Canadian Solar has unveiled its new ELPS solar cell technology that will achieve up to 19.5% cell efficiency for the monocrystalline and up to 18% for polycrystalline cells.

The company expects to start shipping solar modules incorporating the new technology in the fourth quarter of this year.

Canadian Solar chairman and CEO Shawn Qu said with the new cell technology, the company again managed to significantly lower the production cost per watt while at the same time increasing the energy efficiency.

"In addition, the new solar cells easily integrate with our existing production lines," Qu said.

Canadian Solar is a provider of ingots, wafers, solar cells, solar modules and other solar applications.