Tag Archives: UTI

70mai Launches the 2-Hour Full Recharged Power Station

December 2, 2022 TechENT Syndication Leave a comment

Tera 1000, brings users with the endless power on the move

SHANGHAI, Dec. 2, 2022 /PRNewswire/ — 70mai, an industry leading consumer electronics brand, announced today its official launch of 70mai Power Station Tera 1000. This durable & easy-to-use power station first debuted for pre-order last year, and it had achieved over $1.5 million in sales globally.

Tera 1000 is now officially available in the US on 70mai Official Store. Packed with clean electricity and solar charging, Tera 1000 is made for everyday power needs at home, off the grid, or on the way.

2-Hour full recharging for durable & reliable power

With 1200W rated power & 2400W surge power and 10 outlets, Tera 1000 is designed to provide stable power to any mobile devices, majority of outdoor equipment and home appliances, even for car batteries.

Tera 1000 can be charged in 4 flexible ways: via AC outlet, gas generator, car cigarette lighter and solar panel. With advanced inverter technology, Tera 1000 fully recharges in as fast as 2 hours, or recharge to 80% in 1 hour.

Generates 50% less heat, while operates quieter

Tera 1000 is the industry’s first power station which is equipped with 3 built-in ventilation spaces, including a diecast aluminum heatsink. It achieves industry-leading level heat dissipation as Tera 1000 generates 50% less heat than competitors when working under the same condition.

The industry-pioneering ventilation structure replaces traditional fan cooling, enabling Tera 1000 to operate without the humming or buzzing noise. This guarantees that Tera 1000 gives users power along with extreme peace and quiet.

User friendly

Tera 1000 offers users a firm and comfortable grip with its ergonomic silicone handle. Equipped with a patented 2-in-1 inverter, Tera 1000 eliminates the bulky adapter, which allows users to carry energy around without being dragged down by extra weights.

Connected with 70mai APP through bluetooth to control remotely, Tera 1000 allows users to check status in real-time, monitor carbon emissions savings and so on.

“We are excited to officially introduce our Power Station Tera 1000 to the US, which is a step-up from existing options on the market. Tera 1000 embodies our dedication to prioritize reliability and ease of use, which we believe will truly create value for our customers.” – Product Manager From 70mai Power

To learn more about Tera 1000 and get a special deal, please visit 70mai.Store.

globalmaketing@70mai.com

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Meeting of Global Alliance of Leaders in Paris

December 2, 2022 TechENT Syndication Leave a comment

NUR-SULTAN, Kazakhstan, Dec. 2, 2022 /PRNewswire/ — On November 29, 2022, meeting of Global Alliance of Leaders for Nuclear Security and Nuclear-Weapon-Free World (GAL), which unites political leaders, diplomats, experts, Nobel peace prize laureates, heads of international NGOs from 45 countries, was held at Dialogue of Continents forum in Paris.

Meeting of Global Alliance of Leaders in Paris

The participants discussed challenges over the war in Ukraine during session “How to avoid nuclear war?”.

In her speech, Angela Kane, former UN Deputy Secretary-General, stressed that nuclear escalation became possible scenario in current geopolitical crisis.

“There are currently two risks. First is destruction of Zaporizhzhia nuclear power plant resulting in a nuclear catastrophe. Second scenario is possibility of using nuclear weapons. This conflict upended all progress that remained for past 60 years in arms control field,” – stressed the expert.

In turn, Urban Rusnak, former Secretary-General of Energy Charter, Ambassador, Ministry of Foreign Affairs, Slovak Republic, noted that in light of recent international events, steps taken by Kazakhstan on voluntary denuclearization are of particular value.

“Situation in Ukraine, which, like Kazakhstan, had nuclear potential and went through denuclearization, is of particular concern. Until recently, it was difficult to imagine that nuclear infrastructure facilities could become targets for attacks,” – stressed the speaker.

Ariel Cohen, Senior Fellow, Atlantic Council, Director of Energy and Security Program (ITIC), focused audience’s attention on consequences of incidents involving nuclear reactors in a warzone.

“If Zaporizhzhia nuclear reactor security is compromised, that will raise catastrophic consequences not just for Ukraine, but for nuclear security in general. International mechanism to ensure security of nuclear power reactors is broken,” – summed up the expert.

Summing up the session, Kairat Abuseitov, a well-known Kazakhstani diplomat, from Nursultan Nazarbayev Foundation, noted that Kazakhstan has a unique example of voluntary denuclearization.

“The country possessed world’s fourth largest nuclear arsenal (in 1991). Kazakshtan had the right to be nuclear-weapon-state. But chose a different path,” – concluded the speaker.

In conclusion, participants agreed that lack of political will to resolve issues of nuclear non-proliferation is fraught with further escalation, and importance of dialogue platforms which could restore lost mutual trust between nuclear states is important as never before.

GAL meeting was held during an official visit of the President of the Republic of Kazakhstan Kassym-Zhomart Tokayev to France. Kazakhstan, which produces 42% of world’s uranium, actively develop cooperation with France and EU in the field of peaceful atom and nuclear nonproliferation.

PR Newswire

Masdar-led consortium strengthens partnership to advance landmark 4 GW green hydrogen program in Egypt

November 17, 2022 TechENT Syndication Leave a comment

UAE’s Masdar, Hassan Allam Utilities, and Infinity Power sign framework agreement with Egyptian state-backed entities for the development of green hydrogen and derivatives’ production facilities
First plant scheduled to be operational by 2026; consortium targeting capacity of 4 GW by 2030, and an output of up to 480,000 tons of green hydrogen per year
Agreement highlights UAE’s support for Egypt’s clean energy objectives; follows Masdar’s historic announcement of 10 GW wind project in country

ABU DHABI, UAE, Nov. 17, 2022 /PRNewswire/ — Masdar, the UAE’s flagship clean energy company, and its consortium partners, Infinity Power Holding and Hassan Allam Utilities, announced that they have signed a framework agreement with leading Egyptian state-backed organizations on the development of a 2 gigawatt (GW) green hydrogen project in the Suez Canal Economic Zone (SCZONE).

The Masdar-led consortium signed two Memorandums of Understanding (MoUs) in April with Egyptian entities, related to the development of two green hydrogen production plants in the country, one in the SCZONE and the other on the Mediterranean. The consortium is targeting an electrolyzer capacity of 4 gigawatts (GW) by 2030, and an output of up to 480,000 tonnes of green hydrogen per year.

Yesterday’s agreement was signed on the sidelines of the 2022 United Nations Climate Change Conference (COP27) in the presence of HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Special Envoy for Climate, and Chairman of Masdar, HE Dr Mohamed Shaker El-Markabi, Egypt’s Minister of Electricity and Renewable Energy and HE Hala Al-Said, Egypt’s Minister of Planning and Economic Development. HE Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and HE Mariam Al Kaabi, UAE Ambassador to Egypt were also present.

The signatories were Mohammad Abdelqader El-Ramahi, Director for Asset Management, Technology and Green Hydrogen, at Masdar, Amr Allam, Chief Executive Officer of Hassan Allam Utilities, and Mohamed Ismail Mansour, Chairman of Infinity Power Holding. CEOs from the state-backed organizations also attended the event.

H.E. Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, UAE Special Envoy for Climate, and Chairman of Masdar, said, “Today’s announcement serves to strengthen the ties between the United Arab Emirates and the Republic of Egypt and highlights our two nations’ commitment to delivering zero-carbon energy solutions. This 4 GW green hydrogen program follows Masdar’s announcement last week of a 10-gigawatt wind project in Egypt, also with our partners Hassan Allam Utilities and Infinity Power Holding – both will support Egypt’s decarbonization objectives. Through Egypt’s hosting of COP27, our two countries have also been able to exchange expertise and share insights that we will take forward and build on in the UAE when we host COP28 next year.”

Mohamed Ismail Mansour, Chairman, Infinity Power, said, “We are honored to be working on our first ever Green Hydrogen project, as a part of the consortium with Masdar and Hassan Allam Utilities. The project is expected to facilitate economic growth for the country as well as help position Egypt as a Green Fuel Hub, propelling the country forward on its journey in becoming a green economy. We look forward to being a part of many such projects in the future.”

Amr Allam, CEO of Hassan Allam Holding, said, “Such strategic partnerships between Hassan Allam Utilities, Masdar, and Infinity Power provide more opportunities that support Egypt’s transition towards a green economy and promote sustainable development across the country. We are proud to contribute to the development of green hydrogen production facilities in Egypt while leveraging the country’s abundant natural resources.”

Nayer Fouad, CEO, Infinity Power, said, “We are always working towards expanding our portfolio of services across all technologies of sustainable energy production. This is a milestone event for us at Infinity Power, and we look forward to continuing to build upon our efforts with more Green Hydrogen projects as we move forward towards making the vision of a sustainable Africa a reality.”

Mohammed Jameel Al Ramahi, CEO, Masdar, said: “Today’s announcement takes us a vital step closer to advancing this massive collaborative project, which stands to bolster Egypt’s energy independence and enable the production of high-value green hydrogen derivatives for export, like green ammonia. With the first green hydrogen molecule set to be produced by 2026, it is imperative we continue to maintain momentum to ensure timely completion of this groundbreaking undertaking.”

As per the agreement, the consortium will enter into a binding framework agreement with the SCZONE, the Egyptian New and Renewable Energy Authority (NREA), Egyptian Electricity Transmission Company (EETC), and The Sovereign Fund of Egypt (TSFE). The agreement sets out the key terms and conditions for the green hydrogen development program with a focus on the first phase of the program.

In the first phase of the project, the consortium will establish a green hydrogen manufacturing facility in the SCZONE, scheduled to begin operations by 2026. The electrolyzer facilities in the SCZONE and on the Mediterranean could be extended to up to 4 GW by 2030 to produce 2.3 million tonnes of green ammonia for export as well as supply green hydrogen for local industries.

Egypt enjoys abundant solar and wind resources that can allow for the generation of renewable power at a highly competitive cost, a key enabler for green hydrogen production and is located within proximity to markets where demand for green hydrogen is expected to grow the most, providing a robust opportunity for export.

Masdar, Infinity Power and Hassan Allan Utilities last week announced they had signed an agreement to develop a 10 GW onshore wind project in Egypt – one of the largest wind farms in the world. Once completed, the wind farm will reduce carbon dioxide emissions by 23.8 million tonnes a year – equivalent to 9 percent of Egypt’s current output

Egypt is targeting renewables to make up 42 percent of its energy mix by 2035, while Egyptian authorities are reportedly working to revise the country’s renewable energy strategy to include green hydrogen.

Africa could capture as much as 10 percent of the global green hydrogen market, helping to create up to 3.7 million jobs and adding as much as US$120 billion to the continent’s gross domestic product (GDP), according to a report issued jointly by Masdar and its Abu Dhabi Sustainability Week (ADSW) platform at COP27 last week.

Active in more than 40 countries across the world, Masdar is invested in a portfolio of renewable energy assets with a combined value of more than US$20 billion and a total capacity of more than 15 GW. In December, it was announced that Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Company, and Abu Dhabi National Oil Company (ADNOC) will partner under the Masdar brand to create a truly global, clean-energy powerhouse intended to spearhead the drive to net-zero carbon by 2050 while cementing the UAE’s leading role in green hydrogen.

PR Newswire

CBAK Energy Reports Third Quarter 2022 Unaudited Financial Results

November 14, 2022 TechENT Syndication Leave a comment

–Net Revenues up 504% year over year in the third quarter –

DALIAN, China, Nov. 14, 2022 /PRNewswire/ — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy,” or the “Company”) a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the third quarter of 2022 ended September 30, 2022.

Third Quarter of 2022 Financial Highlights

Net revenues were $57.7 million, an increase of 504% from $9.6 million for the same period of 2021.
Gross profit was $3.5 million, representing an increase of 206%, for the three months ended September 30, 2022, from gross profit of $1.1 million for the same period of 2021.
Net loss attributable to shareholders of CBAK Energy (after deducting change in fair value of warrants) was narrowed to $0.9 million from $3.0 million for the same period of 2021, reduced by 68.6%.

Yunfei Li, Chairman and Chief Executive Officer of the Company, commented: “Our company managed to maintain a strong momentum in the growth of revenues in the third quarter of 2022. Our efforts to develop the electric vehicle (“EV”) & light electric vehicle(“LEV”) market have achieved noticeable progress. Our revenues contributed from the EV & LEV market in the third quarter grew by 413% compared to the same period in 2021. Our strategic partnership with JinPeng Group, one of China’s biggest LEV manufacturers, and its EV manufacturing unit, Jemmell, brings our battery products to an increasing number of electric vehicles. With our cooperation with more EV/LEV manufacturers, we anticipate to see our products be applied to more electric vehicles and revenues from this market segment grow at a faster pace.”

Mr. Li continued: “We are also glad to see that there is an increasing global demand for green energy, which substantially boost our energy storage business. We believe that our clients with businesses all over the world will keep a strong demand for our battery products in the near future.”

Xiangyu Pei, Interim Chief Financial Officer of the Company, noted: “In the first nine months of 2022, we managed to achieve a year-over-year increase of 681% in revenues to $194 million. During this period, revenues from our battery business grew by 168% to $66.6 million as compared to the same period of 2021, of which revenues from the LEV/EV sector have posted a strong increase of 341%. Given the strong demand for our battery products, we are very positive about our growth and development in the near term.”

Third Quarter of 2022 Business Highlights & Recent Developments

In August 2022, CBAK Energy announced a strategic partnership agreement with Welson Power, a China-based new energy company that has a broad sales network in India, to sell CBAK Energy’s model 32140 batteries in the Indian market.
In September 2022, CBAK Energy announced that it obtained a battery order worth of approximately EUR 28.4 million ($27.8 million) from a leading European provider of heating, cooling and renewable energy systems. This new order will bring the total order value that CBAK Energy has received from the Customer in 2022 to approximately EUR 59.6 million.

Third Quarter of 2022 Financial Results

Net revenues were $57.7 million, an increase of 504% from $9.6 million for the same period of 2021. This was driven mostly by strong sales of high-power lithium batteries as well as from sales of materials for use in manufacturing lithium battery, a new operating segment as a result of the acquisition of Zhejiang Hitrans Lithium Battery Technology Co., Ltd (“Hitrans”) in November 2021. The table below breaks down our net revenues by segment, and further breaks down the battery segment by end application and the materials segment by product type.

Net Revenues by End-product Applications ($ thousands)	2021 Third Quarter	2022 Third Quarter		% Change YoY
*Segment 1* High power lithium batteries used in:
Uninterruptible supplies	$9,335		$24,680	164 %
Light electric vehicles	227		1,146	404 %
Electric vehicles	–		20	–
Trading of raw materials used in lithium batteries	–		–	–
	9,562		25,846	170 %
*Segment 2* Materials for use in manufacturing of lithium battery cell Precursor Cathode	– –		20,681 11,195	– –
	–		31,876	–
Total	$9,562		$57,722	504 %

Cost of revenues was $54.3 million, an increase of 544% from $8.4 million for the same period of 2021. This was in line with the increased net revenues.

Gross profit was $3.5 million, representing an increase of 206% from $1.1 million in the same period of 2021. Gross Margin was 6%, a decrease of 6% from 12% in the same period of 2021. The decrease in gross profits was primarily due to the increase in raw material prices and the fact that our materials segment has a lower profit margin.

Total operating expenses were $4.9 million, an increase of 14.8% from $4.3 million in the same period of 2021. Most of the increase in all expense categories was the revenue growth and was largely attributable to an increase in headcount as result of the acquisition of Hitrans and additional hires in our new facility in Nanjing.

Research and development expenses were $2.4 million, an increase of 31% from $1.8 million for the same period of 2021.
Sales and marketing expenses were $0.8 million, an increase of 64% from $0.5 million for the same period of 2021.
General and administrative expenses were $1.9 million, a decrease of 14% from $2.2 million for the same period of 2021.
Recovery of doubtful accounts was $0.2 million, compared to $0.2 million for the same period of 2021.

Operating loss was $1.5 million, compared to $3.2 million for the same period of 2021, representing a decrease of 53.3%.

Finance income, net was $0.7 million, compared to $0.1 million for the same period of 2021, representing an increase of 433%.

Change in fair value of warrants was $0.9 million, compared to $23.0 million for the same period of 2021. The change in the fair value of the warrants liability is mainly due to share price movement.

Net loss attributable to shareholders of CBAK Energy was $290, compared to net income attributable to shareholders of CBAK Energy of $20.0 million for the same period of 2021.

Basic and diluted loss per share were both nil. In comparison, basic and diluted income per share for the same period of 2021 were both $0.23.

Conference Call

CBAK’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, November 14, 2022 (9:00 PM Beijing/Hong Kong Time on November 14, 2022).

For participants who wish to join our call online, please visit:
https://edge.media-server.com/mmc/p/jtk2vobi

Participants who plan to ask questions at the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal pin and an email with detailed instructions.

Participant Online Registration:
https://register.vevent.com/register/BI1d48d566e44b4cc3b22602d7960df36c

Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.

A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website:

https://edge.media-server.com/mmc/p/jtk2vobi

About CBAK Energy

CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian.

For more information, please visit www.cbak.com.cn.

Safe Harbor Statement

This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.

Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, trading in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely for three consecutive years, the effects of the global Covid-19 pandemic, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China’s legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain market for the Company’s lithium battery cells and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

For investor and media inquiries, please contact:

CBAK Energy Technology, Inc.
Investor Relations Department
Mr. Thierry Jiewei Li
Phone: 86-18675423231
Email: ir@cbak.com.cn

CBAK Energy Technology, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (In $ except for number of shares)
	December 31,		September 30,
	2021		2022
Assets
Current assets
Cash and cash equivalents	$	7,357,875		4,045,329
Pledged deposits		18,996,749		37,591,281
Trade and bills receivable, net		49,907,129		21,902,180
Inventories		30,133,340		52,709,868
Prepayments and other receivables		12,746,990		5,457,532
Receivables from former subsidiary		2,263,955		6,341,988
Amount due from non-controlling interest, current		125,883		112,424
Amount due from related party		472,061		210,796
Income tax recoverable		47,189		56,251
Investment in sales-type lease, net		790,516		815,013
Total current assets		122,841,687		129,242,662

Property, plant and equipment, net		90,042,773		88,154,577
Construction in progress		27,343,092		15,839,191
Long-term investments, net		712,930		917,768
Prepaid land use right- non current		13,797,230		12,081,968
Intangible assets, net		1,961,739		1,383,789
Operating lease right-of-use assets, net		1,968,032		571,851
Investment in sales-type lease, net		838,528		317,279
Amount due from non-controlling interest, non-current		62,941		56,212
Deferred tax assets, net		1,403,813		1,175,624
Goodwill		1,645,232		1,470,904
Total assets	$	262,617,997	$	251,211,825

Liabilities
Current liabilities
Trade and bills payable	$	65,376,212	$	70,532,360
Short-term bank loans		8,811,820		17,573,866
Other short-term loans		4,679,122		3,482,583
Accrued expenses and other payables		22,963,700		19,602,212
Payables to former subsidiaries, net		326,507		368,772
Deferred government grants, current		3,834,481		1,613,838
Product warranty provisions		127,837		104,053
Operating lease liability, current		801,797		304,574
Finance lease liability, current		–		1,173,589
Warrants liability		5,846,000		1,147,000
Total current liabilities		112,767,476		115,902,847

Deferred government grants, non-current		6,189,196		5,809,485
Operating lease liability		876,323		120,101
Product warranty provision		1,900,429		1,776,912
Total liabilities		121,733,424		123,609,345

Commitments and contingencies

Shareholders’ equity
Common stock $0.001 par value; 500,000,000 authorized; 88,849,222 issued and 88,705,016 outstanding as of December 31, 2021, 89,135,064 issued and 88,990,858 outstanding as of September 30, 2022		88,849		89,135
Donated shares		14,101,689		14,101,689
Additional paid-in capital		241,946,362		243,053,288
Statutory reserves		1,230,511		1,230,511
Accumulated deficit		(122,498,259)		(121,248,906)
Accumulated other comprehensive income (loss)		2,489,017		(12,382,483)
		137,358,169		124,843,234
Less: Treasury shares		(4,066,610)		(4,066,610)
Total shareholders’ equities		133,291,559		120,776,624
Non-controlling interests		7,593,014		6,825,856
Total of equities		140,884,573		127,602,480

Total liabilities and shareholders’ equity		262,617,997		251,211,825

CBAK Energy Technology, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (In $ except for number of shares)
	Three months ended					Nine months ended
	September 30,					September 30,
	2021		2022			2021		2022
Net revenues	$	9,562,190		57,721,692		$	24,867,393	$	194,267,650
Cost of revenues		(8,430,808)		(54,261,244)			(20,798,931)		(179,955,540)
Gross profit		1,131,382		3,460,448			4,068,462		14,312,110

Operating expenses:
Research and development expenses		(1,815,756)		(2,385,591)			(3,344,817)		(7,998,181)
Sales and marketing expenses		(510,386)		(834,501)			(1,262,999)		(2,361,839)
General and administrative expenses		(2,158,183)		(1,866,055)			(5,823,560)		(6,556,944)
Recovery of (provision for) doubtful accounts		178,897		142,966			437,475		(68,651)
Total operating expenses		(4,305,428)		(4,943,181)			(9,993,901)		(16,985,615)
Operating loss		(3,174,046)		(1,482,733)			(5,925,439)		(2,673,505)
Finance income, net		129,340		687,345			174,442		71,869
Other income (expenses), net		69,970		(991,352)			1,619,194		(1,165,094)
Impairment of non-marketable equity securities		(43)		–			(690,585)		–
Change in fair value of warrants		22,998,000		936,000			57,174,000		4,699,000
Income (loss) before income tax		20,023,221		(850,740)			52,351,612		932,270
Income tax credit (expenses)		–		2,012			–		(84,230)
Net income (loss)		20,023,221		(848,728)			52,351,612		848,040
Less: Net (income) loss attributable to non- controlling interests		(3,487)		848,438			(21,995)		401,313
Net income (loss) attributable to shareholders of CBAK Energy Technology, Inc.	$	20,019,734		(290)		$	52,329,617	$	1,249,353

Other comprehensive income (loss)
Net income (loss)		20,023,221		(848,728)			52,351,612		848,040
– Foreign currency translation adjustment		243,258		(8,925,745)			1,473,992		(15,620,472)
Comprehensive income (loss)		20,266,479		(9,774,473)			53,825,604		(14,772,432)
Less: Comprehensive loss (income) attributable to non-controlling interests		(3,404)		1,632,419			(16,024)		1,150,285
Comprehensive income (loss) attributable to CBAK Energy Technology, Inc.	$	20,263,075		(8,142,054)		$	53,809,580	$	(13,622,147)

Income (Loss) per share
– Basic	$	0.23	$	0.00	*	$	0.60	$	0.01
– Diluted	$	0.23	$	0.00	*	$	0.60	$	0.01

Weighted average number of shares of common stock:
– Basic		88,419,998		88,996,692			87,043,490		88,900,977
– Diluted		88,709,210		89,996,692			87,349,010		88,923,265

*	Less than $0.01 per share

View original content:https://www.prnewswire.com/news-releases/cbak-energy-reports-third-quarter-2022-unaudited-financial-results-301676651.html

Source: CBAK Energy Technology, Inc.

PR Newswire

Electrolux Q3 2022 Interim report: Weak North America and strength in emerging markets

October 28, 2022 TechENT Syndication Leave a comment

STOCKHOLM, Oct. 28, 2022 /PRNewswire/ —

Highlights of the third quarter of 2022

Net sales increased to SEK 35,244m (30,929), corresponding to an organic sales growth of 1.2%. Strong price execution and mix improvements were partly offset by significantly lower volumes driven by weaker market demand.
Operating income amounted to SEK -385m (1,639), corresponding to a margin of -1.1% (5.3).
Operating income includes a negative non-recurring item of SEK 350m, related to the exit from the Russian market, impacting business area Europe. Excluding this non-recurring item, operating income amounted to SEK -35m, corresponding to a margin of -0.1% (5.3). In addition to the weaker market environment, supply chain imbalances resulted in a significantly elevated cost level, mainly in business area North America that reported a loss of SEK 1.2bn.
A Group-wide cost reduction and North America turnaround program was initiated in the quarter and is expected to have a SEK 4-5bn positive earnings contribution in 2023. The program is expected to lead to a restructuring charge of SEK 1.2-1.5bn in the fourth quarter of 2022.
Income for the period amounted to SEK -605m (1,143) and earnings per share were SEK -2.23 (3.98).
Operating cash flow after investments was SEK -1,483m (-198), mainly a result of the reported loss.

President and CEO Jonas Samuelson’s comment

In the third quarter, the weaker market environment in combination with supply chain imbalances resulted in significantly lower volumes and operational inefficiencies that led to breakeven earnings, excluding the one-time cost to exit the Russian market. Price once again offset significant cost inflation, predominantly in raw materials and logistics. The year-over-year earnings decline was primarily driven by business area North America, that reported a substantial loss, but also by our European operations. Both of our other business areas, Latin America and Asia-Pacific, Middle East and Africa, increased earnings through successful product launch execution and good cost management.

High general inflation and low consumer confidence resulted in market demand declining in the quarter with the exception of Asia-Pacific, Middle East and Africa, where demand was solid. In Europe and the U.S., deteriorating consumer sentiment resulted in an accelerated demand decrease compared with the second quarter. The impact of the slowdown in consumer demand was further amplified by high retailer inventory levels. Consumer sentiment is also next year assessed to be negatively impacted by inflation and higher interest rates. Hence, market demand in both Europe and North America for the full-year of 2023 is expected to further deteriorate, i.e. be negative year-over-year.

Against this background, a Group-wide cost reduction and North America turnaround program was initiated in the quarter. We are also reviewing our production capacity needs given current market situation.

Cost reduction and North America turnaround program

The program is for the full-year of 2023 expected to result in a positive year-over-year earnings contribution of SEK 4-5bn from both Cost efficiency and reduced Investments in innovation and marketing. The activities implemented under the program will gradually contribute to earnings over the course of 2023 and into 2024. Total cost reduction from the program is estimated to be in excess of SEK 7bn. The majority of the targeted cost savings will be realized in business area North America. The program is expected to lead to a restructuring charge in the fourth quarter of 2022 in the range of SEK 1.2-1.5bn, which will be reported as a non-recurring item. 3,500-4,000 positions will be affected by the program. For the sake of clarity, the cost reduction from the program includes and replaces the previously communicated benefits from the SEK 8bn global re-engineering investments.

The Group-wide cost reduction element of the program will primarily focus on three areas.

One area is to eliminate cost inefficiencies in our supply chain and production by adapting sales and production plans to what can be supplied in a stable manner and to right-size the workforce in our factories.

Another area is to leverage the organizational changes which took effect on July 1 this year. Through these changes, we have created stronger global organizations for operations, sales, admin, R&D and IT, which is also enabling efficiency gains.

Finally, we are optimizing our R&D and marketing investments. This includes leveraging recent global investment programs in R&D and prioritizing the highest ROI-opportunities as well as centralizing marketing and brand building activities.

Regarding business area North America, I am obviously very disappointed with our performance. The production transformation with the two new facilities Anderson and Springfield including several new product platforms, in combination with the particularly challenging supply chain conditions, require additional measures to return to stability and profitability. In addition to the three areas mentioned above for the whole Group, key activities for the North America turnaround are to stabilize and improve operational planning and to significantly improve cost efficiency in Anderson and Springfield to ensure cost competitiveness in these new production facilities. We remain highly confident in the consumer appeal of the new product ranges, which also the sales execution in the quarter resulting in year-over-year market share gains proves.

Providing resource efficient products is at the core of our strategy and recently consumers have become more aware of both consumption and price of energy. Our new European built-in fridge freezer range is much more energy efficient and hence delivers significant electricity cost benefits to consumers as well as up to 20% less CO₂ emissions in the user phase than the previous range.

Although we are experiencing a challenging time, I am confident that Electrolux remains well positioned to create value and we will continue to invest in consumer experience innovations.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, October 28. Jonas Samuelson, President and CEO and Therese Friberg, CFO will comment on the report.

Details for participation by telephone

Sweden: +46 8 56 64 26 51
International/UK: +44 33 33 00 08 04
U.S.: +1 63 19 13 14 22

Pin/Passcode: 70461836#

Slide presentation for download

www.electroluxgroup.com/ir

Link to webcast

https://edge.media-server.com/mmc/p/2nrdyeek

For further information, please contact:
Sophie Arnius, Head of Investor Relations
+46 70 590 80 72
Electrolux Press Hotline,
+46 8 657 65 07

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 28-10-2022 08:00 CET.

The following files are available for download:

PR Newswire

Solar Cell Pioneer Wins the €1 Million Millennium Technology Prize

October 26, 2022 TechENT Syndication Leave a comment

HELSINKI, Oct. 26, 2022 /PRNewswire/ — The 2022 Millennium Technology Prize has been awarded to Scientia Professor Martin Green of the UNSW Sydney, Australia, for his innovation that has transformed the production of solar energy.

The €1 million global award for technology, conferred every two years, recognised Green’s leadership in the development of the Passivated Emitter and Rear Cell (PERC). Since its development in 1983, the PERC has gone on to become the most commercially viable and efficient silicon solar cell technology for use in solar panels and for large-scale electricity production, accounting for almost 90% of the global solar cell market.

Green developed the PERC with his team by improving the quality of both the top and the rear surface of standard silicon solar cells. When sunlight – in the form of particles called photons – enters a cell, it excites the electrons within the silicon. In this excited state, electrons can move through the cell, creating electric current.

The improved surface of the PERC allows the electrons to maintain this excited state – or move freely – for longer, resulting in greater and more efficient energy generation. The PERC has helped increase the conversion efficiency of standard solar cells by over 50% in relative terms from 16.5% in the early 1980s to 25% in the early 2000s.

The innovation has greatly reduced the costs of using solar panels, making solar energy more affordable than fossil-based alternatives. PERCs can also provide an energy supply to homes without them needing to be connected to a grid, ensuring a reliable power supply for remote communities.

Sauli Niinistö, President of the Republic of Finland and Patron of the prize, conferred the Millennium Technology Prize upon Green at a ceremony in Helsinki today.

Professor Green said: “It is a great honour to have been selected to receive such a prestigious prize. It not only recognises my contribution to photovoltaics [the conversion of light into electrical power], but also the achievements of my students and research colleagues at UNSW, as well as those of the broader photovoltaic research and commercial community.

“I believe the Prize will increase my credibility as a spokesperson for what needs to be done to address climate change. We need to switch from fossil fuels to renewable energy to sustain the trajectory of human civilization on our shared planet. The pace of change is accelerating and the world will shift to solar and wind energy over the coming decade. I believe a huge transformation of historic significance is underway.”

Green and his team are currently working on combined cell technologies to reach 40% solar cell efficiency by exploring options such as stacking cells on top of each other.

Green said: “Solar cells are increasingly being used to replace large power stations that use fossil fuels. In 2021, 20 countries or regions including Australia, Chile, Germany, Greece, Italy, Netherlands, Spain, Vietnam and California (US) generated between 8% to 25% of their total electricity supply from solar energy, with this number growing quickly.

“The rapid cost reductions in solar energy that my work has facilitated have come just in time, right at the point when the importance of acting immediately to address climate change has become overwhelmingly obvious.”

Professor Minna Palmroth, Chair of the Board of Technology Academy Finland, said: “Professor Green’s innovation has already and will continue to greatly enhance the quality of life for billions of people globally and enhance environmentally sustainable development, from national power grids to private housing.”

Professor Päivi Törmä, Chair of the International Selection Committee of the Millennium Technology Prize, said: “PERCs can help us provide low-cost energy solutions and mitigate climate change. Continued research on solar cells is needed to replace their constituents that have limited supply, such as silver, with more abundant alternatives.”

The 2022 ceremony celebrating Green’s innovation will be held alongside the Millennium Innovation Forum, also hosted by Technology Academy Finland, which runs from October 25-26. The Forum brings together internationally renowned experts to discuss how technology can solve the world’s greatest challenges.

Speakers include Bellingcat’s investigative journalist and Executive Director, Christo Grozev, who implicated the Russian government in the poisoning of opposition leader Alexei Navalny and is currently investigating war crimes being committed by Russia in Ukraine. It also features Tim O’Reilly, Web 2.0 forerunner and Silicon Valley expert; and Marissa Mayer, ex-CEO of Yahoo, and Google’s 20th employee and first female engineer.

The innovation forum’s session on diversity in research and development will be hosted by Finland’s Research and Innovation Council, which is chaired by Finnish Prime Minister.

There will be a press conference with Professor Martin Green at 9:00 am EEST (UTC+3) on 25th October 2022, embargoed until 25th October 2022, 6.30 PM EEST (UTC+3). Professor Green will also deliver a lecture at 5:10 pm EEST (UTC+3) on 26th October 2022.

For more information, press conference details or interview requests, please contact:

Saiansha Panangipalli
Email: saiansha@curzonpr.com and millenniumprize@curzonpr.com;
Tel: +91 99715 74820

Q/A with Martin Green about PERC:

https://docs.google.com/document/d/1M5qSa2GnIdH0clWpOHDXIxWZdKeiVUqx/edit?usp=sharing&ouid=107249428655872742154&rtpof=true&sd=true

Watch and download a video and photos about Professor Martin Green, the 2022 Millennium Technology Award prize winner: here.

About the Millennium Technology Prize:

The €1 million Millennium Technology Prize is the preeminent award focused on technological innovations for a better life. This includes work that improves human well-being, biodiversity, and wider sustainability. Overseen by the Technology Academy Finland, it was first awarded in 2004 and its patron is the President of the Republic of Finland. Winners are selected by a distinguished international panel of experts from academia and industry. Innovations must be backed up by rigorous academic and scientific research and fulfill several criteria, including promoting sustainable development and biodiversity, generating applications with commercial viability, and creating accessible socio-economic value.

Past winning projects range from DNA sequencing that helped to develop COVID-19 vaccines, to ethical stem-cell research and versatile, affordable smart technology. For other information, visit https://millenniumprize.org/.

The previous winners of the Millennium Technology Prize are:

2004 – Sir Tim Berners-Lee for the World Wide Web;
2006 – Professor Shuji Nakamura for the production of the first successful blue LED, the final step in creating a brilliant white LED;
2008 – Professor Robert Langer for his work in controlled drug delivery, the underlying technology behind mRNA vaccines.
2010 – Professor Michael Grätzel for third generation dye-sensitized solar cells, which promise electricity-generating windows and low-cost solar panels;
2012 – Joint winners: Professor Shinya Yamanaka, for ethical stem cell research and Linus Torvalds for the Linux open-source operating system, which has become the basis of Android smartphones, tablets, digital television recorders and supercomputers the world over;
2014 – Professor Stuart Parkin, for developing increased data storage density, which has enabled a thousand-fold increase in the storage capacity of magnetic disk drives;
2016 – Dr Frances Arnold, for her work on directed evolution, which mimics natural evolution to create new and better proteins in the laboratory, and is being used to create green alternatives to fossil-based raw materials;
2018 – Dr Tuomo Suntola, for atomic layer deposition (ALD), that enables manufacture of nanoscale thin material layers for microprocessors and digital memory devices, which has helped revolutionize smartphones.
2020 – Joint winners: Professor Shankar Balasubramanian and Professor David Klenerman, for the Next Generation Sequencing (NGS) technology that can accurately determine the complete DNA sequence of an organism at a low-cost and in super-fast times and has helped researchers identify the underlying factors in individuals that contribute to their immune response to COVID-19.

About the Millennium Innovation Forum:

The Millennium Innovation Forum brings together people from business, academia, and the public sector to discuss new solutions to global problems. This year’s forum is hosted by Jason Palmer, presenter of The Intelligence podcast published by The Economist. Sessions include Diversity in RDI, Green Transition, Digital Transformation and Resilience. For information on speakers, sessions and watching the forum and Professor Green’s lecture online, visit: https://millenniumprize.org/events/millennium-innovation-forum/

To request press accreditation for attending the Millennium Innovation Forum, visit: https://e.eventos.fi/events/tapaus/millennium-innovation-forum/mif-media

About Technology Academy Finland:

Technology Academy Finland (TAF) awards the global €1 million Millennium Technology Prize and runs associated events and initiatives. It provides an international meeting ground for corporate life, academia, and policymakers, and promotes Finland’s position in the global community.

The following files are available for download:

PR Newswire

ReneSola Power Announces Acquisition of Emeren

October 11, 2022 TechENT Syndication Leave a comment

STAMFORD, Conn., Oct. 11, 2022 /PRNewswire/ — ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced the acquisition of Emeren Limited (“Emeren”), a United Kingdom-based utility-scale solar power and battery projects developer in Europe. The acquisition transaction was completed on October 10 through an all-cash deal with an earn-out provision.

Emeren is currently comprised of over 22 employees and has been a strategic partner of Renesola Power to co-develop ground-mounted solar and storage projects in Italy since 2021. Emeren has over 2.5 GW of pipeline under development (at different development stages) including over 2 GW of solar projects and over 500 MW of storage projects.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, “ReneSola Power is committed to accelerating solar development in Europe, the largest market in our global presence. The timing of this acquisition is excellent as it increases our project pipeline in Europe at a time when solar power purchase agreement prices have increased dramatically due to a supply shortage and favorable regulatory conditions. Further, the prestigious reputation, financial profile, and industry experience of Emeren are valuable assets to ReneSola Power as we expand our business footprint into Italy and other European countries. The acquisition is expected to generate healthy EBITDA immediately.”

Guido Prearo, CEO of Emeren, added, “I’m very excited about this acquisition as it offers unique synergies. ReneSola Power’s significant project development expertise and resources will enable us to grow stronger and more dynamic and benefit our partners and trusted clients. At the same time, we bring in-depth knowledge of the Italian market and other key European solar markets. I am confident we will achieve our solar development and storage milestones in the next few years and contribute significantly to ReneSola Power’s long-term growth.”

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across number of regions where the solar power project markets are growing rapidly and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York. For more information, please visit www.renesolapower.com.

About Emeren Limited

Emeren is a developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Currently, the Company has over 2.5GW of projects under development (mid- to early- stage), all backed by institutional investors’ capital. Emeren has leveraged on trusted partnerships with tier-1 international financial and industrial players in order to deploy top-notch financial solutions. For additional information about the Company, follow Emeren on LinkedIn or visit www.emeren.co.uk.

View original content to download multimedia:https://www.prnewswire.com/news-releases/renesola-power-announces-acquisition-of-emeren-301645442.html

Source: ReneSola Ltd.

PR Newswire

ReneSola Power Acquires 50 MWp Fully Operational Solar Farm in the United Kingdom and Commences its IPP business in Europe

September 30, 2022 TechENT Syndication Leave a comment

STAMFORD, Conn., Sept. 30, 2022 /PRNewswire/ — ReneSola Ltd (“ReneSola Power” or the “Company”) (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, today announced that it acquired a 50 MWp operational solar farm (“Project Branston”) located in Branston, Lincoln, United Kingdom from P&T Global Renewable Energy LTD. The transaction was completed on September 30, 2022. Project Branston’s 50 MWp solar farm has been operational since October 12, 2020 and is currently generating a highly attractive annualized yield of 1,011 MWh/MWp.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, said, “We are extremely excited to commence our asset-light, IPP business in Europe with the acquisition of Project Branston. This fully operational solar farm will be profitable on day one and provides stable cash flows and helps diversify risks from project sales. We anticipate the acquisition to further strengthen our market position in the Europe and will be accretive to our shareholders. This will be a new chapter of our company to enter into IPP business in Europe and contribute to energy alleviation of Europe energy crisis.”

About ReneSola Power

View original content to download multimedia:https://www.prnewswire.com/news-releases/renesola-power-acquires-50-mwp-fully-operational-solar-farm-in-the-united-kingdom-and-commences-its-ipp-business-in-europe-301637792.html

Source: ReneSola Ltd.

PR Newswire

Polyplastics’ New 3D Printing Technology for DURACON (R) POM Accelerates Product Development Cycle

September 13, 2022 TechENT Syndication Leave a comment

TOKYO, Sept. 13, 2022 /PRNewswire/ — Polyplastics Co., Ltd., a leading global supplier of engineering thermoplastics, has developed three-dimensional (3D) printing technology for production of DURACON (R) polyoxymethylene (POM) products. The technology, known as Material Extrusion (MEX), delivers physical properties close to those of injection-molded articles despite being 3D-printed. Polyplastics will highlight the new 3D printing technology at the upcoming K 2022 exhibition (Hall 7A/B02) which runs October 19-26 in Duesseldorf, Germany.

Photo: https://kyodonewsprwire.jp/prwfile/release/M100475/202209025914/_prw_PI1lg_k57WG1aI.png

The MEX process can also be applied in preliminary evaluations of physical properties, functions, durability, and other properties without needing a mold, thus helping to accelerate the product development cycle. The MEX process is a typical 3D printing technology that uses thermoplastic resin materials. With resin filaments as the material input, this method produces 3D structures by repeatedly tracing and layering while depositing a melted material extruded through a tiny nozzle. Typically, only amorphous resins or resins with low crystallinity (e.g., ABS, polyamide) had been suitable for use in the MEX 3D printing process. POM’s high crystallinity and rapid rate of crystallization have made it unsuitable for use in the MEX 3D printing process.

To address POM’s limitations, Polyplastics’ MEX 3D printing technology combines a more appropriate selection of POM grades with printing conditions optimized for their crystallization behavior. In addition to accelerating the product development cycle, the MEX technology could also be targeted for low-volume manufacturing of custom products.

Polyplastics is seeking a patent for the DURACON (R) POM 3D printing technology and at the same time the company is developing additional DURACON (R) POM filament materials for use in 3D printing, including reinforced grades. The company is also accepting requests for actual product trial samples.

For more information, visit https://www.polyplastics-global.com/en/approach/13.html

About Polyplastics
https://kyodonewsprwire.jp/attach/202209025914-O1-uzNDM1FK.pdf

*DURACON (R) is a registered trademark of Polyplastics Co., Ltd. in Japan and other countries.

Source: Polyplastics Co., Ltd.

PR Newswire

Canadian Solar Reports Second Quarter 2022 Results

August 18, 2022 TechENT Syndication Leave a comment

GUELPH, ON, Aug. 18, 2022 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the second quarter ended June 30, 2022, with solar module shipments, revenue and gross margin all at or exceeding the high end of prior guidance.

Highlights

Solar module shipments of 5.06 GW, at the high end of 4.9 GW to 5.1 GW guidance range.
62% increase in revenue year-over-year (“yoy”) to $2.31 billion, above the high end of $2.2 billion to $2.3 billion guidance range.
16.0% gross margin exceeds the guidance range of 14.5% to 15.5%.
Net income attributable to Canadian Solar of $74 million, or $1.07 per diluted share.
Accelerating upstream capacity expansion plans to further increase control over supply chain.
Global Energy solar project pipeline expands to 26 GWp and storage pipeline expands to over 31 GWh, as of June 30, 2022.
Carve-out IPO of CSI Solar Co., Ltd. (“CSI Solar” or the “CSI Solar subsidiary”) remains on track awaiting completion of the CSRC registration.

Dr. Shawn Qu, Chairman and CEO, commented, “We achieved strong results in the second quarter of 2022, with solar module shipments, revenue and gross margin all at or exceeding the high end of prior guidance. Sequentially, we grew our module shipments by nearly 40% and battery storage solutions revenues by 2.8 times, while significantly expanding our profitability and completing a large volume of project sales. Our capacity growth strategy is also well on track, which we expanded per our recent announcement to invest in our own polysilicon capacity in a region rich in renewable energy resources. This will allow us to gain further control over sourcing, technology and supply chain, and is part of a long-term plan to increase our market share while meaningfully reducing the carbon footprint of our supply chain. We provide additional details of our environmental efforts and performance in our latest ESG Sustainability Report, published last month.

“We are also excited to see the Inflation Reduction Act, or IRA, in the U.S. coming into effect. We believe it will drive a big acceleration in demand for clean energy, especially for solar energy and battery storage.

“Separately, CSI Solar’s carve-out IPO remains on track awaiting registration with the China Securities Regulatory Commission.”

Yan Zhuang, President of Canadian Solar’s CSI Solar subsidiary, said, “CSI Solar delivered strong results in the second quarter, significantly growing volume and increasing pricing, while taking cost control measures in a difficult environment as polysilicon prices continue to go up. Our performance in the second quarter was also boosted by a substantial foreign exchange gain from a strong U.S. Dollar relative to the Renminbi. From a market standpoint, we are encouraged by signs of a shift in customer behavior driven by a growing awareness of solar energy’s attractive economics and its importance in energy security and climate change mitigation efforts, especially when paired with battery storage. Reflecting this positive trend, our battery storage shipments in the first half of 2022 have already exceeded 1 GWh, a record level for us. We will continue to build on our strong channels and relationships, especially in premium markets, and make capacity expansion preparations to accelerate our global market share gains in the coming years.”

Ismael Guerrero, Corporate VP and President of Canadian Solar’s Global Energy subsidiary, said, “We delivered significant growth in the second quarter by monetizing approximately 880 MWp of project sales across Australia, the U.S., Japan and the U.K. We also continued to expand and diversify our global project pipeline, strengthening our leadership position in key markets while allowing us to be more selective in developing the highest quality assets. We are particularly encouraged by the passing of the IRA in the U.S. as our subsidiary, Recurrent Energy, has one of the largest and best quality project pipelines, with a total of 8 GWp of solar and 16.5 GWh of battery storage. Additionally, we are making progress executing on our O&M (operations and maintenance) growth strategy to increase the share of stable, recurring income, including a recent expansion of our platform in Europe, as we evaluate complementary growth opportunities worldwide.”

Dr. Huifeng Chang, Senior VP and CFO, added, “In the second quarter, we achieved 85% sequential growth in revenue to $2.3 billion and doubled our gross profit to $371 million, achieving a 16% gross margin. We were able to support the accelerated growth rate and reduce the impact of inflation due to our prior strategic decision to increase inventory during the first quarter. We continue to prioritize cash generation and are pleased with the increase in net cash flow provided by operating activities to $293 million in the second quarter of 2022, from $159 million in the first quarter of 2022. We ended the second quarter with a total cash position of $1.9 billion, giving us significant financial flexibility to fund long-term growth opportunities, including accelerating our upstream capacity expansion.”

Second Quarter 2022 Results

Total module shipments recognized as revenues in the second quarter of 2022 were 5.06 GW, up 37% yoy. Of the total, 126 MW were shipped to the Company’s own utility-scale solar power projects.

Net revenues in the second quarter of 2022 were $2.31 billion, up 85% quarter-over-quarter (“qoq”) and 62% yoy. The sequential and yoy increases were mainly driven by higher project sales, higher solar shipment volumes and average selling price, and significant growth in the Company’s battery storage solutions business.

Gross profit in the second quarter of 2022 was $371 million, up 105% qoq and 101% yoy. Gross margin in the second quarter of 2022 was 16.0%, above prior guidance, and compared to 14.5% in the first quarter of 2022. The sequential gross margin increase was mainly driven by higher module pricing, lower manufacturing costs from the depreciation of the Renminbi relative to the U.S. Dollar and scale benefits from higher volume.

Total operating expenses in the second quarter of 2022 were $255 million compared to $165 million in the first quarter of 2022 and $158 million in the second quarter of 2021. The sequential increase was mainly driven by higher shipping and handling expenses and an impairment charge related to certain manufacturing assets.

Depreciation and amortization charges in the second quarter of 2022 were $63 million, compared to $66 million in the first quarter of 2022 and $66 million in the second quarter of 2021.

Net foreign exchange and derivative gain in the second quarter of 2022 was $6 million, compared to a net gain of $3 million in the first quarter of 2022 and a net loss of $3 million in the second quarter of 2021.

Income tax expense in the second quarter of 2022 was $28 million, compared to a $5 million income tax benefit in the first quarter of 2022 and a $2 million income tax benefit in the second quarter of 2021. The expense was a result of the Company’s higher income before income tax.

Net income attributable to Canadian Solar in the second quarter of 2022 was $74 million, or $1.07 per diluted share (“diluted EPS”), compared to net income of $9 million, or $0.14 per diluted share, in the first quarter of 2022, and net income of $11 million, or $0.18 per diluted share, in the second quarter of 2021.

For the three months ended June 30, 2022, diluted EPS of $1.07 was calculated to include the dilution effect of the outstanding convertible notes. Diluted EPS of $1.07 was calculated from total earnings of $76 million, adding back the 2.5% coupon of $1.3 million, divided by 71.1 million diluted shares, including 6.3 million shares issuable upon the conversion of the convertible notes. For the three months ended March 31, 2022, diluted EPS of $0.14 was calculated from total earnings of $9 million divided by 64.7 million diluted shares. For the three months ended June 30, 2021, diluted EPS of $0.18 was calculated from total earnings of $11 million divided by 61.3 million diluted shares.

Net cash flow provided by operating activities in the second quarter of 2022 was $293 million, compared to net cash flow provided by operating activities of $159 million in the first quarter of 2022. The increase in operating cash inflow was mainly driven by higher earnings and monetization of project assets.

Total debt was $2.7 billion as of June 30, 2022, unchanged from March 31, 2022. Non-recourse debt used to finance solar power projects decreased to $264 million as of June 30, 2022, from $550 million as of March 31, 2022, mainly due to the monetization of project assets.

Corporate Structure

The Company has two business segments: Global Energy and CSI Solar, which operate as follows:

The Global Energy segment carries out the Company’s global project development activities for both solar and battery storage project development, which include sourcing land, interconnection agreements, structuring PPAs and other permits and requirements. The Global Energy segment develops both stand-alone solar and stand-alone battery storage projects, as well as hybrid solar plus storage projects. Its monetization strategies vary between develop-to-sell, build-to-sell, and build-to-own, depending on business strategies and market conditions, with the goal of maximizing returns, accelerating cash turn, and minimizing capital risk.

The CSI Solar segment consists of solar module manufacturing and total system solutions, including inverters, solar system kits and EPC (engineering, procurement and construction) services. The CSI Solar segment also includes the Company’s battery storage system integration business, delivering bankable, end-to-end, turnkey battery storage solutions for utility scale, commercial and industrial, and residential applications. These storage systems solutions are complemented with long-term service agreements, including future battery capacity augmentation services.

Global Energy Segment

Canadian Solar has one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development platforms, with a strong track record of originating, developing, financing, and building over 6.8 GWp of solar power plants across six continents. The Company has built a leadership position in solar project development with 26 GWp total pipeline, as well as in energy storage project development with over 31 GWh of aggregate pipeline.

The continued pipeline expansion and strong project development track record will support Global Energy’s growth in three key areas:

1. Project sales: The Company plans to grow its volume of project sales by a compound annual growth rate of approximately 50% to 2026, while holding and accumulating assets through investment vehicles (see below) in order to better capture asset value.

2. Investment vehicles: The Company is optimizing its project monetization strategy by establishing local investment vehicles that will help maximize the value of its project assets. The Company also intends to retain minority ownership in these vehicles. By 2026, the Company plans to reach 1.3 GW of combined net ownership in solar power projects through these vehicles. This approach will help the Company build and grow a stable base of long-term cash flows from contracted electricity. The Company plans to recycle a large portion of the capital into developing new solar projects for growth. Meanwhile, Canadian Solar expects to capture additional operational value throughout the partial ownership period, including long-term cash flows from power sales, O&M, asset management and other services (see point 3). The Company currently owns a 15% stake in the Canadian Solar Infrastructure Fund (“CSIF”, TSE: 9284), the largest Japanese infrastructure fund listed on the Tokyo Stock Exchange, and has also established the CSFS Fund I, a closed-ended alternative investment fund of a similar nature in Italy. Through launching these localized vehicles, Canadian Solar is building its expertise in designing investment vehicles in local markets that will help maximize the value of its project assets.

3. Services: Canadian Solar currently manages over 3.1 GW of operational projects under long-term O&M agreements, and an additional 2.4 GW of contracted projects that will be operated and maintained by the Company once they are placed in operation. The Company’s target is to reach 20 GW of projects under O&M agreements by 2026.

Management targets to achieve the following over the next few years:

Global Energy Targets	2021A	2022E	2023E	2024E	2025E	2026E
Annual Project Sales, GWp	2.1	2.1-2.6	2.8-3.3	3.5-4.0	4.0-4.5	4.3-4.8
Operational O&M Projects, GWp	2.1	4.5	7.5	11	15	20
Net Cumulative Projects Retained, MWp*	292	370	630	1,000	1,100	1,300
Gross Cumulative Projects Retained, MWp*	748	1,500	2,580	3,500	4,000	5,000

*Net projects retained represents CSIQ’s net partial ownership of solar projects; the gross number represents the aggregate gross size of projects, including the share which is not owned by CSIQ.

Solar Project Pipeline

As of June 30, 2022, the Company’s total project pipeline was 26.2 GWp, including 1.3 GWp under construction, 3.9 GWp of backlog, and 21.0 GWp of projects in advanced and early-stage pipelines. We have updated our project pipeline classification as follows:

Backlog projects are late-stage projects that have passed their Risk Cliff Date and are expected to start construction in the next 1-4 years. A project’s Risk Cliff Date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. This is usually after the projects have received all the required environmental and regulatory approvals, and entered into interconnection agreements, feed-in tariff (“FIT”) arrangements and PPAs. Over 90% of projects in backlog are contracted (i.e., have secured a PPA or FIT), and the remaining are reasonably assured of securing PPAs.
Advanced pipeline projects are mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement.
Early-stage Pipeline projects are early-stage projects controlled by Canadian Solar that are in the process of securing interconnection.

The following table presents Global Energy’s total solar project development pipeline.

	Total Project Pipeline (as of June 30, 2022) – MWp*
Region		In Construction	Backlog	Advanced Pipeline	Early-Stage Pipeline	Total
North America		–	601	2,767	4,736	8,104
Latin America		907**	2,469**	3,417	1,040	7,833
Europe, the Middle East and Africa (“EMEA”)		21	379	4,033	1,811	6,244
Japan		145	157	–	105	407
Asia Pacific excluding Japan and China		–	38	137	1,762	1,937
China		250	300	–	1,170	1,720
Total		1,323	3,944	10,354	10,624	26,245
All numbers are gross MWp. *Including 311 MWp in construction and 517 MWp in backlog that are already sold to third parties

Battery Storage Project Pipeline

In addition to developing utility-scale solar power projects, the Global Energy segment has also been developing hybrid solar plus energy storage projects, as well as stand-alone battery storage projects. Since the first quarter of 2021, the Company has been co-hosting energy storage facilities with solar power plants on the same piece of land for nearly all projects under development. By using a single interconnection point per project, the Company expects to significantly enhance the efficiency of its development and the value of its assets under development.

Canadian Solar’s storage development business model also includes signing storage tolling agreements with a variety of power purchasers, including community choice aggregators, investor-owned utilities, universities, and public utility districts. In addition, the Company has signed development services agreements to retrofit operational solar projects with battery storage, many of which were previously developed by the Company.

The table below sets forth Global Energy’s total storage project development pipeline.

Storage Project Development Backlog and Pipeline (as of June 30, 2022) – MWh
Region	In Construction	Backlog	Advanced Pipeline	Early-Stage Pipeline	Total
North America	1,400	–	6,319	8,760	16,479
Latin America	–	1,300	2,806	970	5,076
EMEA	–	82	1,324	4,178	5,584
Japan	–	–	–	19	19
Asia Pacific, excluding Japan and China	20	–	–	2,320	2,340
China	–	300	100	1,400	1,800
Total	1,420	1,682	10,549	17,647	31,298

Solar Power Plants and Battery Storage Projects in Operation

As of June 30, 2022, the Company’s solar power plants in operation totaled 311 MWp, with a combined estimated net resale value of approximately $270 million to Canadian Solar. The estimated resale value is based on selling prices that Canadian Solar is currently negotiating or comparable asset sales.

Solar Power Plants in Operation – MWp*

Latin America

Japan

Asia Pacific

ex. Japan and China

China

Total

166

311

*All numbers are net MWp owned by Canadian Solar; total gross MWp of projects is 577 MWp, including volume that is already sold to third parties.

Operating Results

The following table presents select unaudited results of operations data of the Global Energy segment for the periods indicated.

Global Energy Segment Financial Results (In Thousands of U.S. Dollars, Except Percentages)
	Three Months Ended			Six Months Ended
	June 30, 2022	March 31, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Net revenues	553,984	92,966	280,614	646,950	751,676
Cost of revenues	473,979	75,130	268,855	549,109	626,892
Gross profit	80,005	17,836	11,759	97,841	124,784
Operating expenses	24,326	18,847	15,632	43,173	43,576
Income (loss) from operations*	55,679	(1,011)	(3,873)	54,668	81,208
Gross margin	14.4 %	19.2 %	4.2 %	15.1 %	16.6 %
Operating margin	10.1 %	-1.1 %	-1.4 %	8.5 %	10.8 %

* Income (loss) from operations reflects management’s allocation and estimate as some services are shared by the Company’s two business segments.

CSI Solar Segment

CSI Solar’s 2022 and 2023 capacity expansion targets are set forth below.

Manufacturing Capacity, GW*
	Dec. 2021	Jun. 2022	Dec. 2022	Dec. 2023
	Actual	Actual	Plan	Plan
Ingot	5.4	5.4	20.4	25.0
Wafer	11.5	11.5	20.0	25.0
Cell	13.9	13.9	19.8	35.0
Module	23.9	27.9	32.0	50.0

*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans.

Operating Results

The following table presents select unaudited results of operations data of the CSI Solar segment for the periods indicated.

CSI Solar Segment Financial Results* (In Thousands of U.S. Dollars, Except Percentages)
	Three Months Ended			Six Months Ended
	June 30, 2022	March 31, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Net revenues	1,816,410	1,209,994	1,183,958	3,026,404	1,879,110
Cost of revenues	1,526,755	1,034,165	1,028,470	2,560,920	1,656,164
Gross profit	289,655	175,829	155,488	465,484	222,946
Operating expenses	227,262	143,931	140,516	371,193	260,642
Income (loss) from operations	62,393	31,898	14,972	94,291	(37,696)
Gross margin	15.9 %	14.5 %	13.1 %	15.4 %	11.9 %
Operating margin	3.4 %	2.6 %	1.3 %	3.1 %	-2.0 %

Includes effects of both sales to* third-party customers and to the Company’s Global Energy segment. Please refer to the attached financial tables for intercompany transaction elimination information. Income (loss) from operations reflects management’s allocation and estimate as some services are shared by the Company’s two business segments.

The table below provides the geographic distribution of the net revenues of CSI Solar:

*CSI Solar Net Revenues Geographic Distribution (In Millions of U.S. Dollars, Except Percentages)**
	Q2 2022	% of Net Revenues	Q1 2022	% of Net Revenues	Q2 2021	% of Net Revenues
Asia	587	33	473	41	527	46
Americas	742	42	453	39	421	37
Europe and others	431	25	231	20	201	17
Total	1,760	100	1,157	100	1,149	100

*Excludes sales from CSI Solar to Global Energy.

CSI Solar shipped 5.06 GW of modules to more than 70 countries in the second quarter of 2022. The top five markets ranked by shipments were China, the U.S., Spain, Brazil and Germany.

Battery Storage Solutions

Within CSI Solar, the battery storage solutions team provides customers with competitive turnkey, integrated battery storage solutions, including bankable and fully wrapped capacity and performance guarantees. These guarantees are complemented with long-term service agreements, which include future battery capacity augmentation services and bring in long-term, stable income.

The table below sets forth CSI Solar’s battery storage system integration’s project pipeline as of June 30, 2022.

LTSA (Long
Term Service
Agreement)

Contracted/

In Construction

Forecast

Pipeline

Total

Storage (MWh)

861

1,892

8,242

11,035

LTSA projects are operational battery storage projects delivered by CSI Solar that are under multi-year long-term service agreements and generate recurring earnings. Contracted/in construction projects are expected to be delivered within the next 12 to 18 months. Forecast projects include those that have more than 75% probability of being contracted within the next 12 months, and the remaining pipeline includes projects that have received exclusivity agreements or have been shortlisted, but still have a below 75% probability of being contracted.

Business Outlook

The Company’s business outlook is based on management’s current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, the global impact of the ongoing COVID-19 pandemic and shutdowns, supply chain constraints, and geopolitical conflicts. Management’s views and estimates are subject to change without notice.

For the third quarter of 2022, the Company expects total revenues to be in the range of $2.0 billion to $2.1 billion. Gross margin is expected to be between 15.0% and 16.5%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 6.0 GW to 6.2 GW, including approximately 140 MW to the Company’s own projects.

For the full year of 2022, the Company raises total revenue guidance to $7.5 billion to $8.0 billion, from $7.0 billion to $7.5 billion previously. The Company expects full year volume targets for CSI Solar and Global Energy to remain unchanged from the ranges communicated in the prior quarter: total module shipments of 20 GW to 22 GW and battery storage shipments of 1.8 GWh to 1.9 GWh (CSI Solar), and total project sales of 2.1 GW to 2.6 GW (Global Energy).

Dr. Shawn Qu, Chairman and CEO, commented, “We are off to a strong first half for 2022, and expect continued solar module volume growth through the remainder of the year as we ramp up capacity towards 2023 volume growth targets. The second quarter will likely be the largest quarter of the year for us due to the timing of project sales and battery storage shipments. However, we expect profitability to remain healthy through the second half of the year, driven by continued manufacturing processing cost reductions and lower logistics costs partially offset by higher polysilicon prices. We continue to build on our long track record of innovation, and we are excited to officially introduce our long-awaited battery storage products for utility and residential applications in the upcoming Solar Power International exhibition in California. In a gradually improving market backdrop aided by strong policies such as the recently passed Inflation Reduction Act, Canadian Solar is strongly positioned to achieve profitable growth as we continue to focus on long-term investments and create lasting value for shareholders.”

Recent Developments

On August 10, 2022, Canadian Solar announced that a wholly owned subsidiary of CSI Solar entered into an investment agreement with the municipal government of Haidong City in Qinghai Province to invest in a polysilicon manufacturing facility. Under the agreement, CSI Solar plans to build a facility with an annual capacity of approximately 50,000 tons of high-purity polysilicon later in 2022 and the facility is expected to commence production in mid-2024. Subject to market conditions and approvals from its board of directors, CSI Solar may also build other manufacturing facilities, including ingots, wafers, cells, modules, and other auxiliary materials in Haidong.

On July 25, 2022, Canadian Solar completed the sale of two fully permitted and construction ready solar and battery energy storage projects in the U.K. to specialist alternative asset manager, Gresham House. The two projects comprise a collocated solar and battery energy storage project in Durham, with 50 MWp solar capacity and 38 MW (or 76 MWh) of battery energy storage, and a standalone solar project in Warwickshire of 28 MWp.

On July 25, 2022, Canadian Solar published its latest ESG Sustainability Report, which highlights the Company’s progress in advancing its sustainability strategy from an environmental, social, and governance perspective.

On July 7, 2022, Canadian Solar completed the sale of two solar farms, Suntop and Gunnedah totaling 345 MWp in New South Wales, Australia to CalEnergy Resources (Australia) Limited, a subsidiary of Northern Powergrid Holdings Company. Both projects have reached substantial completion.

On June 16, 2022, Canadian Solar acquired two standalone energy storage projects in the South Load Zone of the Texas ERCOT market from Black Mountain Energy Storage. The projects are each anticipated to store up to 200 MWh of energy, with notice to proceed expected in 2023 and commercial operation in the second quarter of 2024.

On June 15, 2022, Canadian Solar secured 136 million Brazilian reais (approximately US$28 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. to support construction and operation of its 79 MWp Lavras II solar power project in Brazil.

On June 6, 2022, Canadian Solar signed an agreement with SPIC Brasil, a leading power generation company in Brazil to sell 70% stake in the Company’s 738 MWp Marangatu and Panati-Sitia solar projects in Brazil. Both projects are expected to begin construction in late 2022 and reach commercial operation in late 2023.

On May 27, 2022, Canadian Solar announced that its wholly owned subsidiary Recurrent Energy successfully completed the construction on the 100 MW Sunflower solar power plant in Mississippi. Recurrent Energy developed and built the solar power plant under a Build Transfer Agreement for Entergy Mississippi which owns the plant for the life of the facility after the completion of construction.

Conference Call Information The Company will hold a conference call on Thursday, August 18, 2022 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., Thursday, August 18, 2022 in Hong Kong) to discuss its second quarter 2022 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.), 800-965-561 (toll-free from Hong Kong), 400-1202-840 (local dial-in from Mainland China) or +1-201-389-0920 from international locations. The conference ID is 13731878. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com

A replay of the call will be available 2 hours after the conclusion of the call until 11:00 p.m. U.S. Eastern Daylight Time on Thursday, September 1, 2022 (11:00 a.m., September 2, 2022, in Hong Kong) and can be accessed by +1-844-512-2921 (toll-free from the U.S.), or +1-412-317-6671 from international locations. The replay pin number is 13731878. A webcast replay will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 21 years, Canadian Solar has successfully delivered around 76 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 6.8 GWp in over 20 countries across the world. Currently, the Company has 311 MWp of projects in operation, 5.3 GWp of projects under construction or in backlog (late-stage), and an additional 21 GWp of projects in advanced and early-stage pipeline. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the 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, including those regarding the Company’s expected future shipment volumes, revenues, gross margins and project sales 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, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; 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., China, Brazil and India; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance (“ESG”) requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust 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 that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; uncertainties related to the CSI Solar carve-out listing; litigation and other risks as described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 28, 2022. 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.

Investor Relations Contacts:

FINANCIAL TABLES FOLLOW

The following tables provide unaudited select financial data for the Company’s CSI Solar and Global Energy businesses.

	Select Financial Data – CSI Solar and Global Energy
	Three Months Ended June 30, 2022 (In Thousands of U.S. Dollars, Except Percentages)
	CSI Solar	Global Energy	Elimination and unallocated items⁽¹⁾	Total
Net revenues	1,816,410	553,984	(56,208)	2,314,186
Cost of revenues	1,526,755	473,979	(57,598)	1,943,136
Gross profit	289,655	80,005	1,390	371,050
Gross margin	15.9 %	14.4 %	—	16.0 %
Income from operations ⁽²⁾	62,393	55,679	(1,955)	116,117

	Select Financial Data – CSI Solar and Global Energy
	Six Months Ended June 30, 2022 (In Thousands of U.S. Dollars, Except Percentages)
	CSI Solar	Global Energy	Elimination and unallocated items⁽¹⁾	Total
Net revenues	3,026,404	646,950	(108,819)	3,564,535
Cost of revenues	2,560,920	549,109	(97,435)	3,012,594
Gross profit	465,484	97,841	(11,384)	551,941
Gross margin	15.4 %	15.1 %	—	15.5 %
Income from operations ⁽²⁾	94,291	54,668	(17,327)	131,632

	Select Financial Data – CSI Solar and Global Energy
	Three Months Ended June 30, 2021 (In Thousands of U.S. Dollars, Except Percentages)
	CSI Solar	Global Energy	Elimination and unallocated items⁽¹⁾	Total
Net revenues	1,183,958	280,614	(34,911)	1,429,661
Cost of revenues	1,028,470	268,855	(52,451)	1,244,874
Gross profit	155,488	11,759	17,540	184,787
Gross margin	13.1 %	4.2 %	—	12.9 %
Income (loss) from operations ⁽²⁾	14,972	(3,873)	15,281	26,380

	Select Financial Data – CSI Solar and Global Energy
	Six Months Ended June 30, 2021 (In Thousands of U.S. Dollars, Except Percentages)
	CSI Solar	Global Energy	Elimination and unallocated items⁽¹⁾	Total
Net revenues	1,879,110	751,676	(111,786)	2,519,000
Cost of revenues	1,656,164	626,892	(143,445)	2,139,611
Gross profit	222,946	124,784	31,659	379,389
Gross margin	11.9 %	16.6 %	—	15.1 %
Income (loss) from operations ⁽²⁾	(37,696)	81,208	26,351	69,863

(1) Includes inter-segment elimination, and unallocated corporate costs not considered part of management’s evaluation of reportable segment operating performance.

(2) Income (loss) from operations reflects management’s allocation and estimate as some services are shared by the Company’s two business segments.

	Select Financial Data – CSI Solar and Global Energy
	Three Months Ended June 30, 2022	Three Months Ended March 31, 2022	Three Months Ended June 30, 2021
	(In Thousands of U.S. Dollars)
CSI Solar Revenues:
Solar modules	1,350,495	963,045	843,463
Solar system kits	150,765	90,456	88,057
Battery storage solutions	227,438	82,500	68,890
China energy/EPC (incl. electricity sales)	5,397	5,323	94,347
Others	26,107	16,059	54,290
Subtotal	1,760,202	1,157,383	1,149,047
Global Energy Revenues:
Solar and battery storage power projects	540,056	78,392	266,598
O&M and asset management services	7,745	7,948	8,607
Others (incl. electricity sales)	6,183	6,626	5,409
Subtotal	553,984	92,966	280,614
Total net revenues	2,314,186	1,250,349	1,429,661

	Select Financial Data – CSI Solar and Global Energy
	Six Months Ended June 30, 2022	Six Months Ended June 30, 2021
	(In Thousands of U.S. Dollars)
CSI Solar Revenues:
Solar modules	2,313,540	1,395,710
Solar system kits	241,221	124,128
Battery storage solutions	309,938	71,248
China energy/EPC (incl. electricity sales)	10,720	101,442
Others	42,166	74,796
Subtotal	2,917,585	1,767,324
Global Energy Revenues:
Solar and battery storage power projects	618,448	719,445
O&M and asset management services	15,693	18,573
Others (incl. electricity sales)	12,809	13,658
Subtotal	646,950	751,676
Total net revenues	3,564,535	2,519,000

	Canadian Solar Inc.
	Unaudited Condensed Consolidated Statements of Operations
	(In Thousands of U.S. Dollars, Except Share and Per Share Data)
		Three Months Ended			Six Months Ended
		June 30,	March 31,	June 30,	June 30,	June 30,
		2022	2022	2021	2022	2021

Net revenues		$ 2,314,186	$ 1,250,349	$ 1,429,661	$ 3,564,535	$ 2,519,000
Cost of revenues		1,943,136	1,069,458	1,244,874	3,012,594	2,139,611
	Gross profit	371,050	180,891	184,787	551,941	379,389

Operating expenses:
	Selling and distribution expenses	158,017	108,845	83,581	266,862	167,661
	General and administrative expenses	87,920	62,810	68,578	150,730	136,035
	Research and development expenses	18,050	13,280	13,158	31,330	25,608
	Other operating income, net	(9,054)	(19,559)	(6,910)	(28,613)	(19,778)
Total operating expenses		254,933	165,376	158,407	420,309	309,526

Income from operations		116,117	15,515	26,380	131,632	69,863
Other income (expenses):
	Interest expense	(19,709)	(15,302)	(14,795)	(35,011)	(29,468)
	Interest income	4,216	4,212	2,837	8,428	6,085
	Gain (loss) on change in fair value of derivatives, net	(4,869)	(24,738)	(12,150)	(29,607)	422
	Foreign exchange gain (loss), net	11,333	27,862	8,884	39,195	(10,764)
	Investment income (loss)	6,984	(5,524)	5,154	1,460	6,417
Other expenses, net		(2,045)	(13,490)	(10,070)	(15,535)	(27,308)

Income before income taxes and equity in earnings of unconsolidated investees		114,072	2,025	16,310	116,097	42,555
Income tax benefit (expense)		(27,731)	5,183	1,645	(22,548)	(12,207)
Equity in earnings of unconsolidated investees		2,214	1,726	585	3,940	1,788
Net income		88,555	8,934	18,540	97,489	32,136

Less: Net income (loss) attributable to non- controlling interests		14,093	(273)	7,279	13,820	(1,904)

Net income attributable to Canadian Solar Inc.		$ 74,462	$ 9,207	$ 11,261	$ 83,669	$ 34,040

Earnings per share – basic		$ 1.16	$ 0.14	$ 0.19	$ 1.30	$ 0.57
Shares used in computation – basic		64,262,556	64,028,919	60,288,824	64,146,383	60,077,039
Earnings per share – diluted		$ 1.07	$ 0.14	$ 0.18	$ 1.21	$ 0.54
Shares used in computation – diluted		71,103,568	64,720,107	61,339,043	71,067,215	67,580,787

	Canadian Solar Inc.
	Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
	(In Thousands of U.S. Dollars)
		Three Months Ended			Six Months Ended
		June 30,	March 31,	June 30,	June 30,	June 30,
		2022	2022	2021	2022	2021
Net Income		$ 88,555	$ 8,934	$ 18,540	$ 97,489	$ 32,136
Other comprehensive income (loss) (net of tax of nil):
Foreign currency translation adjustment		(126,367)	7,511	9,629	(118,856)	(22,073)
Gain on changes in fair value of available-for-sale debt securities		229	—	—	229	—
Gain on changes in fair value of derivatives		160	190	—	350	—
Comprehensive income (loss)		(37,423)	16,635	28,169	(20,788)	10,063
Less: comprehensive income (loss) attributable to non- controlling interests		(3,960)	1,127	8,760	(2,833)	(6,932)
Comprehensive income (loss) attributable to Canadian Solar Inc.		(33,463)	15,508	19,409	(17,955)	16,995

Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands of U.S. Dollars)
		June 30,	December 31,
		2022	2021
ASSETS
Current assets:
	Cash and cash equivalents	$ 1,053,567	$ 869,831
	Restricted cash	888,262	560,633
	Accounts receivable trade, net	832,967	651,372
	Accounts receivable, unbilled	15,839	37,244
	Amounts due from related parties	162,086	73,042
	Inventories	1,622,297	1,192,374
	Value added tax recoverable	101,904	125,882
	Advances to suppliers	277,820	225,879
	Derivative assets	17,236	7,286
	Project assets	328,937	594,107
	Prepaid expenses and other current assets	431,621	434,177
Total current assets		5,732,536	4,771,827
Restricted cash		6,525	3,818
Property, plant and equipment, net		1,353,870	1,401,877
Solar power systems, net		103,908	108,263
Deferred tax assets, net		252,235	236,503
Advances to suppliers		33,515	34,239
Prepaid land use rights		66,416	71,011
Investments in affiliates		104,528	98,819
Intangible assets, net		16,345	18,992
Project assets		498,043	433,254
Right-of-use assets		31,005	35,286
Other non-current assets		181,164	174,453
TOTAL ASSETS		$ 8,380,090	$ 7,388,342

Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets (Continued)
(In Thousands of U.S. Dollars)
		June 30,	December 31,
		2022	2021
Current liabilities:
	Short-term borrowings	$ 1,367,616	$ 1,271,215
	Long-term borrowings on project assets – current	153,934	321,655
	Accounts payable	855,861	502,995
	Short-term notes payable	1,413,380	881,184
	Amounts due to related parties	701	143
	Other payables	649,544	667,854
	Advance from customers	151,460	135,512
	Derivative liabilities	10,478	2,622
	Operating lease liabilities	10,366	12,185
	Other current liabilities	170,207	242,783
Total current liabilities		4,783,547	4,038,148
Accrued warranty costs		61,552	45,146
Long-term borrowings		780,149	523,634
Convertible notes		225,271	224,675
Liability for uncertain tax positions		7,776	7,448
Deferred tax liabilities		46,382	48,150
Loss contingency accruals		14,088	15,148
Operating lease liabilities		20,652	23,215
Financing liabilities		44,998	53,641
Other non-current liabilities		284,254	282,699
TOTAL LIABILITIES		6,268,669	5,261,904
Equity:
	Common shares	835,543	835,543
	Additional paid-in capital	(13,657)	(19,428)
	Retained earnings	1,119,221	1,035,552
	Accumulated other comprehensive loss	(152,208)	(50,584)
Total Canadian Solar Inc. shareholders’ equity		1,788,899	1,801,083
Non-controlling interests in subsidiaries		322,522	325,355
TOTAL EQUITY		2,111,421	2,126,438
TOTAL LIABILITIES AND EQUITY		$ 8,380,090	$ 7,388,342

View original content:https://www.prnewswire.com/news-releases/canadian-solar-reports-second-quarter-2022-results-301608382.html

Source: Canadian Solar Inc.

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