Canadian Solar's e-Storage subsidiary has launched SolBank 3.0, the latest iteration of its utility-scale battery energy storage system. It said the new product offers up to 45% more capacity and a 40% decrease in commissioning time compared to the previous 2.0 iteration.

The 20-foot containerized battery system offers up to 2.35 MW of power and a capacity of 5 MWh. It features higher density energy cells, advanced safety systems, liquid cooling, and active balance controls.

SolBank 3.0 features lithium-ferro-phosphate cells and sports a 93% round-trip efficiency. It is offered in two-hour and four-hour duration configurations. The battery pack is IP-67 rated for safety.

The battery comes equipped with a pack and electrical redundancy protection system, abnormal performance detection, multi-level fire alarms, suppression protection, and more as part of its safety and controls system. An optimized thermal management system reduces auxiliary power consumption by up to 30% compared to the previous generation, said Canadian Solar.

“SolBank 3.0 features exceptional new elements like higher energy density cells and advanced safety design,” said Colin Parkin, president of e-Storage. “In addition, our e-STORAGE team also provides value-added services, such as system capacity maintenance and augmentations, operation and maintenance, and plant optimization.”

In November, Canadian Solar reported $1.85 billion of revenue for the third quarter. Solar module shipments fell short of expectations at 8.3 GW. However, the company’s module shipments have increased 39% on a year-on-year basis.

Canadian Solar expects module demand to rise sharply in 2024, with shipments increasing roughly 50% year on year. But Roth Capital Partners said that this may be a bit optimistic as the company looks to clear excess inventory channels in Europe. It expects module demand to increase by only 10% to 15% in 2024, driven mostly by utility-scale demand, while residential solar demand could fall in 2024.