Canadian Solar Launches New Modules across the HiKu, BiHiKu and HiDM Portfolios

GUELPH, Ontario, July 1, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today launches the super-high power Series 5 and Series 6 PV modules to celebrate Canada Day. These new modules will join the HiKu, BiHiKu and HiDM portfolios, expanding the range of high-power, high-efficiency monofacial and bifacial solar modules.

These new products incorporate Canadian Solar's proprietary and record-breaking cell technology, as well as the latest cutting-edge module designs, reflecting Canadian Solar's commitment to excellence, research and development of competitive and clean solar solutions.

Series 5 portfolio – HiKu5, BiHiKu5

HiKu5 and BiHiKu5 shall utilize Canadian Solar's industry-leading LeTID (light- and elevated temperature-induced degradation) mitigation technology and power classes of up to 500 W for a more powerful PV module. Available in both monocrystalline and polycrystalline cells, the LeTID of the HiKu5 is 50% lower than the industry standard. Improved module efficiency, high power classes, and leading PV module technology, enable the HiKu5 to lower the LCOE of an installation by up to 4.0%.

Series 6 portfolio – HiKu6, BiHiKu6

HiKu6 and BiHiKu6 shall offer super-high power classes of up to 590 W and module efficiency of up to 21.3%, utilizing Canadian Solar's advanced cell technology and module design. Relative to standard 405 W monocrystalline modules, HiKu6 modules generate up to 2.7% higher energy yield over the module lifetime, reduce the BOS (balance of system) cost by up to 5.6%, and reduce the LCOE by up to 4.5%, offering excellent value for large-scale installations.

Series 5 portfolio – HiDM5

HiDM5 expands upon the successful "Made in Canada" HiDM product line, manufactured in Canadian Solar's Guelph factory in Ontario. The HiDM5 module embodies elegance and function, combining a stylish aesthetic design with the best of Canadian Solar's shingled-cell design and mono cell technology. The HiDM5 will be available in power classes of up to 405 W. Relative to standard mono PV modules, the HiDM5 offers a 37% higher rooftop system capacity and 47% higher IRR from lower system costs, making it an ideal module for residential installations. 

"Since I founded the Company in Canada 19 years ago, I am proud that Canadian Solar has become a leader in the development and deployment of the latest solar technologies. As reflected in today's announcement, our commitment is to develop leading technology that will deliver more solar energy more cost-effectively," said Dr. Shawn Qu, Founder, Chairman and CEO of Canadian Solar. "Our HiKu, BiHiKu and HiDM product ranges have always been at the forefront of PV module technology, and the launch of the new Series 5 and Series 6 modules is another important achievement as we continue to provide powerful, efficient and high-quality solar solutions."

The new products will be backed by competitive warranties and Canadian Solar's commitment to high quality customer service. Series 5 and Series 6 portfolios further expand the Company's broad range of PV products, with modules and services available to meet customers' solar needs.

To learn more about the new products, register to join a webinar.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 43 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. 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 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; delays in the completion of project sales; 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 28, 2020. 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.

SOURCE Canadian Solar Inc.