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Sungrow Successfully Raises US$400 Million to Strengthen Core Solar Business

Sungrow Successfully Raises US$400 Million to Strengthen Core Solar Business

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Sungrow, the world’s largest PV inverter manufacturer, officially announced that it issued 120 million additional sharesβ€”raisingΒ US$400 millionΒ of additional capital with goals of strengthening its solar core business.

Under this new stock offering, Sungrow is expected to reinforce its financial strength,Β reduceΒ financial risk, and optimize the company’s financial structure. The US$400Β million raised in equity capital will enable Sungrow to increase investment in R&D and deepen the company’s focus on innovationΒ related to its PV inverter and energy storage lineups,Β which already haveΒ demonstrated significant technical advantages overΒ those ofΒ competing firms in the solar industry. In addition, Sungrow is expected to introduce an industry-changing product lineupΒ in the coming yearΒ which many expect will significantly increaseΒ the company’sΒ global deployments andΒ further driveΒ growth intoΒ new industry verticals.

Sungrowβ€”withΒ over 50%Β year-over-year growth in net incomeΒ inΒ each ofΒ the pastΒ twoΒ fiscal yearsβ€”is one of the fastest growing inverter companies in the world. The announcement to raise additional capital was made with goals to sustain financial growth and further expand the company’s presence in new international markets.

With a 20-year track record of success in the solar industry, Sungrow hasΒ supplied state-of-the-art products and solutions for global customers since the company’s founding in 1997. To date, over 26GW of Sungrow’s PV inverters have been installed worldwide. The trend is expected to continue as the company continues to grow its balance sheet as well as its global operations.

Anand Gupta Editor - EQ Int'l Media Network

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