Canadian Solar has a new partnership in batteries for solar energy.

Solar company Canadian Solar Inc. (CSIQ) is planning a rapid expansion in batteries for home use and small businesses. The new partnership will allow the company to increase the competitiveness of its offer. 

Through its subsidiary CSI Solar, Canadian Solar has signed an agreement with the developer of green technologies, Contemporary Amperex Technology (CATL). 

The companies will create a comprehensive offer that will include lithium-ion batteries for storing solar energy. All the leading solar companies have similar suggestions now because they are in demand. Solar panels with batteries allow you to create autonomous homes or significantly reduce energy consumption. 

Usually, the panels generate maximum energy in the middle of the day, but at evening peak demand, the power generated is much less. Batteries solve this problem. In addition, some homeowners rely on them as a source of emergency power for lighting and a refrigerator in the event of a significant power outage. 

The total capacity of municipal energy storage is also growing. According to Mordor Intelligence forecasts, the average annual growth rate of the global battery market will be 24% within five years. 

Canadian Solar has vast geography, covering Europe, South Africa, the USA, South America, Japan, and the Middle East. In turn, CATL has extensive experience in developing and producing batteries for various purposes, including large ones for industrial storage. 

CATL also offers battery recycling services, essential for long-term sales models. As a result, the partnership can become one of the drivers of the sales growth of Canadian Solar Solutions.