The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Canadian Solar kicks off ‘transition year’ with 18MWh of storage shipments in Q1

LinkedIn
Twitter
Reddit
Facebook
Email

Canadian Solar shipped just 18MWh of energy storage in the first three months of the year, while growing its contracted revenues for the segment to US$1.3 billion.

As reported by Energy-Storage.news, the PV module and energy storage manufacturer doubled its energy storage shipments to 1.79GWh last year but warned it may only match that this year, forecasting 1.8-2GWh for 2023.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

For a roundup of its PV results, the bulk of the business, see coverage from our sister site PV Tech here.

It has started the year slowly, with only 18MWh of shipments in the first quarter and no guidance for the current (second) quarter. It has, however, grown its contracted revenues for storage from US$1 billion at the start of the year to US$1.3 billion today, and the slow start to 2023 has been expected.

“As we previously communicated, the first half of 2023 is expected to be a relatively small contributor to our utility scale (energy storage) project deliveries as we transition from a white label third party product to our own manufactured proprietary battery storage product,” said Yan Zhuang, president of CSI Solar, its main division.

“From a development and execution standpoint, our team is preparing for a busy second half of the year led by deliveries of our SolBank product. The fact that lithium carbonite prices have fallen by over 60% since the peak in Q4 of last year is also a demand driver.”

This week, it secured a second large order for a US BESS project from developer Aypa Power.

The firm’s long-term pipeline of energy storage projects remains around 47GWh, with no significant change from how this figures breaks down when comparing to the full-year 2022 results covered here.

Read Next

March 27, 2024
The energy storage arm of EV supercar technology firm Rimac has opened its UK innovation and manufacturing facility, where it will build the first units of its SineStack BESS platform.
March 21, 2024
A battery storage ‘gigafactory’ in India will commence operation in October this year, with a planned ramp-up to 20GWh annual production capacity within three years.
Premium
March 20, 2024
The European Union’s new Batteries Regulation will be a driver of change in how the energy storage system industry thinks about procurement and managing batteries at the end of life.
Premium
March 19, 2024
Executives from Northvolt discussed the gigafactory company’s ramp-up after a slow 2023 and how the company intends to be competitive in the global market, as well as cell technology, recycling, sourcing from China and an eventual IPO.
Premium
March 13, 2024
Kai-Philipp Kairies, CEO of analytics firm ACCURE, discusses some of the areas in which battery analytics can have the most impact on battery energy storage system (BESS) project success.

Most Popular

Email Newsletter