- Press Releases
September 20 (Renewables Now) - Solar manufacturer and developer Canadian Solar Inc (NASDAQ:CSIQ) is launching a proprietary battery storage product for utility-scale applications, called the SolBank, and plans to expand its battery manufacturing capacity to 10 GWh by the end of 2023 from the existing 2.5 GWh.
The SolBank, a lithium iron phosphate (LiFePO4) chemistry-based battery of up to 2,800 kWh, is a product of CSI Energy Storage, which is part of Canadian Solar’s majority-owned subsidiary CSI Solar Co Ltd. It is currently produced at CSI Energy Storage’s workshops with an annual manufacturing capacity of 2.5 GWh in China's Jiangsu Province.
CSI Energy Storage also provides additional services such as commissioning and integration, turnkey project execution and long-term operation. At the end of the second quarter, its system integration unit had a pipeline of 11 GWh, of which 861 MWh under long-term service agreements and 1.9 GWh under construction or contracted.
According to Canadian Solar chairman and chief executive Shawn Qu, the new product “is one of the best in the market in terms of product safety and cost competitiveness.” He also commented that solar plus battery storage will be a key solution to fight climate change.
The SolBank is being presented at the RE+ trade show this week in Anaheim, California.