Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today announced that it has recently received from DNV "Canadian Solar HiKu7 and BiHiKu7 Technology Review Report ". DNV concludes in the Report that Canadian Solar's 210-mm cell based HiKu7 and BiHiKu7 modules, with power output up to 670W, are highly reliable, of top quality and with 3% lower LCOE (Levelized Cost of Energy). 

Founded in Oslo, Norway in 1864, DNV is a world leading independent third-party expert in product certification, risk management and assurance.

DNV has carried out a comprehensive review of the HiKu7 and BiHiKu7 modules, assessing them on the production process, performance, reliability, and the LCOE analysis.

• DNV audited the entire manufacturing process of the mono-facial HiKu7 and bifacial BiHiKu7 modules, including the incoming materials management, processes, quality control, etc.. DNV rated Canadian Solar at A+ for the HiKu7 and BiHiKu7 product lines.
• DNV noted that HiKu7 and BiHiKu7 modules possess industry-leading module efficiencies of up to 21.6%, a Pmax (Nominal Max. Power) temperature coefficient of -0.34%/℃.The LID and LeTID are controlled at 0.5% or less for the modules through improved manufacturing recipes and tighter material specifications. These indicate that the expected field performance of these modules would be better than that of typical commercial modules.
• DNV reviewed Canadian Solar's reliability assurance program (including on-going reliability testing), component-level testing for service life, and mechanical testing. These testing include but not limited to thermal cycling with 400 cycles, damp heat with 2,000 hours, PID with 192 hours, double IEC testing standards. After these stringent testing, the above-mentioned modules show a power loss less than 2%.
• A solar power system with BiHiku7 will require fewer pieces of modules, thus fewer BOS (Balance of System) components, and an overall reduction in system CAPEX and LCOE.

With module efficiencies of up to 21.6%, A+ factory rating, and exceptional performance and durability testing results, DNV recommends a useful life assumption of 35 to 45 years in financial modeling for projects using Canadian Solar BiHiKu7 modules. 

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, remarked, "I am glad our HiKu7 and BiHiKu7 modules are appraised by DNV independently on product reliability, LCOE and manufacturing quality. The results verify Canadian Solar's advanced module technologies and strict quality control system. We are committed to providing the best performance/price ratio products to our customers around the world."

Click and download the Executive Summary on Canadian Solar HiKu7 and BiHiKu7 Technology Review Report

About DNV

DNV is the independent expert in assurance and risk management. Driven by its purpose, to safeguard life, property and the environment, DNV empowers customers and stakeholders with facts and reliable insights so that critical decisions can be made with confidence. For more information, visit https://www.dnv.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 20 years, Canadian Solar has successfully delivered over 67 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 6.3 GWp in over 20 countries across the world. Currently, the Company has around 445 MWp of solar projects in operation, nearly 6 GWp of projects under construction or in backlog (late-stage), and an additional 18.6 GWp of projects in pipeline (mid- to early- stage). 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 and economic conditions and the state of the solar industry; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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, China and Brazil; 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; delays in the process of qualifying to list the CSI Solar subsidiary in the PRC; 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; logistical challenges that could increase the selling costs of the Company; exchange rate fluctuations; litigation; potential initiation of an anti-circumvention investigation and other risks as described in the Company's  filings with the Securities and Exchange Commission (the "SEC"), 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.

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