Canadian Solar Inc. Common Shares (ON) - CSIQ STOCK NEWS

Canadian Solar Inc. (NASDAQ: CSIQ) has entered the UK utility-scale energy storage market by signing agreements with Pulse Clean Energy to provide integrated energy storage systems and EPC services for four battery storage projects exceeding 100 MWh. This long-term partnership includes a 10-year service agreement for project maintenance and operation. As of January 31, 2022, Canadian Solar has 300 MWh of projects under service agreements, 2,043 MWh under construction, and a pipeline of over 4 GWh in energy storage.

Recurrent Energy, a subsidiary of Canadian Solar (CSIQ), has received approval from the Louisiana Public Service Commission for a power purchase agreement concerning the 132 MW dc/98 MW ac Bayou Galion solar project in Morehouse Parish. Scheduled to commence construction in 2024, the project will generate enough power for over 18,000 homes and reduce CO₂ emissions by 170 metric tons annually. This initiative is part of a broader 343 MWac solar energy plan to enhance Louisiana's energy landscape and provide lower rates for members of 1803 Electric Cooperative.

Canadian Solar Inc. (NASDAQ: CSIQ) filed its annual report on Form 20-F for the year ended December 31, 2021, with the U.S. SEC. The report includes audited consolidated financial statements available on the Company’s Investor Relations website or the SEC's site. Shareholders can request a hard copy of the annual report free of charge. Founded in 2001, Canadian Solar is a major player in solar technology and renewable energy, having delivered over 67 GW of solar modules and developed over 6.3 GW of solar projects globally.

Canadian Solar (NASDAQ: CSIQ) will host a conference call on May 24, 2022, at 8:00 a.m. EDT to discuss its Q1 2022 results and business outlook. Investors can join via dial-in numbers or through the webcast on the company's investor relations website. The call will be followed by a replay available until June 1, 2022. Founded in 2001, Canadian Solar is a major player in the solar industry, having delivered over 67 GW of solar modules and developed over 6.3 GW of projects globally. The company continues to expand its project pipeline, currently involving around 445 MWp of operational projects.

Maxeon Solar Technologies (NASDAQ: MAXN) and Canadian Solar (NASDAQ: CSIQ) have resolved a patent infringement lawsuit in Tokyo District Court regarding Maxeon's Japan Patent No. JP6642841B2 related to shingled solar cell modules. As part of the settlement, Canadian Solar will withdraw its challenges to the patent and will cease selling shingled solar modules in Japan until Q2 2025, after fulfilling certain 2022 orders. The terms of the settlement remain confidential, emphasizing both companies' dedication to intellectual property rights.

Canadian Solar (CSIQ) announced an agreement with Matrix Renewables for the acquisition of the Gaskell West 2 and 3 project, which includes 105 MWac solar capacity and 80 MWh energy storage. The project, located in California, is fully contracted through long-term power purchase agreements with various utilities. Expected to commence commercial operations in Q4 2022, it will power approximately 16,800 homes and reduce carbon emissions by 178,500 metric tons annually. Canadian Solar's subsidiary, CSI Solar, will provide the battery storage solution, enhancing the project’s value during peak demand periods.

Canadian Solar reported strong financial results for Q4 and the full year 2021. The company shipped 3.8 GW of solar modules in Q4, achieving a 47% year-over-year revenue increase to $1.53 billion, surpassing guidance. Gross margin reached 19.7%, exceeding expectations. For the full year, total module shipments rose to 14.5 GW, with revenue reaching $5.3 billion, a 52% increase. Net income for 2021 was $95 million, or $1.46 per share. The company is on track for a carve-out IPO of its CSI Solar unit and plans to expand its battery storage business significantly.

Canadian Solar (NASDAQ: CSIQ) has launched mass production of its new CS6R-MS rooftop solar module, featuring a 54-cell format with 182 mm cells. The module boasts a power output of up to 420 W and an efficiency of up to 21.5%, designed for residential, commercial, and industrial applications. This new product offers several advantages, including improved efficiency over similar market modules, a lightweight design for ease of installation, and a 25-year warranty. Canadian Solar continues to innovate, expecting to introduce modules with HJT cells next month.

Canadian Solar has signed two 10-year power purchase agreements (PPAs) with Axpo Italia for 70% of the energy produced by two solar plants totaling 84 MWp in Italy. The projects, located in Viterbo and Trapani, are set to begin construction before 2023 and are expected to start operations by January 2024, generating approximately 156 GWh annually. This positions Canadian Solar as the largest solar developer in Italy based on contracted volume, reinforcing its commitment to renewable energy and decarbonization efforts in the country.