PV power company Canadian Solar announced Thursday that it has acquired a minority equity interest in eNow — a US-based company specialised in solar-based energy management systems for the commercial transportation industry.
As a result of the investment, Canadian Solar is now a 10% shareholder of eNow.
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Canadian Solar’s investment will help spur expansion and growth of PV-based mobile energy solutions. The partnership will link Canadian Solar's module technology interfacing with the unique power management system designed by eNow.
eNow’s systems for commercial vehicles will help cut down on energy consumption and CO2 emissions during engine idling, and also can power vehicles' auxiliary systems.
Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, said: “While we have become one of the world leading solar energy solution providers with close to 20GW module deployment since 2001, I still remember we started very small in 2001 when we provided a 3W 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.”
Jeff Flath, founder & CEO of eNow, added: We are honored to have received funding from Canadian Solar. 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.”