Sungrow Successfully Raises US$400 Million
Sungrow has 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.
