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Canadian Solar (CSIQ) Renames CSI Solar Energy Storage Unit
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Canadian Solar Inc. (CSIQ - Free Report) recently took the initiative to undergo a brand name change for its CSI Solar Energy Storage division, which is now renamed e-STORAGE. Through this rebranding, Canadian Solar aims to expedite the expansion of its integrated utility-scale battery energy storage venture.
Canadian Solar’s Prospects in Energy Storage
Per the report from Bloomberg New Energy Finance, global energy storage installations are likely to grow 15-fold by 2030, and nearly 1,100 gigawatt-hour (GWh) of new energy storage capacity is anticipated to come online over the 2022-2030 period.
Amid such abounding growth prospects, Canadian Solar holds solid potential for expansion with its state-of-the-art products and solutions for storage. e-STORAGE currently boasts a storage project pipeline of 26 GWh, and the division has $1.7 billion of contracted revenues as of July 2023. The contracted revenue count suggests a significant improvement from $1 billion in January 2023.
During 2022, the company launched SolBank, a battery storage enclosure with up to 2.8 megawatt-hour (MWh) of usable energy capacity, specifically engineered for utility-scale applications. CSIQ has installed 2.7 GWh of SolBank across the United States, Canada, the United Kingdom and China and plans to expand the total annual capacity to 10.0 GWh by December 2023.
Further, toward the end of 2022, the company launched its residential battery storage product, EP Cube. Such an impressive product portfolio and exponential energy storage market growth prospects are likely to act as a tailwind for the e-STORAGE business unit’s prospects and enable it to fetch a handful of returns for Canadian Solar’s overall top-line performance.
Peer Strategy
To reap the benefits of the growing energy storage demand, apart from CSIQ, solar companies that are offering impressive products in the energy storage realm are as follows:
SolarEdge (SEDG - Free Report) : In 2022, the company launched the Energy Bank residential battery. In the second quarter of 2022, SolarEdge announced the opening of Sella 2, a 2 GWh li-Ion battery cell manufacturing facility located in South Korea. It is expected to reach full manufacturing capacity in 2023.
SEDG boasts a long-term earnings growth rate of 33.1%. The Zacks Consensus Estimate for SolarEdge’s 2023 sales implies a growth rate of 32.6% from the prior-year reported figure.
Enphase Energy (ENPH - Free Report) : The company enjoys a valuable position in the solar market by manufacturing fully integrated solar-plus-storage solutions. Its next-generation batteries in North America are the Enphase Encharge 3 and Encharge 10 storage systems with a usable and scalable capacity of 3.4 kWh and 10.1 kWh, respectively. The company expects the ramping up of its third-generation IQ battery in North America and Australia in the second half of 2023.
Enphase boasts a long-term earnings growth rate of 24.7%. The Zacks Consensus Estimate for ENPH’s 2023 sales calls for a growth rate of 32% from the prior-year reported figure.
SunPower (SPWR - Free Report) : Its battery storage system, SunVault Storage, provides whole-home backup. It offers double the energy from the previous configurations of 26 kWh and 52 kWh. Its features include maximum energy savings with powerful charge and discharge during peak rate times, larger battery capacity and battery stability for maximum safety and efficiency.
The Zacks Consensus Estimate for SPWR’s 2023 sales suggests a growth rate of 19.6% from the prior-year reported figure. The Zacks Consensus Estimate for its 2024 sales implies a growth rate of 15.6% from the prior-year estimated figure.
Price Movement
In a year, shares of Canadian Solar have soared 31.2% compared with the industry’s growth of 11%.
Image: Bigstock
Canadian Solar (CSIQ) Renames CSI Solar Energy Storage Unit
Canadian Solar Inc. (CSIQ - Free Report) recently took the initiative to undergo a brand name change for its CSI Solar Energy Storage division, which is now renamed e-STORAGE. Through this rebranding, Canadian Solar aims to expedite the expansion of its integrated utility-scale battery energy storage venture.
Canadian Solar’s Prospects in Energy Storage
Per the report from Bloomberg New Energy Finance, global energy storage installations are likely to grow 15-fold by 2030, and nearly 1,100 gigawatt-hour (GWh) of new energy storage capacity is anticipated to come online over the 2022-2030 period.
Amid such abounding growth prospects, Canadian Solar holds solid potential for expansion with its state-of-the-art products and solutions for storage. e-STORAGE currently boasts a storage project pipeline of 26 GWh, and the division has $1.7 billion of contracted revenues as of July 2023. The contracted revenue count suggests a significant improvement from $1 billion in January 2023.
During 2022, the company launched SolBank, a battery storage enclosure with up to 2.8 megawatt-hour (MWh) of usable energy capacity, specifically engineered for utility-scale applications. CSIQ has installed 2.7 GWh of SolBank across the United States, Canada, the United Kingdom and China and plans to expand the total annual capacity to 10.0 GWh by December 2023.
Further, toward the end of 2022, the company launched its residential battery storage product, EP Cube. Such an impressive product portfolio and exponential energy storage market growth prospects are likely to act as a tailwind for the e-STORAGE business unit’s prospects and enable it to fetch a handful of returns for Canadian Solar’s overall top-line performance.
Peer Strategy
To reap the benefits of the growing energy storage demand, apart from CSIQ, solar companies that are offering impressive products in the energy storage realm are as follows:
SolarEdge (SEDG - Free Report) : In 2022, the company launched the Energy Bank residential battery. In the second quarter of 2022, SolarEdge announced the opening of Sella 2, a 2 GWh li-Ion battery cell manufacturing facility located in South Korea. It is expected to reach full manufacturing capacity in 2023.
SEDG boasts a long-term earnings growth rate of 33.1%. The Zacks Consensus Estimate for SolarEdge’s 2023 sales implies a growth rate of 32.6% from the prior-year reported figure.
Enphase Energy (ENPH - Free Report) : The company enjoys a valuable position in the solar market by manufacturing fully integrated solar-plus-storage solutions. Its next-generation batteries in North America are the Enphase Encharge 3 and Encharge 10 storage systems with a usable and scalable capacity of 3.4 kWh and 10.1 kWh, respectively. The company expects the ramping up of its third-generation IQ battery in North America and Australia in the second half of 2023.
Enphase boasts a long-term earnings growth rate of 24.7%. The Zacks Consensus Estimate for ENPH’s 2023 sales calls for a growth rate of 32% from the prior-year reported figure.
SunPower (SPWR - Free Report) : Its battery storage system, SunVault Storage, provides whole-home backup. It offers double the energy from the previous configurations of 26 kWh and 52 kWh. Its features include maximum energy savings with powerful charge and discharge during peak rate times, larger battery capacity and battery stability for maximum safety and efficiency.
The Zacks Consensus Estimate for SPWR’s 2023 sales suggests a growth rate of 19.6% from the prior-year reported figure. The Zacks Consensus Estimate for its 2024 sales implies a growth rate of 15.6% from the prior-year estimated figure.
Price Movement
In a year, shares of Canadian Solar have soared 31.2% compared with the industry’s growth of 11%.
Image Source: Zacks Investment Research
Zacks Rank
Canadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.