacturing facilities with an annual production
capacity of 10 GWh. e-STORAGE is fully equipped to continue
providing high-quality, scalable energy storage solutions and
contribute to the widespread adoption of clean energy. Please refer
to the Media&PR section of the e-STORAGE website for images and
additional information about e-STORAGE, follow the LinkedIn page or
visit www.csestorage.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
914-337-8801
csiq@globalirpartners.com
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/canadian-solars-e-storage-launches-solbank-3-0-with-higher-density-and-advanced-safety-302012347.html
SOURCE Canadian Solar Inc.