China-based solar inverter manufacturer Sungrow has reported an 18% increase year-over-year (YoY) in revenue in the first half (1H) of 2021.

In 1H 2021, the company’s revenue stood at 8.21 billion Chinese yuan (~$1.26 billion),  compared to 6.94 billion Chinese yuan (~$1.07 billion) in the same period last year.

The net income jumped 70% YoY in 1H 2021. The net income rose to 757 million yuan (~$116.42 million) in 1H 2021 from 446 million yuan (~$68.97 million) in the same period last year. The growth was backed by its strong performance in India, Australia, South Korea, the Middle East, North Africa, and Southern Africa.

The company’s solar inverter and other equipment revenue increased by 54.51% YoY in 1H 2021 and accounted for 38.15% of overall gross profit.

In 1H 2021, Sungrow witnessed an increase in the market share of distributed inverters in China and the international market. It also signed several GW-level inverter orders across the globe.

Its energy storage system revenue increased by 267.38% YoY in 1H 2021 and accounted for 21.23% of overall gross profit.

Sungrow said that it provided overall solutions for the 100 MW/100 MWh energy storage project in the U.K. It also installed the first utility-scale solar-plus-storage project in Malawi and delivered several breakthrough projects around China.

In 1H 2021, the company’s research and development (R&D) investment cost stood at 508 million Chinese yuan (~$78.15 million), a 68.54% increase compared to the same period last year. It also opened a new R&D Center in Nanjing, focusing on smart technologies, big data, and software integration.

“Sungrow will further leverage its capabilities to innovate and deploy multiple business sectors in photovoltaic inverters, hydrogen energy, and photovoltaic power project investment and development,” the company said.

Sungrow has installed solar inverters with a capacity of over 182 GW globally as of June 2021.

According to Mercom’s India Solar Market Leaderboard 2021, Sungrow, with a 24% market share, was the top solar inverter supplier to the Indian solar market in the calendar year 2020.

Recently Sungrow partnered with JCM Power, InfraCo Africa, RINA, and Innovate UK to construct the Republic of Malawi’s first utility-scale solar-plus-storage project. The 20 MW solar PV and 5 MW/10 MWh storage project will be located in the Dedza district of Malawi.