SOURCE: Canadian Solar Inc.

January 22, 2007 08:58 ET

Canadian Solar Signs a Manufacturing Agreement With Photowatt

JIANGSU, CHINA -- (MARKET WIRE) -- January 22, 2007 -- Canadian Solar Inc. ("the Company," or "CSI") (NASDAQ: CSIQ) announced that it has signed a manufacturing collaboration agreement with Photowatt Technologies, Inc. (www.photowatt.com). Under the agreement, CSI will manufacture certain solar photovoltaic modules for Photowatt on an OEM basis. The production is expected to commence in mid-2007.

Shawn Qu, Chairman and CEO of CSI, commented: "Photowatt has been a key supplier of solar cells and toll manufacturing service to CSI over the past five years. This new agreement expands the scope of our collaboration, allowing us to provide an OEM module manufacturing solution to Photowatt. We believe the deal is also a vote of confidence for CSI from a major vertically integrated solar company and demonstrates the high quality of CSI's products and the cost effectiveness of our manufacturing process. CSI is on track in executing its OEM business strategy, through which we target to offer manufacturing services to clients worldwide. We expect the OEM manufacturing business to be an important part of our overall strategy, supplementing our CSI branded product lines."

About Canadian Solar Inc.

Founded in 2001, Canadian Solar Inc. is a standard solar module and specialty solar module and product company, serving customers located in various markets worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information visit www.csisolar.com.

Safe Harbor / Forward-Looking Statements:

Certain statements in this press release including statements regarding expected future financial and industry growth 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; governmental support for the deployment of solar power; future shortage or availability of the supply 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, including customers of our silicon materials sales; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; 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; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its registration statement on Form F-1 originally filed on October 23, 2006, as amended. 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. You should not place undue reliance on these forward-looking statements. All information provided in this press release and in the attachments is as of December 13, 2006, and CSI undertakes no duty to update such information, except as required under applicable law.

Contact Information

  • Contacts:
    In Jiangsu P.R. China
    Bing Zhu
    Chief Financial Officer
    Canadian Solar Inc.
    phone: 86-512-62696755
    ir@csisolar.com

    In the U.S.
    David Pasquale
    The Ruth Group
    phone: +1-646-536-7006
    dpasquale@theruthgroup.com