Canadian Solar Stock Price, News & Analysis

Canadian Solar Inc. (NASDAQ: CSIQ) has scheduled a conference call for November 22, 2022, at 8:00 a.m. EST to discuss its third quarter 2022 results and business outlook. Interested parties can join via a toll-free number or listen to a live webcast on the company's investor relations website. A replay of the call will be available until December 6, 2022.

Canadian Solar, founded in 2001, is a major player in the solar energy sector, having delivered approximately 76 GW of solar modules globally. The firm has a diversified project pipeline and is recognized for its robust financial standing.

Canadian Solar (CSIQ) announced that its subsidiary Recurrent Energy has operationalized the Crimson Storage project, a significant 350 MW / 1400 MWh energy storage facility in California. This project is now the largest battery storage project in the world to reach operational status in a single phase. Crimson Storage has secured contracts with Southern California Edison and Pacific Gas and Electric for reliability services, enhancing California's energy grid reliability and contributing to carbon dioxide emission reductions of up to 275,000 tons annually.

On September 14, 2022, Canadian Solar (CSIQ) announced the launch of the SolBank, a proprietary energy storage battery solution designed for utility-scale applications. Produced by its subsidiary, CSI Energy Storage, the SolBank features lithium iron phosphate chemistry with up to 2,800 kWh of usable energy capacity. Additionally, the company plans to expand its battery manufacturing capacity from 2.5 GWh to 10 GWh by the end of 2023. The SolBank will be showcased at the RE+ trade show in Anaheim, California. As of Q2 2022, CSI Energy Storage's total project pipeline reached 11 GWh.

Canadian Solar Inc. (NASDAQ: CSIQ) announced the launch of the EP Cube, an all-in-one residential energy storage solution, at the RE+ trade show in Anaheim, California, from September 19-22, 2022. Key features include customizable capacity from 9.9 kWh to 19.9-kWh, a lightweight design for easy installation, and compatibility with both new and retrofit PV systems. The product offers a modular approach, allowing for scalable energy storage of up to 119.9 kWh. An app will facilitate energy management for homeowners and installers. This launch aims to leverage the Inflation Reduction Act's incentives for greater clean energy adoption.

Canadian Solar (NASDAQ: CSIQ) announced the award of a 253 MWp solar and 1,000 MWh battery energy storage project in Chile, known as the Zaldivar Project. This project, part of a public tender, will contribute 16% to a total of 777 GWh/year awarded. Construction is set to begin in 2024, with operations starting in 2026. The project aims to reduce over 263,000 tons of CO2 emissions annually, enhancing grid reliability and supporting Chile's carbon neutrality goal by 2050.

Canadian Solar (NASDAQ: CSIQ) reported robust Q2 2022 results, achieving solar module shipments of 5.06 GW, exceeding previous guidance. Revenue soared 62% year-over-year to $2.31 billion, surpassing the $2.2-$2.3 billion forecast, while gross margin reached 16.0%. Net income attributable to the company was $74 million, or $1.07 per diluted share. The global solar project pipeline expanded to 26 GWp, with battery storage expanding to over 31 GWh. Management raised the full-year revenue guidance to $7.5-$8.0 billion, highlighting expectations for continued growth driven by demand for clean energy.

Canadian Solar announced that its subsidiary, CSI Solar, has signed an investment agreement with Haidong City, Qinghai Province, to build a facility with a capacity of 50,000 tons of high-purity polysilicon. This project aims to enhance vertical integration, improve cost control, and boost margins. Production is expected to start in mid-2024, with plans for additional manufacturing facilities based on market conditions. The plant's location in Qinghai, which relies heavily on clean energy, will also help to reduce the carbon footprint of the products produced.

Canadian Solar Inc. has officially transitioned its corporate jurisdiction from British Columbia to Ontario, effective July 29, 2022. This decision was approved via a special resolution by shareholders during the annual meeting on June 22, 2022. Notably, no action is needed from existing shareholders regarding this change. Established in 2001, Canadian Solar is one of the leading global solar technology companies, having delivered around 71 GW of solar photovoltaic modules worldwide and developed over 6.6 GW of solar projects.

Canadian Solar Inc (NASDAQ: CSIQ) announced a conference call set for August 18, 2022, at 8:00 a.m. EDT to discuss its Q2 2022 results and outlook. Interested parties can join via various dial-in options or through a live webcast available on the investor relations section of their website. The company has delivered approximately 71 GW of solar modules globally and currently has 800 MW operating projects with an additional 5.3 GW in construction. A replay of the call will be available post-event until September 1, 2022.