GUELPH, ON, April 12, 2021 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today announced that it has started mass production of high-power, high-efficiency modules with power output of up to 665 W.
The new generation of monofacial HiKu7 and bifacial BiHiKu7 modules are based on 210 mm cells and are set to deliver one of the most competitive levelized cost of electricity (LCOE) in the industry by reducing balance of system (BOS) and other costs for solar power plants. These modules have been optimized with leading tracker and inverter designs to ensure seamless installation of solar systems.
The nameplate production capacity of the HiKu7 and BiHiKu7 modules will reach 10 GW by the end of 2021, of which a significant portion has already been booked. The Company will deliver the first batch of the new high-power, high-efficiency modules this month.
The HiKu7 and BiHiKu7 modules are expected to solidify Canadian Solar's technology leadership by offering:
- Power classes of up to 665 W and module efficiencies of up to 21.4%.
- Commercial deployment of Canadian Solar's proprietary cell technology and module design, including hetero-type ribbon (HTR) and paving technology. Both technologies reduce the gap between solar cells by more than 50%, thereby increasing the power output of solar modules over the same area.
- Further reduction of light-and elevated temperature-induced degradation (LeTID) using Canadian Solar Advanced Regeneration (CSAR) technology. This technology further reduces cell and module power degradation under light and at high temperatures, increasing power output of solar modules and lengthening their useful lifetime.
- Excellent value for commercial and utility scale PV plants, reducing balance of system costs by up to 5.7% and LCOE by up to 8.9% relative to mainstream 445 W modules.
- Certified by VDE according to IEC61215 and IEC61730 product standards.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar remarked, "I am excited to announce that we have begun mass production of the 210 mm cell-based HiKu7 and BiHiKu7 modules, which marks another milestone for Canadian Solar as the leader in high power cell and module technologies. With up to 665 W capacity, these modules will further reduce the LCOE of solar energy generated and increase the energy yield of solar plants. These modules also have high reliability with several special technologies, such as damage-free cell cutting, strict hot spot control, and low LeTID technology, etc. These product and technological innovations will continue to boost solar project returns, further improve solar energy's competitiveness and accelerate the global clean energy transition."
To learn more, register here to join our product webinar on April 15, 2021.
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 19 years, Canadian Solar has successfully delivered over 52 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.7 GWp in over 20 countries across the world. Currently, the Company has over 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 11 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 and economic conditions and the state of the solar industry; 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., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 28, 2020. 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.
SOURCE Canadian Solar Inc.