Canadian Solar surges on US expansion and manufacturing reshoring strategy

Shares of solar and battery company Canadian Solar CSIQ.O up 13% at $30.69 premarket

Company to resume direct oversight of its U.S. operations and to continue reshoring manufacturing to North America

Says it will form new joint ventures with American shareholders and its majority-owned subsidiary, CSI Solar

Additionally, CSIQ will acquire from CSI Solar, at fair market value based on third-party appraisal, 75.1% ownership of certain overseas facilities that support U.S. operations

CSIQ says total consideration for CSI Solar assets is about $50 million

Company will hold a 75.1% controlling stake in CS PowerTech, which will operate U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems

As of last close, CSIQ up 144.1% YTD