Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced on May 11 through PRNewswire that the company has acquired a minority equity interest in eNow, a U.S. company specializing in solar-based energy management system for the commercial transportation industry. Canadian Solar is now a 10% shareholder of eNow.
The investment will accelerate the expansion and growth of photovoltaic (PV) based mobile energy solutions-utilizing Canadian Solar's PV development and production expertise-and expand eNow's global reach. The partnership brings to market Canadian Solar's leading module technology interfacing with the unique power management system designed by eNow. The solar-based energy management system for commercial vehicles will help to reduce the energy consumption and CO2 emission during engine idling, and also can power vehicles' auxiliary systems.
"While we have become one of the world leading solar energy solution providers with close to 20 GW module deployment since 2001, I still remember we started very small in 2001 when we provided a 3 W solar power battery trickle charging system for cars. eNow's power management for the commercial transportation industry is a big step forward from Canadian Solar's first product. We see a great potential for the transportation industry. It will reduce transportation fuel costs while making a significant impact in cutting vehicle emissions." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
"We are honored to have received funding from Canadian Solar," said Jeff Flath, Founder & CEO of eNow. "Their tremendous expertise, technology innovation and global credibility in the solar industry could not be matched. We see this investment and partnership as more proof of the viability of Energy-as-a-Service and the increasing demand for sustainable solutions in the commercial transportation industry."
eNow Founded in 2011 in Providence, Rhode Island, eNow is the market leader in designing, developing and manufacturing solar-based power systems for the commercial trucking, RV, and Marine industries. eNow's solutions are known for their durability, superior power, low cost, and quick return on investment. Over the past several years, eNow has made great progress within the transportation industry, including partnerships with industry leaders such as Dometic Group, Mitsubishi Fuso, Freightliner, Navistar, IdleAir and Vanner. The eNow solar solution is sold through OEMs and Aftermarket Dealers. www.enowenergy.com
Canadian Solar Inc. Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.