Canadian Solar's Subsidiary CSI Solar Releases the EP Cube Residential Energy Storage Solution to Power Entire Homes and Provide Complete Power Management Control
Canadian Solar Inc. (NASDAQ: CSIQ) announced the launch of the EP Cube, an all-in-one residential energy storage solution, at the RE+ trade show in Anaheim, California, from September 19-22, 2022. Key features include customizable capacity from 9.9 kWh to 19.9-kWh, a lightweight design for easy installation, and compatibility with both new and retrofit PV systems. The product offers a modular approach, allowing for scalable energy storage of up to 119.9 kWh. An app will facilitate energy management for homeowners and installers. This launch aims to leverage the Inflation Reduction Act's incentives for greater clean energy adoption.
- Launch of EP Cube positions Canadian Solar in the growing energy storage market.
- Customizable energy storage capacity enhances product appeal to homeowners.
- Lightweight and easy installation reduce labor costs for installers.
- Compatibility with existing PV systems broadens potential customer base.
- Integration of an app for energy management enhances user experience.
- Potential risks associated with the competitive energy storage market.
- Market response to the new product remains uncertain.
GUELPH, ON, Sept. 13, 2022 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar") will launch the EP Cube, a lightweight and sleek all-in-one residential energy storage solution, at the RE+ trade show to be held on September 19-22, 2022, in Anaheim, California. The official launch will be at 3pm PT on September 21.
Key features of the EP Cube include:
- Scalable and customizable from 9.9 kWh to 19.9-kWh capacities.
- All-in-one design with hybrid inverter and stackable battery modules, requiring minimal wall space.
- Lightweight and easy to install, featuring all-inclusive components and self-configuration for fast commissioning.
- The EP Cube works with both new and retrofit, AC and DC-coupled PV systems.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "We are pleased to expand our clean energy offering into the residential energy storage market by launching the EP Cube, leveraging our existing partnerships and channels. The recently enacted Inflation Reduction Act will help the U.S. market transition faster towards clean power by increasing renewable energy accessibility through tax breaks and rebates. The EP Cube is a perfect solution for homeowners to use these incentives and invest in clean energy."
The EP Cube solution can be stacked for 9.9 kWh to 19.9 kWh capacities. Up to six units can be connected in parallel to deliver up to 119.9 kWh of storage and 45.6 kW output, which is more than enough to fully power the average home with high-surge-current appliances and AC units. The EP Cube's thin design, 6.25 inches at the thinnest, requires minimal space and is fully compatible with indoor or outdoor installation thanks to its NEMA 4X rated resistance to dust and moisture.
Each EP Cube battery module weighs less than 70 pounds, meaningfully lower than most residential storage devices that weigh upwards of 300 pounds. This makes the EP Cube simpler to install and less costly to transport, requiring a minimal installation team to carry and install each unit. The EP Cube is also more customizable to individual needs due to its modular approach. In addition, the energy storage system incorporates the Smart Gateway, an intelligent technology platform that enables automatic and seamless energy transfers for on- or off-grid use without user disruption.
The EP Cube is highly customizable and was designed with both homeowners' and installers' diverse needs in mind. Homeowners no longer have to pick and choose what to power, as the full home can be powered with the EP Cube. Installers can efficiently install the full unit, ultimately driving growth and cost savings.
Canadian Solar is also releasing an app to help homeowners manage their energy storage systems. The EP Cube app will allow for easy, real-time monitoring of energy production and consumption. Homeowners will have access to home energy management and over-the-air (OTA) software update services. Installers use the app to set up and troubleshoot systems.
Canadian Solar will be debuting and exhibiting the EP Cube at RE+ booth #2204 in Anaheim, California, in September 19-22.
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 76 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 6.8 GWp in over 20 countries across the world. Currently, the Company has around 311 MWp of solar projects in operation, 5.3 GWp of projects under construction or in backlog (late-stage), and an additional 21 GWp of projects in pipeline (mid- to early-stage). 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 India; 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. 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. Contacts | |
Isabel Zhang | David Pasquale |
Investor Relations | Global IR Partners |
Canadian Solar Inc. | |
Tel: +1-914-337-8801 |
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