GUELPH,
ON, July 18, 2024 /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"), has been awarded a contract of
11 MW AC / 22 MWh AC energy storage solutions by Root-Power
Ltd. ("Root-Power"), part of the YLEM Group. The energy storage
solutions will be used for Root-Power's Coryton Energy Park
project, in Corringham, Essex,
England. Construction of the project started in late
May 2024.
e-STORAGE and Root-Power have entered into an Energy Storage
Supply Agreement and Long-Term Service Agreement. Root-Power plans
to build over 1 GWh energy storage systems in the UK, over the next
three to four years.
The Coryton project will employ Canadian Solar's SolBank 3.0,
the Company's latest proprietary energy storage solution. SolBank
3.0 achieves over 5 MWh nominal capacity within a 20-ft container,
marking a 45% increase in product-level capacity compared to the
previous iteration. Certified under UL standards for safety
and performance, SolBank 3.0 features high-density
lithium-iron-phosphate (LFP) cells, an active balancing Battery
Management System (BMS), and an innovative liquid cooling Thermal
Management System (TMS).
With its superior energy density and compact design, SolBank 3.0
offers significant land cost savings, making it an economical
choice for large-scale projects adapted to UK project requirements.
The battery's intelligent control system and plug-and-play setup
also streamline commissioning, ensuring projects are completed on
time.
Neil Brooks, Managing Director
of Root-Power, said: "We look forward to working with
e-STORAGE to enhance the UK's grid at Coryton Energy Park, and we
plan to add 150 MWh of storage capacity to our portfolio in 2024
and 2025. We selected the e-STORAGE product based on Canadian
Solar's proven track record in the delivery of these systems and
the Company's strong performance in ESG and supply chain
management.
As the UK continues to decarbonize, energy storage will be
crucial for storing renewable energy on days when it may not be as
windy or sunny to meet our energy needs. We are committed to
contributing to a greener, more sustainable future and growing the
UK's renewable energy landscape."
Colin Parkin, President of
e-STORAGE, added, "We are excited to announce another project
in the UK, delivering the new SolBank 3.0 to Coryton for our
partners at Root-Power. At e-STORAGE, we are proud to be a trusted
partner in the country's transition to green energy."
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 125 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 10 GWp of solar power
projects and 3.3 GWh of battery energy storage projects across the
world. Currently, the Company has over 1.2 GWp of solar power
projects in operation, 6.5 GWp of projects under construction or in
backlog (late-stage), and an additional 19.8 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of around 56
GWh, including approximately 4.3 GWh under construction or in
backlog, and an additional 51.6 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 designing, manufacturing, and integrating
battery energy storage systems for utility-scale applications.
e-STORAGE offers proprietary battery energy storage solutions,
comprehensive EPC services, and innovative solutions aimed at
improving grid operations. Currently, e-STORAGE operates two fully
automated, state-of-the-art manufacturing facilities with an annual
production capacity of 20 GWh energy storage solutions. For
more info, please refer to the Media&PR section of
www.csestorage.com and follow the LinkedIn.
About Root-Power
Root-Power is a leading battery energy storage system (BESS)
specialist, building, owning, and operating storage sites across
the UK. It is part of the YLEM Group. Root-Power specializes in
delivering state-of-the-art storage systems that support the
electricity grid and renewable energy generation, enabling the
smooth transition to Net Zero. To find out more about
Root-Power, please visit www.root-power.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; litigation and other risks as described in
Canadian Solar's filings with the Securities and Exchange
Commission, including its annual report on Form 20-F filed on
April 26, 2024. Although Canadian
Solar and Recurrent Energy believe 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 and Recurrent Energy undertake no duty to update
such information, except as required under applicable law.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
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SOURCE Canadian Solar Inc.