(Yicai) March 27 -- Shares of Canadian Solar dropped in China and the United States even though a source from the solar module giant said to Yicai today that the firm is "operating normally" in the US and has not yet been served with a lawsuit by Maxeon Solar Technologies.

Canadian Solar's Shanghai-listed unit CSI Solar [SHA: 688472] ended the day 5.3 percent lower at CNY12.41 (USD2) after the Nasdaq-listed parent [NASDAQ: CSIQ] closed 2.1 percent down at USD17.98 yesterday.

A source from the securities department of Suzhou-based CSI Solar said to Yicai that capacity and orders in the US are as usual despite the lawsuit rumors.

Rumors circulating online on March 25 claimed that Singapore-headquartered Maxeon sued Ontario-based Canadian Solar in the US, accusing the latter of infringing on Maxeon’s patent for its tunnel oxide passivated contact solar cell technology.

The source from CSI Solar added that if the rumors are true, Canadian Solar will let the public know through the official channels in due time.

TOPCon modules are expected to account for more than 70 percent of Canadian Solar's module shipments this year, according to Chairman Shawn Qu. TOPCon cells are N-type cells, deemed to be more efficient than traditional P-type cells.

This is not the first time that Maxeon is said to be attempting to take its rivals to court. In 2020, the company sued a Japanese unit of Canadian Solar, claiming JPY10 million (USD660,000) in damages. In June 2022, the pair reached a settlement whereby Canadian Solar agreed to withdraw from the Japanese shingled solar module market until the second quarter of 2025.

Last year, Maxeon sued Tongwei and Aiko Solar Energy, two major Chinese PV companies, in a patent lawsuit that has not yet been concluded.

Editor: Emmi Laine