Sungrow, a China-based solar inverter manufacturer, has reported that its revenue increase by 25.4% to $1.864 billion (~₹140.43 billion) in the fiscal year 2019, up from $1.572 billion (~₹118.44 billion) in 2018.
In its annual report to shareholders for the year 2019, Sungrow said that its shipments in 2019 reached 17.1 GW, bringing up cumulative shipments to 100 GW as of December 2019.
The company said it still held the leading position in the U.S., Brazil, Chile, and holds a market share of over 30% in Southeast Asia. It attributed this growth to its research and development department, noting that it invested $911.8 million (~₹68.7 billion) in it.
Sungrow noted that its technological breakthroughs in the energy storage segments reflected in its 41.8% year on year revenue growth. It said that as of early March, Sungrow’s China-based production facility was operating at full capacity, and its orders for the upcoming quarter were enough to indicate a year of growth.
“The coronavirus has had only a minimal negative impact on Sungrow’s business development so far. We are moving 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.
Recently, Sungrow announced that the company had signed a 650 MW strategic agreement with Avaada Energy to supply 1,500 V inverter solutions for its upcoming solar PV projects in 2020.
In an earlier 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 his take on BIS certification.
Image credit: Sungrow
Nithin is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai.