Canadian Solar Inc. has acquired a minority equity interest in eNow, a Rhode Island-based company specializing in solar-based power management systems for the commercial transportation industry. Canadian Solar is now a 10% shareholder of eNow.
Canadian Solar says its investment will accelerate growth of eNow’s global reach and expansion of solar PV-based mobile energy solutions. The partnership brings to market Canadian Solar’s 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, according to Canadian Solar.
“While we have become one of the world-leading solar energy solution providers with close to 20 GW module deployment since 2001, I still remember we started very small in 2001, when we provided a 3 W solar power battery trickle charging system for cars,” says Dr. Shawn Qu, chairman and CEO of Canadian Solar. “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.”
“We are honored to have received funding from Canadian Solar,” says Jeff Flath, founder and CEO of eNow. “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.”