Canadian Solar invests in German off-grid solar pioneer SolarWorx

  • As part of a strategic partnership and the start-up's series A investment round, Canadian Solar (NASDAQ:CSIQ) will invest in SolarWorX.
  • Canadian Solar is joined by co-investors EIT InnoEnergy, one of the leading European investors in sustainable energy innovations, and DEG - Deutsche Investitions- und Entwicklungsgesellschaft, the German development finance institution.
  • The seven-digit funding will help SolarWorX expand its product portfolio and sales activities to electrify some of the 1.2B people that are still living without a stable grid connection.
  • MESH will be deployed in the field at a pre-commercial stage by 2Q21.
  • "The electrification of sub-Saharan Africa represents one of the most important global challenges of our time, as well as one of the greatest business opportunities," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar, "Bringing clean, reliable power to those currently living off the grid will have a profound positive effect on the world as a whole. This investment reflects Canadian Solar's commitment to contribute to social development as part of its broader sustainability strategy. We are excited to partner with SolarWorX and believe that, with our support, they can position themselves as a leading facilitator of this rollout."

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