On December 1, Atlas announced that it intends to set up new joint ventures M and N with controlling shareholder Atlas Canadian Solar Inc. They are engaged in photovoltaic and energy storage business in the United States.
Company M will be engaged in photovoltaic business in the United States, including the operation of photovoltaic cells and photovoltaic module factories in the United States; Company N will engage in energy storage business in the United States, including the operation of manufacturing plants for lithium iron phosphate energy storage batteries, battery packs and DC energy storage systems in the United States. The two new companies will start operating by leasing some of Atlas's overseas assets. Equity allocation of
the above companies: Atlas holds 24.9% shares and CSIQ holds 75.1% shares. Atlas also disclosed that the follow-up will also consider new investment assets or acquisition of assets at the right time or the introduction of third-party overseas qualified investors.
At the same time, Atlas also indicated that it intends to supply manufacturing plants outside the United States but in the United States. Including the completed overseas photovoltaic slice factory THX1, the overseas energy storage factory SSTH under construction and the overseas battery factory GNCM, CSIQ accounted for 75.1% and Atlas accounted for 24.9% through equity transfer .
Regarding the above arrangement, Atlas said that it is to cope with the changes of laws and regulations in the U.S. market, ensure the normal operation of enterprises, reduce operational risks, and realize the long-term participation of the company in the U.S. market. Through this arrangement, the company can obtain a one-time equity transfer consideration, and can enjoy 24.9% of the continuous equity income of the follow-up U.S. business and recover the pre-investment.
According to the development plan of both sides, CSIQ will focus on the production, sale and service of photovoltaic modules and energy storage systems in the U.S. market , pay attention to and invest resources in the development of public utilities, power companies and large-scale industrial and commercial project customers in the United States. Focus on meeting the needs of energy transformation in the United States, while Atlas will focus on components, energy storage products and system integration business in non-US regions around the world , including Europe, Latin America, Asia, the Middle East and other regions.
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