Canadian Solar Set a World Record of 22.28% Multi-crystalline Cell Conversion Efficiency

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May 28, 2019, 07:00 ET

GUELPH, Ontario, May 28, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Company has set a world record of 22.28% conversion efficiency for its p-type multi-crystalline P5 cell. The record high P5 cell efficiency was tested and certified by Fraunhofer ISE of Germany in April 2019.

Canadian Solar has been developing its P5 (casted mono) technology and products for the past few years. The 22.28% record cell was fabricated by utilizing 157mmx157mm P5 multi-crystalline wafers and other production-ready technologies such as selective emitter, silicon oxide passivation, multi-layer anti-reflection coating, aluminum oxide backside passivation, and advanced metallization. In addition, the MCCE (or Metal Catalyzed Chemical Etch) black silicon technology, originally developed by Canadian Solar, was also employed.

Dr. Shawn Qu, chairman and CEO of Canadian Solar Inc. said, "We are pleased to see Canadian Solar P5 technology set a new world record. This shows that our multi-crystalline technology can achieve higher efficiencies while still enjoy the cost advantage. We will continue to expand our technology pipeline and provide our customers with the most LCOE-competitive products."

About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 18 years, Canadian Solar has successfully delivered over 32 GW of premium quality modules to over 150 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 25, 2019. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

SOURCE Canadian Solar Inc.