Canadian Solar and its majority-owned subsidiary CSI Solar announced the rebranding of its utility-scale battery energy storage subsidiary and platform to e-STORAGE, which was previously operated as CSI Energy Storage.
The platform is built upon CSI Solar's proprietary designed and manufactured lithium iron phosphate (LiFePO4) chemistry-based battery solution SolBank, which is engineered to be one of the safest and most robust systems for utility-scale storage applications.
"By creating a distinct e-STORAGE brand for our utility-scale turnkey battery storage business, we are further demonstrating that our battery energy storage business has risen to equal significance of long-standing solar business," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
As of July this year, e-STORAGE launches with nearly 26 GWh of energy storage projects in its total pipeline and over $1.7 billion of contracted revenues, up from $1 billion in January, providing significant growth visibility over an upcoming multi-year period.
Currently, e-STORAGE operates two fully automated and industry-leading manufacturing facilities and expects to reach an annual capacity of 10 GWh. With the rebranding, e-STORAGE is well-positioned and will fuel its growth in the global energy storage market, providing high-quality, scalable energy storage solutions for power grid carbonization and renewables deployment.
Alongside the growth of the renewable energy market, Canadian Solar has been expanding its global presence in recent years through a series of investments, business restructuring and adjustments. In April, it announced the rebranding of its wholly-owned Global Energy subsidiary as Recurrent Energy, from dedication to the North American projects to the broader global development and services businesses.