Canadian Solar Inc. (NASDAQ:CSIQ) shares surged 8.8% in premarket trading Wednesday after the solar and energy storage company announced that its subsidiary e-STORAGE had successfully completed a major battery project in South Australia.
The company said that e-STORAGE, part of its majority-owned unit CSI Solar Co., Ltd., achieved commercial operation of the 220 MWh DC Mannum Battery Energy Storage Project, which is owned by Epic Energy and developed by Recurrent Energy, another Canadian Solar subsidiary. The system uses e-STORAGE’s proprietary SolBank battery technology.
Situated alongside a 46 MWp solar farm at the same site, the Mannum project is expected to play a critical role in enhancing South Australia’s grid reliability while helping the region advance its goal of achieving 100% renewable electricity generation by 2027.
“The commissioning of the Mannum grid-scale battery is an important milestone in our ongoing commitment to South Australia’s energy security, and we thank all our internal and external partners for successfully delivering this complex project,” said Stephen Mudge, Interim Co-Chief Executive Officer of Epic Energy.
As part of the arrangement, e-STORAGE acted as the Engineering, Procurement, and Construction (EPC) contractor and will continue to provide support under a long-term service agreement. The company added that it currently has over 1.8 GWh of battery storage systems under construction across Australia, reinforcing its position as a leading energy storage solutions provider in the region.