The new agreement expands Pulse Clean Energy and CSI Energy Storage’s multi-year relationship
GUELPH, ON, Jan. 4, 2023 /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”), has been selected to provide up to 550 MWh of SolBank energy storage products to Pulse Clean Energy (“Pulse”) to be used in various UK-based projects.
The 550 MWh of energy storage projects covered in the agreement will utilize CSI Energy Storage’s SolBank, a proprietary battery energy storage solution designed and manufactured for utility-scale applications. Under the agreement, CSI Energy Storage will also provide commissioning services for the products, in addition to long-term warranties and performance guarantees.
The new agreement expands CSI Energy Storage’s relationship with Pulse. In May 2022, Pulse announced that it selected CSI Energy Storage to provide the engineering, procurement, and construction services for a total of 100 MWh across four projects. The agreement also included a 10-year Long Term Services Agreement (LTSA) for the operation and maintenance of the facilities.
Trevor Wills, COO of Pulse Clean Energy, provided the following comment, “This large order commitment underscores the viability of Pulse’s project pipeline and our commitment to strengthening energy security in the UK by reaching 1 GW+ of installed capacity in the near term. Enabling decarbonisation and renewable integration remain a key focus of our efforts as every MW of storage we install will allow locally produced wind and solar to efficiently and reliably serve UK customers.”
Pulse has developed a pipeline of more than 2,000 MWh of grid-scale battery storage and energy optimization opportunities across the UK. CSI Energy Storage’s SolBank will be deployed to support the capacity needs of the grid at a number of these sites and additional sites across the UK.
In September 2022, CSI Energy Storage launched SolBank, a proprietary designed and manufactured energy storage battery solution. At the same time, 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.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, “We are excited to expand our relationship with Pulse Clean Energy as they ramp up execution on their pipeline of diesel-to-battery conversion projects and beyond. Pulse’s projects will have a meaningful environmental benefit while also further enabling the energy transition in the UK. We look forward to supporting Pulse as they continue to grow their project pipeline.”
CSI Energy Storage has deployed more than 2.4 GWh of battery energy storage solutions to date across the United States, Canada, the United Kingdom, and China. As of September 30, 2022, CSI Energy Storage’s total pipeline has reached nearly 25 GWh. The Company offers end-to-end energy storage solutions and services, made possible by robust manufacturing capabilities and cutting-edge products such as the SolBank.
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 82 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 7 GWp in over 20 countries across the world. Currently, the Company has approximately 500 MWp of projects in operation, 6 GWp of projects under construction or in backlog (late-stage), and an additional 19 GWp of projects in advanced and early-stage pipeline. 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 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 28, 2022, as amended on October 18, 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.
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