Canadian Solar's e-STORAGE to Deliver Battery Energy Storage Solutions to Root-Power's Coryton Project in the UK
Canadian Solar's e-STORAGE has been awarded a contract to deliver 11 MW AC / 22 MWh AC energy storage solutions for Root-Power's Coryton Energy Park project in Essex, England. The project will utilize Canadian Solar's latest proprietary solution, SolBank 3.0, which offers a 45% increase in product-level capacity compared to its predecessor. Root-Power plans to build over 1 GWh energy storage systems in the UK over the next 3-4 years.
SolBank 3.0 features high-density LFP cells, an active balancing BMS, and an innovative liquid cooling TMS. Its compact design offers significant land cost savings and streamlined commissioning. Root-Power aims to add 150 MWh of storage capacity to its portfolio in 2024 and 2025, contributing to the UK's grid enhancement and renewable energy landscape.
- Secured 11 MW AC / 22 MWh AC energy storage contract for UK project
- SolBank 3.0 offers 45% increase in product-level capacity
- Potential for future contracts with Root-Power's 1 GWh UK expansion plan
- SolBank 3.0 provides land cost savings and efficient commissioning
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Canadian Solar's recent contract to supply energy storage solutions for Root-Power's Coryton Energy Park is quite an important deal within the energy sector. This project underlines the increasing importance of battery energy storage systems (BESS) in supporting the integration of renewable energy into the grid. The use of the new SolBank 3.0, with its higher capacity and advanced features, marks a significant step forward in efficiency and cost-effectiveness. For investors, this move positions Canadian Solar as a formidable player in the fast-growing renewable energy storage market.
The deployment of over 1 GWh energy storage systems in the UK over the next few years can significantly increase Canadian Solar's market visibility and revenue streams. Short-term, this contract reflects positively on the company's innovation and reliability, which can drive investor confidence and potentially enhance stock performance. Long-term, the project's success can lead to further opportunities and partnerships in the UK and other markets.
The integration of Canadian Solar's SolBank 3.0 in the Coryton project showcases technological advancements in the battery storage industry. The SolBank 3.0's use of high-density lithium-iron-phosphate (LFP) cells, coupled with an advanced Battery Management System (BMS) and Thermal Management System (TMS), highlights the product's efficiency and safety improvements. LFP cells are known for their stability and longer lifespan, which are important for long-term energy storage solutions.
The compact design achieving over 5 MWh nominal capacity within a 20-ft container is particularly notable as it provides significant land cost savings. For large-scale projects, such innovations can result in substantial cost reductions and operational efficiencies. From an investor's perspective, these technical enhancements not only emphasize Canadian Solar's competitive edge but also potentially translate into higher returns on investment due to reduced project costs and improved performance.
The collaboration between e-STORAGE and Root-Power for the Coryton Energy Park project is strategically well-timed given the UK's ongoing efforts toward decarbonization. The commitment to add over 1 GWh of energy storage systems aligns with governmental policies and public sentiment favoring renewable energy. This increasing demand for energy storage solutions opens up substantial market opportunities for Canadian Solar.
Furthermore, the mention of Canadian Solar's strong ESG and supply chain management performance by Root-Power adds another layer of attractiveness to their offerings. ESG factors are becoming increasingly critical in investment decisions. Companies excelling in these areas often enjoy better valuation and investor trust. This project could thus enhance Canadian Solar's brand reputation and investor appeal, potentially impacting its stock positively.
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
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
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
Neil Brooks, Managing Director of Root-Power, said: "We look forward to working with e-STORAGE to enhance the
As the
Colin Parkin, President of e-STORAGE, added, "We are excited to announce another project in the
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in
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
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
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.
FAQ
What is the capacity of the energy storage contract awarded to Canadian Solar's e-STORAGE for the Coryton project?
How much has the capacity of SolBank 3.0 increased compared to its predecessor?
What are Root-Power's plans for energy storage system deployment in the UK?