Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that the company has acquired a minority equity interest in eNow, a U.S. company specializing in solar-based energy management system for the commercial transportation industry. Canadian Solar is now a 10% shareholder of eNow.
The investment will accelerate the expansion and growth of photovoltaic (PV) based mobile energy solutions-utilizing Canadian Solar's PV development and production expertise-and expand eNow's global reach. The partnership brings to market Canadian Solar's leading module technology interfacing with the unique power management system designed by eNow. The solar-based energy management system for commercial vehicles will help to reduce the energy consumption and CO2 emission during engine idling, and also can power vehicles' auxiliary systems.
"While we have become one of the world leading solar energy solution providers with close to 20 GW module deployment since 2001, I still remember we started very small in 2001 when we provided a 3 W solar power battery trickle charging system for cars. eNow's power management for the commercial transportation industry is a big step forward from Canadian Solar's first product. We see a great potential for the transportation industry. It will reduce transportation fuel costs while making a significant impact in cutting vehicle emissions." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
"We are honored to have received funding from Canadian Solar," said Jeff Flath, Founder & CEO of eNow. "Their tremendous expertise, technology innovation and global credibility in the solar industry could not be matched. We see this investment and partnership as more proof of the viability of Energy-as-a-Service and the increasing demand for sustainable solutions in the commercial transportation industry."