Canadian Solar: Canadian Solar’s Subsidiaries, CSI Energy Storage Launches the SolBank Product for Utility-Scale Applications and Announces 10 GWh Battery Manufacturing Capacity

Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) today announced that CSI Energy Storage, which is part of its majority-owned subsidiary CSI Solar Co., Ltd. (“CSI Solar”), will launch the SolBank, a proprietary designed and manufactured energy storage battery solution for utility-scale applications. CSI Energy Storage also announced the expansion of its battery manufacturing capacity from the existing 2.5 GWh to 10 GWh by the end of 2023. The SolBank battery energy storage solution will be showcased at the RE+ trade show, to be held on September 19-22, 2022, in Anaheim, California.

The SolBank is a lithium iron phosphate (LiFePO4) chemistry-based battery enclosure with up to 2,800 kWh of usable energy capacity, specifically engineered to be one of the safest and most reliable systems for utility-scale applications. The SolBank is designed with liquid cooling and humidity control, active balancing BMS (Battery Management System) technologies, and complies with the latest international safety and compliance standards.

CSI Energy Storage currently produces the SolBank at its workshops in Jiangsu Province in China. The current annual battery manufacturing output capacity is 2.5 GWh and is expected to reach 10 GWh by the end of 2023. These workshops include the manufacturing of its own proprietary designed battery modules, packs, and containerization with fully automated, state-of-art production lines and testing facilities.

The newly launched SolBank battery solution will be one of the most bankable and competitive integrated battery storage solutions in the market. To complement this, CSI Energy Storage also provides additional value services to its customers, including full commissioning and integration services, turnkey EPC project execution and long-term operational service and capacity maintenance. These services build upon its teams’ experience and capabilities developed over many years of delivering renewable energy projects for Canadian Solar.

As of Q2 2022, CSI Energy Storage’s system integration’s total pipeline reached 11 GWh, including 861 MWh under long-term service agreements, 1.9 GWh under construction or contracted and an additional earlier stage pipeline of 8.2 GWh.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, “We are delighted to launch our proprietary battery storage product, the SolBank, which is one of the best in the market in terms of product safety and cost competitiveness. Our manufacturing capacity in battery storage will spur the continued growth of our battery storage solutions business, which will in turn enhance the synergies with our battery storage project development business. Solar plus battery storage will be one of the key solutions to combat climate change. We look forward to working together with our existing and new partners and contribute to global decarbonization efforts.”

The CSI Energy Storage team will attend RE+ and present the SolBank product at Canadian Solar’s booth #2204, Anaheim Convention Center, Halls A-D.