Canadian Solar Shares Climb 5% on Subsidiary's Major Overseas Energy Storage Contract

Stock News

03/17

Shares of Canadian Solar (CSIQ.US) rose 5% on Tuesday, reaching $18.95. The increase follows an announcement on March 17 that the company’s energy storage solutions subsidiary, e-STORAGE, has signed a supply agreement with a major overseas utility. Under the agreement, e-STORAGE will provide battery energy storage systems for a project with a capacity of approximately 500MW/2493MWh (DC). This project is designed to support the rapidly growing electricity demands of data centers and to enhance the resilience and reliability of the regional power grid. According to the agreement, e-STORAGE will supply around 500 units of its SolBank 3.0 energy storage system. The battery cells used in these systems are independently developed and manufactured by Canadian Solar. Shipment of the equipment is scheduled to begin in March 2027, with completion expected by July of the same year.

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The increase follows an announcement on March 17 that the company’s energy storage solutions subsidiary, e-STORAGE, has signed a supply agreement with a major overseas utility. Under the agreement, e-STORAGE will provide battery energy storage systems for a project with a capacity of approximately 500MW/2493MWh (DC). This project is designed to support the rapidly growing electricity demands of data centers and to enhance the resilience and reliability of the regional power grid. According to the agreement, e-STORAGE will supply around 500 units of its SolBank 3.0 energy storage system. The battery cells used in these systems are independently developed and manufactured by Canadian Solar. 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