Sungrow plans itemizing on Frankfurt Stock Exchange – pv journal International

Sungrow mentioned its board has authorized a proposal to problem international depository receipts (GDR) and record them on the Frankfurt Stock Exchange. The firm mentioned it goals to boost CNY 4.878 billion ($670 million) to fund 4 main manufacturing tasks.

It will make investments almost CNY 2 billion in a 20 GWh superior vitality storage facility. It mentioned it should additionally allocate CNY 1.76 billion to develop abroad manufacturing of inverters and vitality storage merchandise.

It has earmarked an extra CNY 630 million for digital upgrades in its company operations, whereas CNY 496 million will fund a brand new R&D heart in Nanjing, Jiangsu province.

Sungrow mentioned it plans to develop inverter and vitality storage manufacturing past China, focusing on a complete capability of fifty GW of inverters and 15 GWh of vitality storage techniques. The challenge, which has a 21.8% inner charge of return, is anticipated to be accomplished in 24 to 36 months.

Despite value pressures within the PV trade, Sungrow continues to develop income and earnings, pushed by rising inverter and vitality storage companies. In the primary half of 2024, Sungrow reported CNY 31.02 billion in income, an 8.38% year-on-year enhance, and CNY 4.959 billion in internet earnings, up 13.89%. Inverter gross sales grew by 12.6%, whereas vitality storage income fell by 8%, however its margins elevated resulting from decrease battery uncooked materials prices.

Sungrow’s abroad gross sales proceed to develop quickly, with overseas revenues growing from CNY 9.177 billion in 2021 to CNY 33.369 billion in 2023. In the primary half of 2024, abroad gross sales amounted to 43.44% of the full income, which reached CNY 13.476 billion.