ONTARIO, Canada, June 12, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that it delivers 1 MW of high efficiency ELPS solar modules for a research and testing plant – installed by Nordwest Solar - in the German area Emsland. In various zones of the 3 hectare-sized solar park located in Werlte different characteristics of solar modules will be tested in order to achieve new insights to increase efficiency. Construction is planned to start in June. The PV plant is one of the first projects in Germany where Canadian Solar's ELPS technology will be installed.
The research and testing plant with a capacity of 1 MW was initiated by Institut fur Erneuerbare Energien GmbH & Co. KG (IEE), 3N-Kompetenzzentrum Niedersachsen Netzwerk Nachwachsende Rohstoffe and the municipality Werlte. Due to their delivery reliability Grosshandelszentrum fur Photovoltaik Redpoint Solar GmbH was selected as supplier for the system components of the solar testing field. Right from the planning stage of this challenging project and the installation of the i.a. ELPS solar modules of Canadian Solar the IEE has relied on experience and competence and cooperates with Nordwest Solar Energiesysteme GmbH, one of the leading companies in the PV industry.
"The Northern part of Germany is incorrectly seen to be less interesting for PV installations. We want to show which advantages result from lower temperatures and therefore a lower decrease of performance of the modules. Thus we have chosen the technologically leading Canadian Solar modules with the new ELPS technology," said Jorg Klingenberg (IEE). Canadian Solar's ELPS cells feature a Metal Wrap Through (MWT) design, and can absorb 3% more light per cell. As a result, ELPS modules deliver up to 7% more electricity than similar configuration conventional solar modules.
"Increasing efficiency is the most important topic for the solar industry. With our ELPS technology we made a big leap as our most recent in-house test showed results of 21.1 percent efficiency with our proprietary mono ELPS solar cell. Therefore we are very pleased that this technology will be used in Werlte," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
About Canadian Solar
Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please 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 the risks regarding the previously disclosed SEC investigation as well as 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 Germany; 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; 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 27, 2012. 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. You 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.
Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., firstname.lastname@example.org Daniel Heck, Director, EMEA Marketing, Canadian Solar Inc., email@example.comDavid Pasquale, Global IR Partners, +1-914-337-8801, firstname.lastname@example.org