Axium, Canadian Solar Disclose Operation of Single Phase Energy Storage Project

  • Axium Infrastructure and Canadian Solar Inc CSIQ subsidiaries Recurrent Energy and CSI Energy Storage announced that Crimson Storage, a 350 MW / 1400 MWh standalone energy storage project, is now in operation and offered flexible capacity to the California grid.
  • A fund managed by Axium Infrastructure US Inc owns 80% of the project, and Recurrent Energy, the project developer, retains 20% ownership. 
  • CSI Energy Storage was the turnkey system integrator of the project, delivering the engineering, procurement, and construction (EPC) services.
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  • Sited on public lands in Riverside County, California, the project holds two long-term energy storage contracts with California's largest utilities, which are part of reliability procurements directed by the California Public Utilities Commission (CPUC).
  • In August, Canadian Solar reported second-quarter FY22 revenue growth of 62% year-on-year to $2.31 billion, beating the consensus of $2.23 billion. Higher solar shipment volumes, average selling price (ASP), and a significant increase in the battery storage solutions business drove the growth.
  • EPS of $1.07 beat the consensus of $0.53.
  • Price Action: CSIQ shares traded higher by 3.06% at $31.34 on the last check Tuesday.
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