Canadian Solar Opens New and Expanded Global Headquarters in Ontario, Canada

Rhea-AI Summary

Canadian Solar (NASDAQ: CSIQ) has opened its new global headquarters in Kitchener, Ontario, marking a significant expansion from its original founding location in Guelph. Founded in 2001, the company has grown to employ approximately 20,000 people across more than 20 countries.

The new Kitchener facility will serve as the corporate headquarters and house several subsidiary operations, including e-STORAGE and the module sales and services business units. This expansion represents a consolidation of three global business units and reinforces the company's commitment to its Canadian heritage while maintaining its position as a global leader in solar power and renewable energy solutions.

The headquarters selection has received strong support from local and regional government officials, who emphasize the potential for job creation, economic growth, and advancement in clean energy technology development in the Ontario region.

Positive

• Consolidation of three global business units into one location, potentially improving operational efficiency
• Strategic expansion in established market with strong government support
• Maintains significant global presence with operations in 20+ countries

Negative

• None.

KITCHENER, ON, Jan. 15, 2025 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), a global leader in solar power and renewable energy solutions, today announced the opening of its new global headquarters in Ontario, Canada. Founded in 2001 by Dr. Shawn Qu in Guelph, Canadian Solar has grown from a visionary startup into a global powerhouse with around 20,000 employees and operations in more than 20 countries worldwide.

Located in Kitchener, Ontario, the new headquarters embodies Canadian Solar's commitment to innovation, sustainability, and its Canadian heritage. The Kitchener office will serve as the Company's corporate headquarters as well as several of its subsidiary companies like e-STORAGE and the module sales and services business units.

"This is a pivotal moment for Canadian Solar," said Dr. Shawn Qu, Canadian Solar's Chairman and CEO. "While we have grown into a global organization, our roots remain deeply embedded in Ontario, where our journey began 23 years ago. With our new Kitchener office, we are bringing together talent from three global business units. This new headquarters is a testament to our commitment to sustainability and innovation, as we continue to provide clean energy solutions to customers worldwide from right here in Ontario."

"It is a great achievement that Kitchener has been chosen as the location for Canadian Solar's new global headquarters. I am thrilled that one of the world's largest solar technology companies is continuing to strengthen their roots in our region. Their mission to power the world with solar energy will help create a cleaner Earth for generations to come. I look forward to watching Canadian Solar continue to lead in the renewable energy sector," said Valerie Bradford, MP Kitchener South – Hespeler.

"Canadian Solar's decision to expand its global headquarters here in Kitchener highlights the strength of our region's innovation ecosystem and our commitment to building a sustainable future," said Jess Dixon, MPP Kitchener South – Hespeler. "This investment not only reinforces Canadian Solar's roots in Ontario, but also creates meaningful opportunities for local talent, economic growth, and leadership in clean energy solutions. I'm proud to see our community play such a pivotal role in advancing renewable energy on a global scale."

"Canadian Solar is a leading example of the huge opportunity to create clean energy jobs right here in Ontario. With this expansion, Canadian Solar will continue to export low-cost green energy technologies from Ontario to countries around the world. Congratulations to the team at Canadian Solar, both in Kitchener and in Guelph," said Mike Schreiner, MPP for Guelph and Leader of the Green Party of Ontario.

"We're thrilled that Canadian Solar has chosen to #MakeItKitchener, joining the many other organizations that have seen so much potential in the City of Kitchener and our local ecosystem that they decided to make a home here. Establishing their global headquarters in our community will deepen their connection to our innovation ecosystem and skilled workforce in Kitchener and Waterloo Region. Canadian Solar will be an important part of Kitchener's thriving economy, bringing new jobs and technologies to cultivate a sustainable future," said Berry Vrbanovic, Mayor of Kitchener.

"The opening of Canadian Solar's new headquarters is an exciting milestone for the company and a testament to its continued growth and innovation," said Colin Parkin, President of e-STORAGE. "As we expand our operations globally, this new office will serve as a hub for e-STORAGE, fostering collaboration and driving the next wave of innovation in energy storage solutions. I'm proud of what we will achieve together." 

Thomas Koerner, Corporate Senior Vice President of Canadian Solar, added: "The opening of Canadian Solar's new global headquarters in Kitchener Ontario is a bold step forward in aligning the company's vision with its roots. It reinforces Canadian Solar's leadership in the global energy transition, providing a collaborative and innovative space to advance renewable energy technologies and drive a sustainable future."

About Canadian Solar Inc.

Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Ontario, Canada, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. 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 globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 GWh of battery energy storage capacity in various stages of 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 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. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com 

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SOURCE Canadian Solar Inc.

FAQ

Where is Canadian Solar's new global headquarters located?

Canadian Solar's new global headquarters is located in Kitchener, Ontario, Canada.

How many employees does Canadian Solar (CSIQ) currently have globally?

Canadian Solar employs approximately 20,000 people globally.

In how many countries does Canadian Solar (CSIQ) operate?

Canadian Solar operates in more than 20 countries worldwide.

Which business units will be housed in CSIQ's new Kitchener headquarters?

The new headquarters will house the corporate offices, e-STORAGE, and the module sales and services business units.

When was Canadian Solar (CSIQ) founded?

Canadian Solar was founded in 2001 by Dr. Shawn Qu in Guelph, Ontario.