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Canadian Solar (CSIQ), Habitat Energy Ink Battery Storage Deal
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Canadian Solar Inc. (CSIQ - Free Report) recently unveiled its strategic partnership with UK-based battery storage service provider, Habitat Energy. The agreement is expected to elevate Canadian Solar’s position in the growing battery storage market.
Notably, Habitat Energy provides state-of-the-art optimization services for grid-scale battery storage assets, while its proprietary software, PowerIQ, combines algorithmic forecasting and artificial intelligence to maximize asset performance and value.
Benefits of the Partnership
Through this partnership, Canadian Solar will be able to offer enhanced technology solutions for battery storage assets developers to capture additional revenues from trading optimization. The agreement will also enable Canadian Solar to improve grid stability and contribute to global energy transition to a cleaner, smarter and more efficient power grid.
With Habitat Energy platform's established presence in the UK and Australia, we expect the latest partnership to boost Canadian Solar’s footprint in these two countries.
Moreover, through this partnership, Canadian Solar aims to de-risk and improve returns for project owners and investors, while contributing to a smarter, stabler, cleaner and more powerful global electric grid for global consumers.
Future Prospects
Per Markets and Markets research firm, the battery energy storage system market is projected to witness CAGR of 32.8% from $2.9 billion in 2020 to $12.1 billion by 2025. This should benefit companies like Canadian Solar, which are expanding in the battery energy storage market.
Other companies with a strong presence in the battery storage market are also poised to benefit from the aforementioned market growth opportunities.
For instance, Enphase Energy’s (ENPH - Free Report) next-generation battery —Enphase Encharge 3 or Encharge 10 storage systems — has usable and scalable capacity of 3.4 kWh and 10.1 kWh, respectively. The company expects further revisions of its storage products with Ensemble technology to be released in 2021.
NextEra Energy (NEE - Free Report) is a prominent stock in the energy storage market, with more than 150 MW of battery energy storage systems in operation. The company’s 409-MW Manatee Energy Storage Center, which will be the world's largest integrated solar-powered battery system, is currently on track to be placed in service later in 2021.
General Electric’s (GE - Free Report) renewable energy division offers customized storage products that include advanced lead-acid batteries as well as Energy Management Systems (EMS) to integrate the battery management system (BMS) into a fully functional storage digital controller.
Shares of Canadian Solar have gained 97.5% in the past 12 months compared with the industry’s 54.3% surge.
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Canadian Solar (CSIQ), Habitat Energy Ink Battery Storage Deal
Canadian Solar Inc. (CSIQ - Free Report) recently unveiled its strategic partnership with UK-based battery storage service provider, Habitat Energy. The agreement is expected to elevate Canadian Solar’s position in the growing battery storage market.
Notably, Habitat Energy provides state-of-the-art optimization services for grid-scale battery storage assets, while its proprietary software, PowerIQ, combines algorithmic forecasting and artificial intelligence to maximize asset performance and value.
Benefits of the Partnership
Through this partnership, Canadian Solar will be able to offer enhanced technology solutions for battery storage assets developers to capture additional revenues from trading optimization. The agreement will also enable Canadian Solar to improve grid stability and contribute to global energy transition to a cleaner, smarter and more efficient power grid.
With Habitat Energy platform's established presence in the UK and Australia, we expect the latest partnership to boost Canadian Solar’s footprint in these two countries.
Moreover, through this partnership, Canadian Solar aims to de-risk and improve returns for project owners and investors, while contributing to a smarter, stabler, cleaner and more powerful global electric grid for global consumers.
Future Prospects
Per Markets and Markets research firm, the battery energy storage system market is projected to witness CAGR of 32.8% from $2.9 billion in 2020 to $12.1 billion by 2025. This should benefit companies like Canadian Solar, which are expanding in the battery energy storage market.
Other companies with a strong presence in the battery storage market are also poised to benefit from the aforementioned market growth opportunities.
For instance, Enphase Energy’s (ENPH - Free Report) next-generation battery —Enphase Encharge 3 or Encharge 10 storage systems — has usable and scalable capacity of 3.4 kWh and 10.1 kWh, respectively. The company expects further revisions of its storage products with Ensemble technology to be released in 2021.
NextEra Energy (NEE - Free Report) is a prominent stock in the energy storage market, with more than 150 MW of battery energy storage systems in operation. The company’s 409-MW Manatee Energy Storage Center, which will be the world's largest integrated solar-powered battery system, is currently on track to be placed in service later in 2021.
General Electric’s (GE - Free Report) renewable energy division offers customized storage products that include advanced lead-acid batteries as well as Energy Management Systems (EMS) to integrate the battery management system (BMS) into a fully functional storage digital controller.
Zacks Rank & Price Movement
Canadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Shares of Canadian Solar have gained 97.5% in the past 12 months compared with the industry’s 54.3% surge.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>