Sungrow Raises US$ 400 Million to Strengthen Core Solar Business

Sungrow

Chinese PV inverter manufacturer Sungrow has announced that it issued 120 million additional shares—raising US$400 million of additional capital to strengthen it solar core business.

With this new stock offering, the company is expected to reinforce its financial strength, reduce financial risk, and optimize its financial structure.

The US$400 million raised in equity capital will enable the company to increase investment in R&D and deepen its focus on innovation related to its PV inverter and energy storage lineups. Additionally, the Chinese firm 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 reported over 50% year-over-year growth in net income in each of the past two fiscal years. 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.

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