PVTIME – The global energy storage industry continues to thrive. Major players, including Canadian Solar Inc., Hainan Jinpan Smart Technology Co. Ltd., APsystems, and Shenzhen Kstar Science and Technology Co. Ltd., have announced their latest operational updates. Canadian Solar has secured energy storage orders totalling RMB 24.33 billion; Jinpan has outstanding orders exceeding RMB 9 billion; and APsystems has achieved year-on-year growth in residential energy storage revenue.
On 14 May, Canadian Solar Inc. released its Q1 2026 financial results and Q2 2026 outlook. The company shipped 2.5 GW of modules and 2.1GWh of energy storage products in Q1 2026. Q2 energy storage system shipments are forecast at 2.8–3.2GWh, of which around 400MWh is earmarked for ongoing internal and external projects. Total revenue for Q2 is projected to be USD 1–1.2 billion (RMB 6.95–8.34 billion), with a gross profit margin of 13–15%. Meanwhile, 2026 US energy storage shipments are expected to reach 4.5–5.5GWh. As of 8 May 2026, its subsidiary e-STORAGE held contracted orders (including long-term service agreements) worth USD 3.5 billion (RMB 24.33 billion).
During its 13 May performance briefing, Hainan Jinpan Smart Technology Co., Ltd. reported new Q1 2026 sales orders of RMB 3.344 billion, representing a 64.48% year-on-year increase. Outstanding orders totalled RMB 9.004 billion at the end of Q1 2026, marking a 26.02% year-on-year increase. During 2026, the company will prioritise strategic client partnerships in the areas of wind power, artificial intelligence data centres (AIDCs) and energy storage. It will also advance upgrades to solid state transformer (SST) technology, develop AIDC-adapted self-synchronous voltage source energy storage technology, and complete customised R&D and promotion of 13MW resin-insulated dry-type transformers and 8MW integrated energy storage box-type transformers.
During an institutional research event on 11 May, Shenzhen Kstar Science and Technology Co., Ltd. confirmed that it had achieved operating income of RMB 1.24 billion in Q1 2026 (a 31.47% year-on-year increase) and net profit attributable to the parent company of RMB 139 million (a 24.84% year-on-year increase). Its energy storage business has experienced sustained growth since 2025 and has become a key growth driver, focusing on European markets and expanding into Southeast Asia, the Middle East, and Australia through local partnerships. In order to mitigate the risks associated with the gross profit margin, Kstar plans to pursue technological upgrades, expand into North America and Australia, and strengthen its ODM partnerships in order to offer comprehensive solutions.
At its 13 May 2026 annual and Q1 performance briefing, APsystems noted that Q1 operating income reached RMB 148 million, a year-on-year decrease of RMB 42.7777 million due to lower microinverter revenue. However, intelligent control disconnect switch and residential energy storage sales grew year-on-year. Commercial and industrial energy storage revenue remained low due to phased project acceptance. APsystems is expanding globally with a UK subsidiary and a Singapore-based emerging market hub. It also has an African warehouse and is planning operations in Zimbabwe and Kenya, with the aim of strengthening its presence across Asia, Africa and Latin America.
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