CSIQ - Canadian Solar unveils world's largest single phase energy storage project

Canadian Solar ( NASDAQ: CSIQ ) +3% in Tuesday's trading after saying 350 MW standalone energy storage project Crimson Storage is now in operation and providing flexible capacity to the California grid.

A fund managed by Axium Infrastructure US owns 80% of Crimson Storage while Canadian Solar ( CSIQ ) subsidiary Recurrent Energy, the project developer, retains 20% ownership, while another Canadian Solar subsidiary, CSI Energy Storage, provided the turnkey solutions and now provides the long-term operational services for the project.

Canadian Solar ( CSIQ ) said Crimson Storage is the largest battery storage project in the world to reach operation in a single phase, and is the second largest energy storage project currently operating.

The project holds two long-term energy storage contracts with California's largest utilities, SoCal Edison and PG&E.

Canadian Solar ( CSIQ ) is "a rapidly growing solar energy powerhouse which uses a variety of strategies to capture value across the sector," Ben Alaimo writes in an analysis published on Seeking Alpha .

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