Canadian Solar Launches Cutting-Edge SolBank 3.0 Plus at Intersolar Europe

Rhea-AI Summary

Canadian Solar (NASDAQ: CSIQ) announced the launch of its advanced SolBank 3.0 Plus battery energy storage product at Intersolar Europe. The new product, developed by e-STORAGE under CSI Solar, features significant improvements over its predecessor including: • 25-year lifespan with near-zero degradation in first 4 years • Up to 12,000 cycles at 95% round-trip efficiency • 13% boost in lifetime energy throughput • 30% reduction in auxiliary load power consumption • Enhanced safety features with aerospace-grade heat-resistant separator • Active cell-level balancing technology • Improved battery cooling system with reduced noise output

Positive

• New SolBank 3.0 Plus offers extended 25-year lifespan, potentially increasing long-term revenue potential
• 13% boost in lifetime energy throughput reduces operational costs
• 30% reduction in auxiliary load power consumption improves operational efficiency
• Enhanced safety features and improved battery performance could strengthen market position

Negative

• None.

Insights

Energy Storage Technology Expert

Canadian Solar's SolBank 3.0 Plus delivers impressive advances in battery storage with extended 25-year lifespan and minimal degradation, significantly improving operational economics.

Canadian Solar's new SolBank 3.0 Plus represents a significant advancement in utility-scale battery storage technology. The 25-year lifespan stands out in an industry where 10-15 year warranties are standard. Similarly impressive is the near-zero degradation curve in the first four years, as most lithium-ion batteries typically lose 2-3% capacity annually.

The 12,000 cycle rating at 95% round-trip efficiency exceeds industry norms, where 6,000-8,000 cycles is typical. This directly translates to a 13% boost in lifetime energy throughput, substantially improving the economics for storage project operators.

From a technical perspective, several features deserve attention. The aerospace-grade heat-resistant separator addresses a critical safety concern in large-scale battery systems. The 30% reduction in auxiliary power consumption is meaningful because parasitic loads in battery systems significantly impact overall efficiency, especially during standby operation.

The active balancing technology implemented at the cell level represents a sophisticated approach to battery management. Unlike passive balancing found in many systems, active balancing redistributes energy between cells rather than dissipating excess energy as heat. This prevents weaker cells from limiting overall system performance and extends useful capacity throughout the battery's operational life.

Financial Analyst

Canadian Solar strengthens its competitive position with a technically superior battery storage solution that enhances project economics through improved longevity and efficiency.

This product launch strategically positions Canadian Solar in the rapidly expanding utility-scale battery storage market. The SolBank 3.0 Plus addresses key economic drivers for storage project developers through its enhanced technical specifications.

The 25-year lifespan significantly improves project economics by extending revenue-generating periods beyond the industry-standard 10-15 years. When combined with the near-zero degradation in early years and 12,000 cycle rating, this creates a compelling value proposition for developers calculating lifetime project returns.

The 13% increase in lifetime energy throughput directly enhances the revenue potential of storage assets. Similarly, the 30% reduction in auxiliary power consumption improves operational margins by decreasing parasitic energy losses that don't contribute to revenue generation.

The improved cooling system design and active balancing technology should reduce maintenance requirements and extend operational life, potentially lowering the total cost of ownership. These performance enhancements could allow Canadian Solar to command premium pricing in competitive bidding situations where lifetime value increasingly outweighs initial capital costs.

The strategic launch at Intersolar Europe indicates a focus on the European market, where energy storage demand continues to grow due to renewable integration needs. While financial impact projections weren't provided, these technical advances strengthen Canadian Solar's position in a high-growth market segment that complements their established solar manufacturing business.

KITCHENER, ON, May 6, 2025 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, which is part of the Company's majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar"), will officially  launch its SolBank 3.0 Plus battery energy storage product at Intersolar Europe.

SolBank 3.0 Plus is e-STORAGE's next technological advancement in its successful SolBank battery solutions product line offering. SolBank 3.0 Plus uses enhancements to the Lithium-Ion Phosphate (LFP) battery cell manufacturing processes to bring the battery performance to a new level over the already successful SolBank 3.0. In doing so, e-STORAGE can offer its customers a battery solution with a 25-year lifespan, a near zero battery degradation curve for the first four years, and up to 12,000 cycles at a 95% round-trip efficiency. SolBank 3.0 Plus can significantly reduce its customers' operational costs by boosting overall lifetime energy throughput by over 13%.

Additional enhanced product features of the SolBank 3.0 Plus include its aerospace grade heat-resistant separator and upgraded and electrical protection systems, providing further enhanced safety over its demonstrated high safety standard and track record. The optimized design of the battery cooling system can reduce auxiliary load power consumption by up to 30% while providing a reduced decibel noise output superior to its competitive products. SolBank 3.0 Plus also utilizes active balancing technology down to cell level for battery performance optimization, operational health and monitoring.

Colin Parkin, President of e-STORAGE, stated, "SolBank 3.0 Plus is perfectly designed for integration into e-STORAGE 'all-in-one' battery energy storage solution, offering our customers a new leading-edge in safety and performance, continuously increasing the value and reliability of their deployed assets. This new product launch marks a major milestone in e-STORAGE's commitment to innovation and excellence. With enhanced performance, safety, and operational efficiency, these innovations are designed to meet the growing needs of utility-scale energy storage projects worldwide and reaffirm Canadian Solar's leadership in the energy storage industry."

The SolBank 3.0 Plus will be showcased at Intersolar Europe from May 7 to 9 in Munich, Germany. Visit Canadian Solar's booth A2.380 to learn more.

About Canadian Solar Inc.

Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 24 years, Canadian Solar has successfully delivered nearly 150 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 10 GWh of battery energy storage solutions to global markets as of December 31, 2024, boasting a US$3.2 billion contracted backlog as of December 31, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11.5 GWp of solar power projects and 4.5 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 25 GWp of solar and 75 GWh of battery energy storage capacity in various stages of 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 designing, manufacturing, and integrating battery energy storage systems for utility-scale applications. e-STORAGE offers proprietary battery energy storage solutions, comprehensive EPC services, and innovative solutions aimed at improving grid operations. Currently, e-STORAGE operates two fully automated, state-of-the-art manufacturing facilities with an annual battery production capacity of 20 GWh. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.

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 power and battery energy storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to global pandemics; supply chain disruptions; governmental support for the deployment of solar power and battery energy storage; future available supplies of silicon, solar wafers and lithium cells; 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 China, the U.S., Europe, Brazil and Japan; 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; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; 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 the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. 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.

CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

e-STORAGE MEDIA CONTACT
marketing@csisolar.com 

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SOURCE Canadian Solar Inc.

FAQ

What are the key features of Canadian Solar's new SolBank 3.0 Plus battery storage system?

SolBank 3.0 Plus features a 25-year lifespan, 12,000 cycles at 95% round-trip efficiency, near-zero degradation in first 4 years, 13% higher energy throughput, and 30% lower auxiliary power consumption.

How does the SolBank 3.0 Plus improve operational efficiency compared to previous versions?

It reduces auxiliary load power consumption by 30%, features active balancing technology at cell level, and increases lifetime energy throughput by over 13%.

What safety features are included in Canadian Solar's SolBank 3.0 Plus?

It includes aerospace-grade heat-resistant separator, upgraded electrical protection systems, and an optimized battery cooling system with reduced noise output.

When and where will Canadian Solar (CSIQ) showcase the SolBank 3.0 Plus?

The SolBank 3.0 Plus will be showcased at Intersolar Europe from May 7-9, 2025, in Munich, Germany at booth A2.380.