Canadian Solar Sees Sales Increase for Energy Storage Solutions in Canada

Green, renewable sources of energy will play a major role in reducing carbon emissions and combating climate change. However, the power output from these sources isn’t consistent and tends to peak when energy use is low.

Stationary energy storage facilities can be used to store this excess energy, which is typically generated during the day, and release it back into the grid at night when most of the population is home and energy consumption peaks.

The market for stationary storage solutions is poised to explode as the use of solar energy becomes more prominent. Canadian Solar, an Ontario-based company that produces solar photo-voltaic modules, is already making a killing.

Last year, the Canadian company’s subsidiary CSI Solar shipped 896 MWh of battery storage after only a year in the battery storage segment. A recent annual report shows that the company shipped 14.5 GW of stationary energy storage in 2021, a 21% increase from its 2020 output. Canadian Solar’s manufacturing arm earned a whopping $1.34 billion in the last quarter of 2021, adding up to a total of $4.37 billion in revenue for the year. This was a 41% increase from the previous year’s revenue.

The battery business is growing fast, with chairman and CEO of the company, Dr. Shawn Qu, stating that the increased interest in stationary storage solutions helped to boost the company’s 2021 sales. In 2021, CSI Solar made $222 million from the sale of battery storage solutions up from $7.9 million the previous year.

The solar company expects to grow its share of the solar module market and intends to continue investing in technology and upstream capacity. Qu added that Canadian Solar will launch its own battery storage product in the near future. The company raised $150 million in a share offering last year, which will mostly be allocated to further develop its battery storage products. It will also up its battery storage shipments from 1.4 GWh to 1.5 GWh in 2021 to 1.8 GWh to 1.9 GWh in 2022.

Business is booming for Canadian Solar and its subsidiary. By February, the company delivered 300 MWh of operational battery storage under service agreement models that will provide recurring income over the long term. CSI Solar also had equipment deals worth 2,043 MWh, which it expects to deliver within 18 months. Canadian Solar estimates that it has around 75% probability or higher of gaining another 390 MWh of deals within the year and less than 75% of contracting a further 3,619 MWh of potential business.

Other companies in the energy storage segment, including StorEn Technologies Inc., are also seeing growing interest in their products, so we are likely to see more deployments of different battery energy storage systems ideal for various applications.

NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn

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