Sungrow, the world’s largest PV inverter manufacturer, has issued 120 million additional shares, raising US$400 million of additional capital with goals of strengthening its solar core business.
The fund will help the company reinforce its financial strength, reduce financial risk, and optimize the company’s financial structure. It will also help increase investment in R&D and deepen the company’s focus on innovation related to its PV inverter and energy storage lineups, a statement from the firm said.
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.
With this additional investment, the company will expand its presence in new international markets. Since its founding in 1997, Sungrow has installed over 26GW of PV inverters worldwide.
Rajani Baburajan
editor@greentechlead.com