GUELPH,
ON, March 28, 2024 /PRNewswire/ -- Canadian
Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ:
CSIQ), today issued the following comment:
Canadian Solar recently became aware that Maxeon Solar Pte. Ltd.
("Maxeon") has filed a patent infringement lawsuit against Canadian
Solar, Inc. in the U.S. District Court in the Eastern District of
Texas, entitled Maxeon Solar
Pte. Ltd. v. Canadian Solar, Inc., Civil Action No. 2:24-cv-210
(E.D. Tex.). The suit alleges that Canadian Solar,
Inc., via its affiliates, is directly or indirectly infringing on
three patents now held by Maxeon relating to tunnel oxide
passivated contact solar photovoltaic module technology (commonly
referred to in the solar industry as "TOPCon" technology).
As one of the largest solar product manufacturers in the world,
Canadian Solar manufactures and sells many different types of solar
products, both in the United
States and elsewhere in the world, including TOPCon solar
modules. As a technology company, Canadian Solar respects and takes
very seriously its own intellectual property rights and those of
third parties. Canadian Solar has itself filed and received
thousands of patents in various jurisdictions for solar cells and
related technology.
Although Canadian Solar is continuing to consult its lawyers and
study Maxeon's complaint, the Company's preliminary assessment is
that the claims in the complaint are entirely without merit.
Canadian Solar denies that its TOPCon technology infringes on
Maxeon's patents and intends to vigorously defend itself against
Maxeon's claims. Canadian Solar is confident that its TOPCon
technology and processes will be vindicated in court at the
appropriate time. Meanwhile, Canadian Solar will continue to sell
high quality solar products in the United
States and elsewhere, as it has done since its founding in
Canada more than 20 years ago.
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 energy storage
solutions, and developer of utility-scale solar power and battery
energy storage projects with a geographically diversified pipeline
in various stages of development. Over the past 22
years, Canadian Solar has successfully delivered over 118
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 around 10 GWp of solar power projects and 3.3 GWh of
battery energy storage projects across the world. Currently, the
Company has approximately 1 GWp of solar power projects in
operation, 7.4 GWp of projects under construction or in backlog
(late-stage), and an additional 19.9 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has 600
MWh of battery energy storage projects in operation and a total
battery energy storage project development pipeline of
approximately 55 GWh, including approximately 3.5 GWh under
construction or in backlog, and an additional 51 GWh at advanced
and early-stage development. 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 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 Europe; 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; 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 18, 2023. 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.
Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
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SOURCE Canadian Solar Inc.