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Canadian Solar's(CSIQ) Arm Unveils 11GWh Storage Pipeline in US
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Canadian Solar’s (CSIQ - Free Report) subsidiary, Recurrent Energy, recently announced the expansion of its energy storage footprint in the United States with several leading Battery Energy Storage Systems, set to be built in 2021 and 2022.
Notably, Recurrent Energy is developing photovoltaic solar plus energy storage and standalone storage projects, with a pipeline of 11 gigawatt-hour (GWh) of battery storage projects across the United States.
Canadian Solar’s Prospects in U.S. Battery Storage
Increased use of large-scale battery storage systems across the power grid in the United States has set the stage for notable growth in the nation’s energy storage market. Factors like increasing demand for power and energy storage systems in critical infrastructure, adoption of grid energy storage solutions, efforts to modernize the grid and increasing use of lithium-ion battery-based energy storage systems due to superior functionality have been boosting the U.S. battery storage market.
Empirically, 23.8 gigawatt-direct current of new solar capacity are expected to come online in 2021 in the United States, along with nearly 12 GWh of battery storage, reflecting more than 100% growth in capacity. This must have encouraged solar players like Canadian Solar to undertake significant initiatives that have resulted in 2.3 GWh of late-stage storage projects in its pipeline.
These initiatives include a long-term contract between Recurrent Energy and Southern California Edison, a subsidiary of Edison International (EIX - Free Report) , for the 200 MW Crimson solar project. Further, Recurrent Energy has joined forces with Southern Power and AIP Management to provide energy storage-related development services to Tranquillity solar project and Garland solar project. The company also continues to expand its energy storage system through Slate project and Mustang solar project.
Peer Moves
Other solar players like Enphase Energy (ENPH - Free Report) and Sunrun (RUN - Free Report) have been taking notable initiatives as well.
In January 2021, Enphase Energy inked a deal with Solar Optimum, an Enphase Installer Network Platinum member, per which the latter will begin its deployment of Enphase Storage with homeowners across Southern California. Solar Optimum aims at offering Enphase Storage systems, with a team dedicated to promote Enphase’s all-in-one solar plus storage products as the premier home energy management solution.
In May 2021, Sunrun entered into a partnership agreement with Ford Motor Company to provide Intelligent Backup Power solutions to its customers. With this deal, both companies will provide customers with a chance to install a solar and battery system at home and charge up their household with clean and affordable energy, along with charging their F-150 Lightning with solar power.
Price Movement
In the past 12 months, Canadian Solar’s shares have gained 107.5% compared with the industry’s growth of 85.8%.
Image Source: Zacks Investment Research
Zacks Rank
Canadian Solar currently carries a Zacks Rank #5 (Strong Sell).
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Image: Bigstock
Canadian Solar's(CSIQ) Arm Unveils 11GWh Storage Pipeline in US
Canadian Solar’s (CSIQ - Free Report) subsidiary, Recurrent Energy, recently announced the expansion of its energy storage footprint in the United States with several leading Battery Energy Storage Systems, set to be built in 2021 and 2022.
Notably, Recurrent Energy is developing photovoltaic solar plus energy storage and standalone storage projects, with a pipeline of 11 gigawatt-hour (GWh) of battery storage projects across the United States.
Canadian Solar’s Prospects in U.S. Battery Storage
Increased use of large-scale battery storage systems across the power grid in the United States has set the stage for notable growth in the nation’s energy storage market. Factors like increasing demand for power and energy storage systems in critical infrastructure, adoption of grid energy storage solutions, efforts to modernize the grid and increasing use of lithium-ion battery-based energy storage systems due to superior functionality have been boosting the U.S. battery storage market.
Empirically, 23.8 gigawatt-direct current of new solar capacity are expected to come online in 2021 in the United States, along with nearly 12 GWh of battery storage, reflecting more than 100% growth in capacity. This must have encouraged solar players like Canadian Solar to undertake significant initiatives that have resulted in 2.3 GWh of late-stage storage projects in its pipeline.
These initiatives include a long-term contract between Recurrent Energy and Southern California Edison, a subsidiary of Edison International (EIX - Free Report) , for the 200 MW Crimson solar project. Further, Recurrent Energy has joined forces with Southern Power and AIP Management to provide energy storage-related development services to Tranquillity solar project and Garland solar project. The company also continues to expand its energy storage system through Slate project and Mustang solar project.
Peer Moves
Other solar players like Enphase Energy (ENPH - Free Report) and Sunrun (RUN - Free Report) have been taking notable initiatives as well.
In January 2021, Enphase Energy inked a deal with Solar Optimum, an Enphase Installer Network Platinum member, per which the latter will begin its deployment of Enphase Storage with homeowners across Southern California. Solar Optimum aims at offering Enphase Storage systems, with a team dedicated to promote Enphase’s all-in-one solar plus storage products as the premier home energy management solution.
In May 2021, Sunrun entered into a partnership agreement with Ford Motor Company to provide Intelligent Backup Power solutions to its customers. With this deal, both companies will provide customers with a chance to install a solar and battery system at home and charge up their household with clean and affordable energy, along with charging their F-150 Lightning with solar power.
Price Movement
In the past 12 months, Canadian Solar’s shares have gained 107.5% compared with the industry’s growth of 85.8%.
Zacks Rank
Canadian Solar currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>