Canadian Solar acquires stake in eNow
Canadian Solar has acquired a minority equity interest in US-based solar-based energy management solutions provider eNow.
Following the deal, Canadian Solar becomes 10% shareholder of eNow.
Canadian Solar chairman and CEO Dr Shawn Qu said: “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.”
The acquisition will facilitate the expansion and growth of photovoltaic (PV) based mobile energy solutions, Canadian Solar said.
It will also leverage on the company’s PV development and production expertise to expand eNow's global reach.
The partnership brings Canadian Solar's module technology interfacing to market with the 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 can also power vehicles' auxiliary systems.
eNow founder and CEO Jeff Flath said: “ 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.”eNow focuses on designing, developing and manufacturing solar-based power systems for the commercial trucking, RV, and marine industries.