Hefei, China / August 1, 2016 – Sungrow, the world’s largest PV inverter manufacturer, officially announced that it issued 120 million additional shares-raising US$400 million of additional capital with goals of strengthening its solar core business.
Under this new stock offering, Sungrow is expected to reinforce its financial strength, reduce financial risk, and optimize the company’s financial structure. The US$400 million raised in equity capital will enable Sungrow to increase investment in R&D and deepen the company’s focus on innovation related to its PV inverter and energy storage lineups, which already have demonstrated significant technical advantages over those of competing firms in the solar industry. In addition, Sungrow is expected to introduce an industry-changing product lineup in the coming year which many expect will significantly increase the company’s global deployments and further drive growth into new industry verticals.
Sungrow-with over 50% year-over-year growth in net income in each of the past two fiscal years-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 has 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.
About Sungrow
Sungrow is the world’s leading PV-inverter manufacturer with over 26GW installed globally. Founded in 1997 by the University Professor Renxian Cao, Sungrow is the global leader in research and development in solar inverters, with numerous patents and a broad product portfolio offering solutions for residential, commercial and industrial applications. With a 20-year track record of growth and success, Sungrow’s products are available in over 50 countries, and have maintained a market share of over 30% in China. In 2015, Sungrow successfully occupied a over 20% market share in Germany. Sungrow topped the PV inverter industry with shipments totaling 8.9GW in 2015. Learn more about Sungrow by visiting http://en.sungrowpower.com/
