Canadian Solar's e-STORAGE to Deliver 1,170 MWh DC of Battery Storage Solutions to the Largest Battery Storage Project in the UK

Rhea-AI Summary

Canadian Solar Inc. (NASDAQ: CSIQ) announced that its subsidiary e-STORAGE has been awarded a contract for a 500 MW / 1,170 MWh energy storage project in Scotland, UK. The project, part of the Coalburn 1 Project, aims to reduce carbon emissions and support the National Grid transmission network. e-STORAGE's SolBank battery technology will be used to store and release renewable energy, contributing to the fight against climate change.

Positive

• e-STORAGE awarded a significant energy storage contract, showcasing the company's capabilities and growth potential in the renewable energy sector.
• The project's aim to reduce carbon emissions and support the National Grid aligns with global efforts to combat climate change, positioning Canadian Solar as a key player in the sustainable energy market.

Negative

• None.

GUELPH, ON, Dec. 7, 2023 /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 by Copenhagen Infrastructure Partners Flagship Funds, a supply and integration contract for a 500 MW / 1,170 MWh DC of energy storage solutions for its Coalburn 1 Project, in Scotland, UK. The Coalburn 1 project is set to become the largest battery storage project in the UK and is scheduled for installation by the first quarter of 2025.

The Coalburn 1 energy storage facility will use e-STORAGE's cutting-edge battery technology to store generated renewable energy and release it during peak power consumption demand, to support and stabilize the National Grid transmission network. Located in a former coal community in Scotland, this project plays a crucial role in reducing carbon emissions, enhancing air quality, and contributing to the global fight against climate change. The project will avert approximately 1.6 million metric tons of CO2 emissions in the coming 14 years.

Colin Parkin, President of e-STORAGE, commented, "We are honored to work with Copenhagen Infrastructure Partners Flagship Funds to implement the largest energy storage project in the UK. With this project, e-STORAGE will be delivering nearly 2 GWh DC of energy storage to the UK market alone. We are excited to support the UK's drive for the efficient delivery of renewable energy, fostering resilience to future climate change, while helping reduce energy costs for consumers."

e-STORAGE will deliver its proprietary SolBank battery energy storage systems and provide full integration, commissioning, and long-term operational services for the project. SolBank is a self-manufactured battery designed for utility-scale applications. It is based on lithium-iron-phosphate (LFP) chemistry and engineered with a strong focus on safety and efficiency. The battery incorporates LFP cells, efficient liquid cooling systems, and multi-level fire safety management systems. It also includes state-of-the-art monitoring and control systems. Additionally, the active cell balancing system ensures safe operation and optimized system efficiency and overall performance.

About Copenhagen Infrastructure Partners

Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X. CIP manages 11 funds and has to date raised approximately EUR 26 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. CIP has approximately 400 employees and 12 offices around the world. For more information, visit www.cip.com

About Canadian Solar

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 22 years, Canadian Solar has successfully delivered over 110 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 around 9.3 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently, the Company has around 850 MWp of solar power projects in operation, 7.8 GWp of projects under construction or in backlog (late-stage), and an additional 18.7 GWp of projects in the advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of approximately 55 GWh, including approximately 5 GWh under construction or in backlog, and an additional 50 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 the design, manufacturing, and integration of battery energy storage systems for utility-scale applications. The Company offers its own proprietary LFP battery solution, comprehensive EPC services, and innovative solutions aimed at improving grid operations, integrating clean energy, and contributing to a sustainable future. e-STORAGE had US$2.6 billion of contracted backlog including contracted long-term services agreements as of November 14, 2023. To date, e-STORAGE has successfully implemented over 3.3 GWh DC of battery energy storage solutions in various locations, including the United States, Canada, the United Kingdom, and China. This significant accomplishment solidifies e-STORAGE's position as a key player in the global energy storage integration industry. Currently, the Company operates two fully automated, state-of-the-art manufacturing facilities with an annual production capacity of 10 GWh. e-STORAGE is fully equipped to continue providing high-quality, scalable energy storage solutions and contribute to the widespread adoption of clean energy. For additional information about e-STORAGE, please follow the LinkedIn page or visit www.csestorage.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 18, 2023. 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 CONTACTS

Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com

e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com

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SOURCE Canadian Solar Inc.

FAQ

What is the latest contract awarded to Canadian Solar Inc. (NASDAQ: CSIQ) and its subsidiary e-STORAGE?

e-STORAGE, a majority-owned subsidiary of Canadian Solar, has been awarded a supply and integration contract for a 500 MW / 1,170 MWh energy storage project in Scotland, UK as part of the Coalburn 1 Project.

What technology will be used for the energy storage project in Scotland, UK?

e-STORAGE will utilize its proprietary SolBank battery energy storage systems, based on lithium-iron-phosphate (LFP) chemistry, for the project.

What is the expected impact of the Coalburn 1 energy storage facility?

The project aims to avert approximately 1.6 million metric tons of CO2 emissions in the coming 14 years, contributing to the reduction of carbon emissions and supporting the National Grid transmission network.

Who is the President of e-STORAGE, and what is their comment on the project?

Colin Parkin is the President of e-STORAGE, and he expressed that e-STORAGE is honored to work with Copenhagen Infrastructure Partners Flagship Funds on implementing the largest energy storage project in the UK, highlighting the company's excitement to support the UK's drive for efficient delivery of renewable energy.

What type of battery technology is e-STORAGE known for?

e-STORAGE is known for its SolBank battery technology, a self-manufactured battery designed for utility-scale applications, based on lithium-iron-phosphate (LFP) chemistry, and engineered with a strong focus on safety and efficiency.

What is the schedule for the installation of the Coalburn 1 energy storage facility?

The facility is scheduled for installation by the first quarter of 2025, positioning it as the largest battery storage project in the UK.

What are the key features of e-STORAGE's SolBank battery energy storage systems?

The SolBank battery incorporates LFP cells, efficient liquid cooling systems, multi-level fire safety management systems, state-of-the-art monitoring and control systems, and an active cell balancing system to ensure safe operation and optimized system efficiency and overall performance.