e-STORAGE, a subsidiary of CSI Solar, deploys leading-edge, flexible, turnkey energy storage

solutions across the globe

GUELPH, ON, July 10, 2023 /PRNewswire/ — Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) and its majority-owned subsidiary CSI Solar (SSE: 688472), today announced the re-branding of e-STORAGE, CSI Solar’s utility-scale battery energy storage subsidiary and platform. With e-STORAGE, Canadian Solar will accelerate its growth in the global energy storage market and operate as a distinct business unit, under CSI Solar. Previously, e-STORAGE operated as CSI Energy Storage.

e-STORAGE launches with nearly 26 GWh of energy storage projects in its total pipeline and over $1.7 billion of contracted revenues as of July 2023, up from $1 billion in January 2023. This provides significant growth visibility for e-STORAGE over a multi-year period.

At the core of the e-STORAGE platform is SolBank, a self-manufactured, lithium-iron phosphate chemistry-based battery engineered for utility-scale applications. With the proprietary SolBank product, e-STORAGE offers its customers end-to-end, turnkey battery storage solutions. To date, the Company has deployed more than 2.7 GWh of battery energy storage solutions across the United States, Canada, the United Kingdom, and China. The Company offers end-to-end energy storage solutions and services, made possible by robust manufacturing capabilities and cutting-edge products such as SolBank.

e-STORAGE currently operates two fully automated, state-of-the-art, and industry-leading manufacturing facilities and expects to reach an annual capacity of 10 GWh. e-STORAGE is fully equipped to continue providing high-quality, scalable energy storage solutions and contribute to the widespread adoption of clean energy.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, “We are thrilled to launch e-STORAGE and accelerate the growth of our integrated utility-scale battery energy storage business. Battery energy storage continues to grow in importance and value for our customers as they continue to deploy renewable energy and help to further decarbonize power grids. By creating a distinct e-STORAGE brand for our utility-scale turnkey battery storage business, we are further demonstrating that our battery energy storage business has risen to equal significance of long-standing solar business.”

Energy storage installations around the world are expected to grow 15-fold by 2030 and Bloomberg New Energy Finance further estimates that approximately 1,100 GWh of new energy storage capacity will be added globally from 2022 to 2030. As one of the most bankable companies in the solar and renewable energy industry, Canadian Solar is well-positioned to serve a growing number of its customers who demand for new storage products and solutions.