Month: March 2026

PHILADELPHIA, March 19, 2026 /PRNewswire/ — Doral Renewables, a leading, U.S. utility-scale solar and battery storage developer and independent power producer, announced that its Great Bend Solar project located in Meigs County, Ohio has completed final funding as of Friday February 20, 2026. The project will generate clean electricity sufficient to power more than 9,000 American homes and will contribute more than $400,000 annually in new tax revenue to Meigs County, supporting essential local services.  

Fifth Third Bank finalized Substantial Completion funding, bringing the total tax equity investment in the project to more than $27 million. In addition, $35 million of investment tax credits generated by the project were sold to a third-party buyer. More than $38 million of construction debt was repaid, and approximately $33 million of term debt with HSBC and KeyBank was issued. HSBC has also provided an approximately $ 8 million letter of credit facility to support the project. These transactions—the Tax Credit Transfer closing, Tax Equity Substantial Completion funding, and Term Conversion—together constitute the final funding of Great Bend Solar project. 

This series of transactions represents the culmination of the long-term project financing for Great Bend, as well as an important milestone for the overall Doral Renewables portfolio. “Final funding at Great Bend is an exciting milestone and a testament to the strength of our partnerships,” said Dario Abramskiehn, Director of Portfolio Finance at Doral Renewables. “We are grateful to our talented financing partners for their collaboration in bringing this project into operation, and we are proud to see Great Bend delivering clean, reliable power and meaningful economic benefits to Meigs County. We view this milestone not as an endpoint, but as the foundation for decades of reliable operation and continued growth across Doral’s portfolio.” 

“Fifth Third Bank was pleased to partner with Doral on the tax equity financing commitment for the Great Bend Solar Project,” said Jon Stark, Head of Renewables at Fifth Third Bank. “Supporting premier platforms like Doral squarely fits our future growth, and we look forward to continuing to grow our relationship with Doral as they continue to execute on their high-quality U.S. renewables pipeline.”

About Doral Renewables  

Doral Renewables is a Philadelphia-based developer, owner, and operator of renewable energy assets throughout the United States. Our solar and storage development portfolio comprises nearly 18 GW, which includes nearly 450 MW currently in operation and 1,500 MW under construction. Doral Renewables operates in 18 states and across five electricity markets. With a strong focus on community engagement, we aim to integrate agrivoltaics practices throughout our pipeline, creating additional opportunities for farming communities. Our team of global partners includes the Doral Group, Migdal Group, Clean Air Generation, APG, and Apollo Funds. Learn more at doral-llc.com and follow us on LinkedIn and Facebook.    

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SOURCE Doral Renewables LLC

ConceiveAbilities Sets the Gold Standard in Surrogate Support During Surrogacy Awareness Month

CHICAGO, March 19, 2026 /PRNewswire/ — Before a surrogacy journey begins, the most important step is often the first conversation: talking to your partner. For over 30 years, ConceiveAbilities has guided women and their families through this life-changing decision, providing expert insights, answers to the questions partners ask most, and unmatched support that has set the gold standard in surrogate care.

For many women, the desire to become a surrogate grows quietly over months—or even years—before they share the idea with a spouse or partner. By the time the words are spoken, they are often well-informed and deeply committed. For partners, hearing the idea for the first time can bring a mix of emotions—curiosity, concern, surprise, or pride. Every partner’s engagement looks different, and ConceiveAbilities honors that individuality—whether they want to be deeply involved or prefer a quieter supporting role.

In recognition of Surrogacy Awareness Month, ConceiveAbilities is spotlighting How to Talk to Your Partner About Becoming a Surrogate: Expert Tips to Start the Conversation With Confidence. The agency provides comprehensive guidance for surrogates and their families through a team of nurses, fertility clinic coordinators, mental health professionals, and surrogacy specialists who help couples navigate every question—from medical safety and legal protections to emotional support and family logistics. Partners are supported in defining their own role, whether that means attending appointments, helping with logistics, or offering encouragement from the sidelines.

On the agency’s podcast, All Things Conceivable, host Nazca Fontes speaks with Lori Jurecko, MA, LSW, and Allyson Meadows, who share expert tips for starting the conversation with a partner.

“Women often think about becoming a surrogate long before they say it out loud,” said Jurecko. “For partners, the idea is brand new. Once they understand the process and the meaning behind it, many go from hesitant to incredibly supportive.”

Meadows adds, “Almost every partner I’ve met ends up proud and inspired. They see the extraordinary impact their spouse is making in another family’s life—regardless of how involved they choose to be.”

ConceiveAbilities’ comprehensive surrogate support includes:

• Industry-leading surrogate compensation
• Best-in-class matching
• Expert guidance on legal, medical coverage, and the surrogate IVF process
• Mental health resources from early exploration through postpartum recovery

The agency also provides answers to the top questions partners ask, including how a surrogate pregnancy affects family life, time commitments, emotional attachments, legal responsibilities, and financial considerations. By addressing these concerns early, couples can approach surrogacy as an informed and confident team, with partners defining their own level of involvement.

“Trust is built through transparency, expertise, and support at every step,” says Michelle DeMonte, Vice President of Surrogate Engagement. “Our goal is to empower women considering surrogacy while ensuring their partners feel informed, comfortable, and supported—no matter how active or hands-off their role may be.”

Ready to start your surrogacy journey? Learn more about becoming a surrogate today.

Celebrating 30 Years of Empowering Surrogates and Families
ConceiveAbilities is a leading national egg donor and surrogacy agency that has helped families grow for over 30 years. Known for industry-leading surrogate care, the agency provides expert guidance, comprehensive support, and robust resources for surrogates and intended parents alike.

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SOURCE ConceiveAbilities

KITCHENER, ON, March 19, 2026 /PRNewswire/ — Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the fourth quarter and full year ended December 31, 2025.

Full Year 2025 Highlights

• 24.3 GW of solar module shipments delivered globally, with record 8.1 GW delivered to the U.S. market.
• Record 7.8 GWh of energy storage shipments delivered globally, with 3.9 GWh delivered to the U.S. market.
• Energy storage contracted backlog increased to record $3.6 billion, as of March 13, 2026.
• Completed a US$230 million convertible bond issuance to accelerate U.S. manufacturing initiatives.
• Resumed direct oversight of U.S. operations, forming CS PowerTech as the new U.S. manufacturing platform.
• Fully ramped up Texas module factory to an annual production run rate exceeding 5 GW, with planned expansion to nameplate capacity of 10 GWp by the second half of 2026.

Dr. Shawn Qu, Chairman and CEO, commented, “We demonstrated strategic resilience and operational discipline throughout a year defined by persistent market headwinds and a shifting regulatory landscape. In response to the prolonged solar downturn, we pivoted away from the industry’s traditional focus on shipment volumes and instead took the lead by prioritizing margins and diversifying our profit drivers, notably energy storage. Our commitment to the U.S. market remains steadfast as we spearhead the reshoring of manufacturing to North America. Our solar module factory in Mesquite, Texas has fully ramped up, and we intend to double its nameplate capacity to support a more resilient domestic supply chain. We are moving in the equipment for the first phase of our solar cell plant in Jeffersonville, Indiana as we speak and expect to see the first cell come off the production line by the end of March, with full ramp up expected by the end of June. Furthermore, we are advancing the second phase, which once operational, will bring our U.S. cell capacity to 6.3 GWp, establishing the largest crystalline silicon technology footprint in the country.”

Colin Parkin, President of Canadian Solar and President of e-STORAGE, said, “We shipped 4.3 GW of solar modules this quarter, as we maintained our disciplined approach to order intake amid rising input costs, concluding the year with total shipments of 24.3 GW. Although site construction delays shifted certain energy storage volumes into the first quarter of 2026, we still delivered a record 7.8 GWh in global energy storage shipments. This represents robust double-digit growth, achieved while successfully navigating a turbulent policy environment. Our momentum is further evidenced by a record contracted backlog of $3.6 billion. As we direct our resources toward our comprehensive U.S. manufacturing strategy, we are proactively rebalancing our project development investments to optimize cash flow and manage leverage.”

Ismael Guerrero, CEO of Canadian Solar’s subsidiary Recurrent Energy, said, “Our quarterly revenue and margin profiles were impacted by delays in certain project sales, which have been pushed into 2026. We continue to shift our business mix toward the monetization of operating and under-construction assets to strengthen our balance sheet and improve cash flow. As we manage the pacing of construction activities, we are also optimizing our pipeline for quality, focusing on generating value from existing opportunities.”

Xinbo Zhu, Senior VP and CFO, added, “For the fourth quarter, we reported revenue of $1.2 billion and a gross margin of 10.2%. Profitability was affected by sequentially lower global storage volumes and solar module deliveries to the North American market, delayed project sales, and project asset impairments. Capital expenditures in 2025 totaled $962 million, slightly below expectations, and we ended the year with a cash position of $1.9 billion.”

Fourth Quarter 2025 Results

Total solar module shipments recognized as revenues in Q4 2025 were 4.3 GW, down 16% quarter-over-quarter (“qoq”) and down 47% year-over-year (“yoy”).

Net revenues were $1.2 billion in Q4 2025, down 18% sequentially and 20% yoy, mainly due to lower sales of solar modules and battery energy storage systems.

Gross profit was $124 million, compared to $256 million in Q3 2025 and $217 million in Q4 2024. Gross margin was 10.2%, compared to 17.2% and 14.3% in Q3 2025 and Q4 2024, respectively. The sequential decrease in gross margin was primarily due to the impairment charges related to certain project assets. The yoy decrease was driven by lower contribution from solar modules and project asset sales, partially offset by higher module ASPs.

Operating expenses were $188 million, down from $222 million in Q3 2025 and $344 million in Q4 2024 due to lower logistics costs. Operating expenses represented 15.5% of revenue, compared to 14.9% in Q3 2025 and 22.6% in Q4 2024.

Net loss attributable to Canadian Solar in accordance with generally accepted accounting principles in the United States of America (“GAAP”) in Q4 2025 was $86 million, or a net loss of $1.66 per diluted share, compared to a net income of $9 million, or a net loss of $0.07 per diluted share, in the Q3 2025, and net income of $34 million, or $0.48 per diluted share, in Q4 2024. Net income/(loss) per diluted share includes the dilutive effect of convertible bonds, as applicable, and the Recurrent Energy redeemable preferred shares dividends.

Net cash flow used in operating activities in Q4 2025 was $65 million, driven by changes in working capital, specifically an increase in project assets, partially offset by a decrease in inventories, compared to net cash flow used in operating activities of $112 million in Q3 2025 and net cash flow provided by operating activities of $66 million in Q4 2024.

Total debt, including financing liabilities, was $6.5 billion as of December 31, 2025, including $3.8 billion, $2.5 billion and $0.2 billion related to Recurrent Energy, Manufacturing, and convertible notes, respectively. Total debt increased from $6.4 billion as of September 30, 2025, mainly due to new borrowings for construction of projects. Total non-recourse debt under Recurrent Energy as of December 31, 2025, was $2.2 billion.

Business Segments

On December 1, 2025, Canadian Solar announced a strategic initiative to resume direct oversight of its U.S. operations. The Company has formed a new joint venture with its majority-owned subsidiary, CSI Solar Co., Ltd. (“CSI Solar”), by holding a 75.1% controlling stake in CS PowerTech Inc. (“CS PowerTech”), which operates U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems. On December 16, 2025, CSI Solar’s shareholders approved the proposed initiative.

Following the consummation of this strategic initiative, Canadian Solar’s business is organized into two segments:

• Manufacturing, comprising CS PowerTech, which focuses on manufacturing and sales of solar modules, battery energy storage products, and other power technology products for the U.S. market, and CSI Solar, which serves all other global markets; and
• Recurrent Energy, which focuses on solar power and battery storage project development, asset sales, power services, and electricity revenue from its operating portfolio.

Manufacturing

Solar Modules and Solar System Kits

The Company shipped 4.3 GW of solar modules and solar system kits to more than 70 countries and regions in Q4 2025.

Consistent with the Company’s transition from volume-driven growth to high-value creation, the Company will focus its disclosure on strategic markets rather than aggregate global manufacturing capacity.

In the U.S., the Company operates a 5 GWp solar module factory in Mesquite, Texas, which will be expanded to nameplate capacity of 10 GWp by the second half of 2026.

The Company is also continuing to advance its flagship, state-of-the-art heterojunction technology (“HJT”) solar cell factory in Jeffersonville, Indiana. In response to strong customer demand, the Company is increasing its production capacity beyond 5 GWp, with additional production lines being installed and commissioned through 2026.

• Phase I: Trial production is scheduled to begin by April 2026. Phase I has a nameplate capacity of 2.1 GWp and represents the only commercially operational HJT solar cell facility in the U.S.
• Phase II: The Company expects to begin trial production for Phase II by the end of 2026. This expansion will add 4.2 GWp of capacity, bringing the Company’s total solar cell nameplate capacity in the U.S. to 6.3 GWp.

e-STORAGE: Battery Energy Storage Solutions

As of March 13, 2026, e-STORAGE contracted backlog, including contracted long-term service agreements, stood at $3.6 billion. These signed orders carry contractual obligations to customers and provide significant earnings visibility over a multi-year period.

Recurrent Energy

As of December 31, 2025, the Company had a total global solar project development pipeline of approximately 24 GWp and a battery energy storage project development pipeline of 83 GWh.

The business model consists of three key drivers:

• Electricity revenue from operating portfolio to drive stable, diversified cash flows in growth markets with stable currencies;
• Asset sales, including selective operating assets in stable currency markets and assets in the rest of the world, to manage cash flow, debt level and to fund growth in operating portfolio; and
• Power services (O&M) through long-term operations and maintenance (“O&M”) contracts, currently with nearly 15 GW of contracted projects, to drive stable and long-term recurring earnings and synergies with the project development platform.

Project Development Pipeline – Solar

As of December 31, 2025, the Company’s total solar project development pipeline was 24.4 GWp, including 1.6 GWp under construction, 3.2 GWp of backlog, and 19.6 GWp of projects in advanced and early-stage development, defined as follows:

• Backlog projects are late-stage projects that have passed their risk cliff date and are expected to start construction within the next one to four years. A project’s risk cliff date is the date on which it passes the last high-risk development stage and varies by country. Typically, this occurs after the project has received all required environmental and regulatory approvals, and entered into interconnection agreements and offtake contracts, including feed-in tariff (“FIT”) arrangements and power purchase agreements (“PPAs”). A significant majority of backlog projects are contracted (i.e., have secured a PPA or FIT), and the remainder have a reasonable assurance of securing PPAs.
• Advanced pipeline projects are mid-stage projects that have secured or are more than 90% likely to secure an interconnection agreement.
• Early-stage pipeline projects are early-stage projects controlled by the Company that are in the process of securing interconnection.

While the magnitude of the Company’s project development pipeline is an important indicator of potential increases in power generation and battery energy storage capacity, as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of those projects to the extent expected, which could adversely affect its business, results of operations, and financial condition. In addition, the Company’s guidance and estimates of its future operating and financial results assume the completion of certain solar projects and battery energy storage projects in its pipeline. If the Company is unable to execute on its actionable pipeline, it may fail to meet its guidance, which could adversely affect the market price of its common shares and its business, results of operations, and financial condition.

The following table presents the Company’s total solar project development pipeline.

 

Project Development Pipeline – Battery Energy Storage

As of December 31, 2025, the Company’s total battery energy storage project development pipeline was 83.5 GWh, including 6.2 GWh under construction and in backlog, and 77.3 GWh of projects in advanced and early-stage development.

The table below sets forth the Company’s total battery energy storage project development pipeline.

 

Business Outlook

The Company’s business outlook is based on management’s current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management’s views and estimates are subject to change without notice.

In Q1 2026, the Company expects total revenue to be in the range of $900 million to $1.1 billion. Gross margin is expected to be between 13% and 15%. Total module shipments recognized as revenues are expected to be in the range of 2.2 GW to 2.4 GW. Total battery energy storage shipments in Q1 2026 are expected to be in the range of 1.7 GWh to 1.9 GWh.

The Company is issuing new guidance of 6.5 to 7.0 GW of solar modules and 4.5 to 5.5 GWh of battery energy storage solutions to the U.S. in 2026.

Dr. Shawn Qu, Chairman and CEO, commented, “While the first quarter tends to be seasonally softer, we are navigating a complex macro environment, including elevated and volatile input costs across supply chains and policy uncertainty in key markets. In our project development business, we are rebalancing toward asset monetization and optimizing our cost structure. Our solar module shipments in the U.S. are expected to be slightly lower in 2026 than in 2025, primarily due to a limited supply of solar cells qualified as non-PFE under the OBBBA in the first half of the year. The high cost of such cells will also affect our profitability. I believe this is temporary, as our own production will ramp up in Q2 and Q3. 2026 will be a transition year, as we accelerate our U.S. manufacturing roadmap and diversify our long-term profitability drivers.”

Recent Developments

Canadian Solar

On January 15, 2026, Canadian Solar announced a decisive victory in litigation proceedings against Maxeon Solar Pte. Ltd. (“Maxeon”) before the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office (“USPTO”). In Final Written Decisions, the PTAB ruled in Canadian Solar’s favor, holding that all claims asserted by Maxeon against Canadian Solar relating to the alleged infringement of the patents at issue in the federal court litigation are invalid.

On January 13, 2026, Canadian Solar announced the closing of its previously announced offering of US$230 million aggregate principal amount of 3.25% convertible senior notes due 2031 (the “Notes”), including the full exercise of the initial purchasers’ option to purchase an additional US$30 million aggregate principal amount of the Notes. The Notes were offered in a Rule 144A private offering. The net proceeds from the offering were approximately US$223.1 million, after deducting the initial purchasers’ discount and estimated offering expenses.

On December 24, 2025, Canadian Solar announced the appointment of Colin Parkin as a member of its board of directors (the “Board”) and his promotion to President of Canadian Solar. Parkin succeeds Yan Zhuang on the Company’s Board and assumes the role of the Company’s President from Dr. Shawn Qu. Dr. Qu, the Founder of Canadian Solar, continues to serve as the Company’s Chairman and Chief Executive Officer. In conjunction with Parkin’s appointment, the Board also appointed Dylan Marx as Chief Operating Officer.

On December 1, 2025, Canadian Solar announced a strategic initiative to resume direct oversight of its U.S. operations and continue reshoring manufacturing to North America. On December 16, 2025, the shareholders of its majority-owned subsidiary CSI Solar approved the proposed initiative. Canadian Solar has formed a new joint venture with CSI Solar by holding a 75.1% controlling stake in CS PowerTech, which operates U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems.

Manufacturing: CS PowerTech and CSI Solar

On March 17, 2026, Canadian Solar announced that it had entered into an agreement with a major U.S. utility for a 500 MW / 2,493 MWh DC battery energy storage system (“BESS”) project, supporting data center grid infrastructure and resiliency. Shipments are expected to start in March 2027 and be completed by July 2027.

On February 11, 2026, Canadian Solar announced the delivery of its first grid-connected battery energy storage system in Japan, with a rated output of 2 MW and an energy capacity of 8.25 MWh DC. The project was developed by Canadian Solar Projects K.K. e-STORAGE was responsible for the design, engineering, and commissioning of the project, and will also provide long-term maintenance and inspection services throughout the operational life of the BESS.

On February 5, 2026, Canadian Solar announced that it had signed agreements for the supply and long-term servicing of two standalone battery energy storage projects totaling 503 MWh DC in Franklin County, Texas. The projects, collectively referred to as the Lupinus projects, are being developed by Sunraycer. They comprise Lupinus 1, a 202 MWh facility expected to begin construction in Q1 2027 and reach commercial operation in Q3 2027, and Lupinus 2, a 301 MWh facility scheduled to start construction in Q3 2026 and achieve commercial operation in Q2 2027.

On December 17, 2025, Canadian Solar announced that it would deliver 408 MWh AC Battery Energy Storage System to Vena Energy for its Tailem Bend 3 project in South Australia. The project is under construction and is targeted to begin operation in 2027. Under an initial 5-year Long Term Service Agreement, Canadian Solar’s e-STORAGE will also be responsible for maintenance of the battery energy storage system.

Recurrent Energy

On February 24, 2026, Canadian Solar announced that it had completed the sale of its 200 MWh Fort Duncan Battery Storage facility to Hunt Energy Network. Canadian Solar expects to recognize the revenue from the transaction in the first quarter of 2026. Located in Maverick County, Texas, Fort Duncan Battery Storage reached commercial operation in June 2025. The Company had secured $183 million in project financing and tax equity for the storage facility.

On December 2, 2025, Canadian Solar announced that it had been granted a Development Consent Order (“DCO”) for its Tillbridge solar and battery energy storage project, located in Lincolnshire, England. The proposed project combines 800 MW of solar PV and 500 MW / 1,000 MWh of battery energy storage. The DCO was awarded by the UK Secretary of State for the Department for Energy Security and Net Zero. Once operational, Tillbridge will become one of the largest hybrid solar and storage facilities in the United Kingdom.

Conference Call Information

The Company will hold a conference call on Thursday, March 19, 2026, at 8:00 a.m. U.S. Eastern Time to discuss the Company’s fourth quarter and full year 2025 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.) or +1-201-389-0920 from international locations. The conference ID is 13758808. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Thursday, April 2, 2026 and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations.  The replay pin number is 13758808. A webcast replay will also be available on the investor relations section of Canadian Solar’s website at www.canadiansolar.com.

About Canadian Solar Inc.

Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 25 years, Canadian Solar has successfully delivered over 174 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 18 GWh of battery energy storage solutions to global markets as of December 31, 2025, boasting a $3.6 billion contracted backlog as of March 13, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12 GWp of solar power projects and 6.2 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 83 GWh of battery energy storage capacity in various stages of development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release, including those regarding the Company’s expected future shipment volumes, revenues, gross margins, and project sales 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 “may”, “will”, “expect”, “anticipate”, “future”, “ongoing”, “continue”, “intend”, “plan”, “potential”, “prospect”, “guidance”, “believe”, “estimate”, “is/are likely to” or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 30, 2025. 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. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

 

FINANCIAL TABLES FOLLOW

The following tables provide unaudited select financial data for the Company’s Manufacturing and Recurrent Energy businesses.

 

The following table summarizes the revenues generated from each product or service.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SOURCE Canadian Solar Inc.

NUS scientists have developed a self-training method that strengthens lab-grown muscle tissues around the clock, and used them to power a living-muscle robot that swims faster than any of its predecessors

SINGAPORE, March 19, 2026 /PRNewswire/ — Researchers at the National University of Singapore (NUS) have developed a platform that lets lab-grown muscle tissues train themselves to record-breaking strength, with no external stimulation required. By mechanically coupling two muscle tissues so they continuously pull against each other, their own natural contractions become a round-the-clock workout. The resulting muscles powered OstraBot, an ostraciiform (a type of fish locomotion) swimming robot that reached 467 millimetres per minute — the fastest speed reported for any skeletal muscle-driven biohybrid robot.

The advance removes a long-standing bottleneck in biohybrid robotics — machines driven by living cells rather than conventional motors. Because muscle-based actuators are soft, quiet and efficient at small scales, stronger versions could unlock minimally invasive biomedical tools, soft environmental sensors and fully biodegradable robots that safely degrade after completing their task.

“For years, researchers have been interested in building robots powered by living muscle because biological actuation is soft, adaptive and energy-efficient at small scales. However, the performance of these systems has been limited by the low force output of cultured skeletal muscle. If the actuator is weak, the robot cannot move fast, generate meaningful thrust, or perform useful tasks,” said Assistant Professor Tan Yu Jun from the Department of Mechanical Engineering in the College of Design and Engineering at NUS, who led the research.

“The purpose of this study was not just to build a faster robot, but to remove a fundamental bottleneck in the field and open the door to high-performance biohybrid systems designed with sustainability in mind,” Asst Prof Tan added.

The study was published in Nature Communications on 18 March 2026. In December 2025, the first author of the paper, Dr Chen Pengyu, won the Best Poster Award based on this study at the Materials Research Society (MRS) Fall Meeting 2025, one of the largest international conferences for materials science research.

Two muscles in an arm-wrestling match

The key insight came from a behaviour that biologists have long observed but rarely exploited: the spontaneous contractions that young skeletal muscle cells produce as they mature. Starting around day three of differentiation, engineered tissues begin twitching on their own, peaking by day five before fading as the cells reach full maturity. Although most researchers had treated this as a biological curiosity, the NUS team treated it as a training resource.

They designed a platform in which two muscle tissues are coupled through a sliding block, so that when one contracts, it stretches the other, which then contracts back. The result is continuous cycles of shortening and lengthening that run autonomously throughout the week of early maturation, with no external power source, control unit or manual intervention.

“As the cells mature, they naturally begin to contract spontaneously. Because the two tissues are connected, they continuously pull against each other, effectively exercising without any external control,” explained Asst Prof Tan.

The self-trained muscles generated a maximum force of 7.05 millinewtons and a stress of 8.51 millinewtons per square millimetre — the highest values recorded for this cell line in biohybrid robotics, and more than an order of magnitude above many previously reported figures. The method uses a commercially available muscle cell line found in labs worldwide, making it far more reproducible and cheaper than conventional approaches.

Optimising OstraBot to achieve personal bests

The team developed a physiology-based model tracing the full chain from electrical stimulation through calcium signalling and muscle activation to force output, then used it to guide OstraBot‘s design. Inspired by the boxfish, which keeps its body rigid and propels itself entirely by oscillating its tail, OstraBot pairs this model-informed structure with a single trained muscle that drives two flexible tails. At optimal stiffness and 3 Hz stimulation, it swam more than three times faster than an identical robot powered by conventionally cultured muscle.

Beyond speed, the robot demonstrated something equally significant: precise controllability. Its speed could be tuned continuously by adjusting electrical field strength, and a sound-triggered system let it start and stop in response to clapping signals.

“The clap shows that the robot is not just alive — it is controllable. In the past, muscle-powered robots either moved constantly without clear control or were too weak to respond visibly. Our strengthened skeletal muscle allows the robot to react clearly to an external signal, similar to how nerves control muscles in the body,” said Asst Prof Tan. “This demonstrates that biohybrid robots can combine strength with precise regulation, which is essential for real-world applications.”

Robots with a vanishing act

The NUS team is now pursuing systems in which all structural materials are biodegradable — robots that perform their function and then safely break down. Possible applications include environmental monitoring devices deployed in sensitive ecosystems such as wetlands or coral reefs, as well as temporary implantable tools that perform a clinical task before dissolving inside the body, eliminating the need for surgical retrieval.

“Strength is one important milestone, but long-term stability, energy efficiency and lifecycle design are equally important,” said Asst Prof Tan. “Ultimately, we aim to develop biohybrid machines that are not only high-performance but also environmentally responsible by design.”

The team’s next steps include integrating biodegradable structural materials, refining control strategies and improving the durability and efficiency of muscle-powered robotic systems.

Read more at: https://news.nus.edu.sg/what-a-flex-swimming-robot

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SOURCE National University of Singapore (NUS)