Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today (July 9) announced that e-STORAGE, which is part of the Company's majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), has secured a contract from Aypa Power ("Aypa") to deliver a 498 MWh DC standalone battery energy storage system for Aypa's Bypass Project. The Bypass Project is scheduled for completion in the third quarter of 2025.
Strategically located in Fort Bend County near Thompsons, Texas, the Bypass Project will support the growing energy demand of the greater Houston area. It will utilize 106 units of e-STORAGE's latest battery energy storage solution, SolBank 3.0. The batteries will be paired with 65 power conversion systems and controllers. Each SolBank battery delivers 5 MWh of energy capacity in a 20-foot standardized container, featuring high-density lithium-iron-phosphate (LFP) chemistry battery cells, an active balancing battery management system, and an innovative liquid cooling thermal management system to enhance operational efficiency, safety, and reliability.
After integrating and commissioning the project to commercial operation, e-STORAGE will provide ongoing operational support for the project under a Long-Term Service Agreement (LTSA).
Moe Hajabed, CEO of Aypa Power, commented, "We are pleased to continue our partnership with e-STORAGE on the Bypass Project. Utilizing their SolBank 3.0 technology, this project will enhance grid resiliency and support Houston's growing energy needs. This collaboration underscores Aypa's commitment to deploying efficient and dependable energy solutions. We look forward to the Bypass Project's successful delivery and the positive impact it will have on strengthening the Texas grid."
Colin Parkin, President of e-STORAGE, added, "We are excited to announce our third project with Aypa Power by extending our partnership with the award of their Bypass Project. This brings our total commitment to providing Aypa with over 1.3 GWh of integrated energy storage capacity. Our ongoing collaboration with Aypa highlights our commitment to delivering innovative and sustainable energy storage solutions, meeting the diverse needs of our partners' projects and communities."
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 energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 125 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 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world. Currently, the Company has over 1.2 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 19.8 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 600 MWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 56 GWh, including approximately 4.3 GWh under construction or in backlog, and an additional 51.6 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.
About e-STORAGE
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$2.5 billion of contracted backlog including contracted long-term services agreements as of March 2024. e-STORAGE has shipped close to 5.7 GWh of battery energy storage solutions to global markets, including the United States, Canada, the United Kingdom, and China as of March 2024. 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 20 GWh. e-STORAGE is fully equipped to continue providing high-quality, scalable energy storage solutions and contribute to the widespread adoption of clean energy. Please refer to the Media&PR section of the e-STORAGE website for images and additional information about e-STORAGE, follow the LinkedIn page or visit www.csestorage.com.
About Aypa Power
Aypa Power is a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects. As an independent power producer, Aypa was founded with the purpose of reducing reliance on fossil fuels and making a positive impact in the fight against climate change, while improving grid reliability and resiliency. Aypa has been at the forefront of energy storage development since their first energy storage project came online in 2018. The company currently has more than 22 GW in development across North America. For more information, follow Aypa Power on LinkedIn or visit www.aypa.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; litigation and other risks as described in Canadian Solar's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Recurrent Energy believe 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 and Recurrent Energy undertake 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
e-STORAGE MEDIA INQUIRIES
Simona Marginean
e-STORAGE Marketing Manager
simona.marginean@csestorage.com
AYPA MEDIA CONTACT
communications@aypa.com
