Solar Inverter Provider Sungrow Stories 25.4% Rise in Income in 2019

Solar Inverter Supplier Sungrow Reports 25.4% Rise in Revenue in 2019

Sungrow, a China-based solar inverter manufacturer, has reported that its 2019 fiscal year sales increased 25.4% to $ 1.864 billion (~ £ 140.43 billion), from $ 1.572 billion (~ 118, £ 44 billion) in 2018.

In his 2019 annual report to shareholders, Sungrow said its 2019 shipments hit 17.1 GW, bringing cumulative shipments to 100 GW in December 2019.

The company continued to hold the leading position in the US, Brazil and Chile and a market share of over 30% in Southeast Asia. The company attributed that growth to its research and development division, finding it had invested $ 911.8 million (~ £ 68.7 billion) in this company.

Sungrow found that his technological breakthroughs in the energy storage segments resulted in revenue growth of 41.8% year over year. Sungrow’s manufacturing facility in China was at full capacity in early March, and orders for the coming quarter were enough to indicate a year of growth.

“The coronavirus has so far only had a minimal negative impact on Sungrow’s business development. We move fast in uncertain times, ”said Cao Renxian, chairman of Sungrow.

In its outlook for 2020, Sungrow said that despite the ongoing coronavirus crisis, it plans to increase investments in its research and development department. The company added that many orders are still on time and those that are delayed are a few weeks behind the original schedule.

According to Mercom’s latest India Solar Market Leaderboard 2020, Sungrow was the second largest supplier of solar inverters to the Indian market after Huawei in 2019.

Recently, Sungrow announced that it has signed a strategic agreement with Avaada Energy for 650 MW to supply 1,500V inverter solutions for its upcoming solar PV projects in 2020.

In a previous interview with Mercom, Sunil Badesra, Business Head at Sungrow (India) Private Limited, explained what the company expects from the Indian solar market this year and how it is adopting BIS certification.

Image credit: Sungrow

Nithin is a reporter at Mercom India. He previously worked for Reuters News on the oil, metals and agricultural commodity markets in the world markets. He has also covered refinery and pipeline explosions, oil and gas leaks, hurricane developments in the Atlantic region, and other natural disasters. Nithin holds a master’s degree in applied economics from Christ University in Bangalore and a bachelor’s degree in commerce from Loyola College, Chennai. More articles from Nithin.


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