Canadian Solar Launches Series 7 Modules of up to 665 W

Rhea-AI Summary

Canadian Solar (CSIQ) has launched its Series 7 high-power modules with outputs up to 665 W, aiming to provide one of the industry's most competitive levelized cost of electricity (LCOE). The new monofacial HiKu7 and bifacial BiHiKu7 modules are designed for seamless installation and can significantly reduce balance of system costs by up to 5.7% and LCOE by up to 8.9% compared to mainstream modules. CEO Dr. Shawn Qu emphasized the focus on customer needs, reliability, and energy yield, which aims to enhance solar project returns and support the global clean energy transition.

Positive

• Launch of Series 7 modules with power output of up to 665 W and efficiencies reaching 21.4%.
• Reduction in balance of system costs by up to 5.7% and LCOE by up to 8.9% compared to 445 W modules.
• Introduction of proprietary cell technology enhancing product reliability and energy yield.

Negative

• None.

GUELPH, ON, Oct. 27, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today launches its Series 7 high-power, high-efficiency modules with power output of up to 665 W. The new generation modules are set to deliver one of the industry's most competitive levelized cost of electricity (LCOE) as it further reduces balance of system (BOS) and other costs for solar power plants.

The new monofacial HiKu7 and bifacial BiHiKu7 modules are optimized with leading tracker and inverter designs to support seamless installation of solar plants. This means more modules per string, more watts per tracker and pile, lower equipment and labor costs, and higher project returns.

Series 7 Product Portfolio: Solidifying Canadian Solar's Technology Leadership

• Power classes of up to 665 W and module efficiencies of up to 21.4%
• Commercial deployment of Canadian Solar's proprietary cell technology and module design, including hetero-type ribbon (HTR) and paving technology (PA)
• Further reduction of the light- and elevated temperature-induced degradation (LeTID) using Canadian Solar Advanced Regeneration (CSAR) technology
• Excellent value for commercial and utility scale PV plants, reducing balance of system costs by up to 5.7% and LCOE by up to 8.9% relative to mainstream 445 W modules

Dr. Shawn Qu, Chairman and CEO of Canadian Solar remarked, "Following the launch of our 500 W+ modules only four months ago, I am excited to introduce our 600+ W modules today, which marks another milestone for Canadian Solar as the leader in solar PV cell and module technologies." He added, "As always, the design of our new Series 7 modules puts our customer needs at heart. Our focus is not only to increase power wattage but more importantly, to reduce LCOE, improve product reliability and increase energy yield. These product and technological innovations will continue to boost solar project returns, further improve solar energy's competitiveness and accelerate the global clean energy transition."

To learn more, register here to join our product launch webinar on October 29, 2020, in partnership with pv magazine.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy and storage solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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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SOURCE Canadian Solar Inc.

FAQ

What are the key features of Canadian Solar's Series 7 modules launched in October 2020?

The Series 7 modules offer power outputs up to 665 W, efficiencies up to 21.4%, and reduce balance of system costs by up to 5.7%.

How does the new Series 7 module impact the levelized cost of electricity (LCOE)?

The Series 7 modules are expected to lower LCOE by up to 8.9% compared to traditional 445 W modules.

What is the significance of the Series 7 module launch for Canadian Solar (CSIQ)?

The launch reinforces Canadian Solar's leadership in solar technology and aims to enhance project returns for solar installations.

When was the Series 7 module launched by Canadian Solar?

The Series 7 modules were launched on October 27, 2020.

Who commented on the launch of Series 7 modules at Canadian Solar?

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented on the launch.