Canadian Solar announced it has acquired a minority equity interest in eNow, a U.S. company specializing in solar-based energy management system for the commercial transportation industry.
Canadian Solar is now a 10 percent shareholder of eNow.
The investment will accelerate the expansion and growth of photovoltaic (PV) based mobile energy solutions-utilizing Canadian Solar’s PV development and production expertise-and expand eNow’s global reach, the company said.
The partnership brings to market Canadian Solar’s PV module technology interfacing 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 also can power vehicles’ auxiliary systems.
“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,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.
Jeff Flath, founder and CEO of eNow, said, “Their tremendous expertise, technology innovation and global credibility in the solar industry could not be matched. 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.”