GUELPH,
ON, Sept. 3, 2024 /PRNewswire/
-- Canadian Solar Inc. ("Canadian Solar" or the "Company")
(NASDAQ: CSIQ) today announced that it has entered into a
partnership agreement with SOLARCYCLE, America's most advanced
solar recycling company. This agreement positions Canadian
Solar as one of the first crystalline silicon solar module
manufacturers to offer comprehensive recycling services to its U.S.
customers.
Under the terms of the agreement, SOLARCYCLE will serve as
Canadian Solar's preferred recycling partner, while Canadian Solar
will act as an original equipment manufacturer (OEM) partner to
SOLARCYCLE, offering upfront recycling services. Canadian Solar
customers can now secure recycling services at the time of
purchase, integrating sustainability into the lifecycle of their
projects from the outset.
This partnership highlights the thought leadership and
commitment of both companies to advancing solar recycling adoption
across the United States.
Recycling valuable materials such as silver, copper, glass, and
aluminum will help divert resources from landfills and reintroduce
them into the solar supply chain, supporting domestic
manufacturing.
Suvi Sharma, CEO and
Co-Founder of SOLARCYCLE, commented, "By including upfront
recycling services as an add-on to the price of a solar module,
Canadian Solar is helping to move the entire industry forward to
ensure that we are truly sustainable, from cradle-to-cradle. We
will look back on their leadership in this moment as one of the key
strategies the solar industry used to embed our core values into
our core operations."
Thomas Koerner, Senior Vice
President of Canadian Solar, added, "Partnering with
SOLARCYCLE enables us to offer our premium solar solutions together
with critical end-of-life recycling services across the United States."
About SOLARCYCLE
SOLARCYCLE is a technology-driven company designed to
maximize solar sustainability by offering solar asset owners a
low-cost, eco-friendly, comprehensive process for recycling
retiring solar panels and technologies and repurposing them for new
uses. The company's proprietary technology allows it to extract up
to 95% of the value of a solar panel's materials, such as silver,
silicon, copper and aluminum, and to recycle or repurpose panels
for new uses. Experts in solar technology, recycling and
sustainability founded SOLARCYCLE in 2022 to accelerate the
circular economy for solar and
renewables. www.SOLARCYCLE.us.
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, including those
regarding the Company's expected future shipment volumes, revenues,
gross margins, and project sales 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. Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
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SOURCE Canadian Solar Inc.