HEFEI, China, April 25, 2024 /PRNewswire/ -- Sungrow, the
global leading PV inverter and energy storage system provider,
released its annual report 2023 recently. The company attained
unprecedented revenues and profits, fueled by robust demand across
diverse global markets.
In 2023, the global renewable energy market is poised for rapid
expansion, with Sungrow prioritizing its core business, enhancing
innovation and transformation, investing heavily in market research
and development, and implementing a comprehensive strategy for
products and services. Sungrow's commitment to digitalization,
streamlining operations, and fostering rapid growth in its core
business has resulted in reinforced brand potential and an
industry-leading position, ultimately leading to a significant
boost in profitability.
Sungrow's operating revenue experienced an impressive
year-on-year surge of 79.5% in 2023, reaching a staggering
$10.2 billion, while its net profit
attributable to shareholders jumped significantly by 162.7% to
$1.3 billion. This robust growth was
primarily attributed to the company's expanding customer base and
increasing market share in key regions.
The company has witnessed a remarkable surge in PV inverter
shipments, surpassing 130GW, indicating a widespread embrace of
solar energy globally. Furthermore, Sungrow's sales of energy
storage systems have escalated dramatically to 10.5GWh, driven by
the escalating demand for both grid-connected and off-grid
applications.
Sungrow's investments in research and development (R&D) have
consistently borne fruit, evident from the successful introduction
of an array of cutting-edge products throughout the fiscal year.
This year, the company allocated $347
million towards R&D, marking a year-on-year growth of
44.6%. And Sungrow boasts a strong team of 5372 R&D technical
personnel, having achieved a cumulative total of 4123 patent
grants.
The innovations encompass several groundbreaking achievements.
Among them are the world's first 2000V inverter connected to the
grid, the introduction of the world's first 10MWh liquid cooling
energy storage system, the successful deployment of its C&I
liquid cooling energy storage system, the release of the industry's
inaugural "Stem Cell Grid Technology White Paper", the successful
demonstration of the grid-forming wind power converter, the
introduction of flexible green hydrogen production system, and the
global launch of the 180kW Integrated DC Fast Charger and etc.
The company's strong financial performance has allowed it to
expand its operations and strengthen its global presence. As of the
previous year, Sungrow had exceeded 20 subsidiaries, successfully
marketing its products in 170 nations and regions. Additionally, it
boasted over 490 service outlets across six major service areas
globally.
Simultaneously, the overseas employee count reached 1423,
representing a year-on-year increase of 58.1%.
Over the course of the past year, the company's brand awareness
and reputation have steadily risen, earning multiple prestigious
accolades such as "China Top 50 Most
Innovative Companies" awarded by Forbes
China, "Best ESG Practice Employer of the Year" by
Forbes, "Fortune China 500" and " Future 50 Global" granted
by Fortune and etc. Recently, in 2023, the company secured an
impressive ranking of 117th on the annual "China's 500 Most
Valuable Brands" list compiled by the World Brand Lab, with a brand
value of $11.37 billion.
The year 2023 was an exceptional one for Sungrow. Its power
electronic converters has accumulated an installed capacity of over
515GW, about 330 million tons of carbon dioxide emissions can be
avoided annually together with our customers. The company is
committed to sustainable development practices and aims to achieve
carbon neutrality at the operational level by 2028, across its
entire supply chain by 2038, and reach net-zero emissions across
the chain by 2048. As part of its accelerated RE100 goal, the
proportion of green electricity used throughout the year has risen
to 55%, and global volunteer service projects have been launched,
with a total of 1,352 registered volunteers contributing 3,442
hours of service so far.
Looking ahead, Sungrow remains committed to the realm of clean
power, prioritizing solar, wind, energy storage, and green
hydrogen. The company strives to innovate consistently, aiming to
make remarkable advancements in power electronics, grid support,
and AI technology. Sungrow aims to provide integrated solutions,
enhance the customer experience, and bolster its brand image. By
executing this strategy, Sungrow aims to further expand its
position as a global leader, enabling it to achieve sustainable and
high-quality development.
About Sungrow
Sungrow Power Supply Co., Ltd. ("Sungrow") is a global leading
PV inverter and ESS provider with over 515 GW of power electronic
converters installed worldwide as of December 2023. Founded in 1997
by university professor Cao Renxian, Sungrow is a leader in the
research and development of solar inverters with the largest
dedicated R&D team in the industry and a broad product
portfolio offering PV inverter solutions and ESS for utility-scale,
commercial & industrial, and residential applications, as well
as internationally recognized floating PV plant solutions, NEV
driving solutions, EV charging solutions and renewable hydrogen
production systems. With a strong 27-year track record in the PV
space, Sungrow products power over 170 countries worldwide. For
more information about Sungrow, visit: www.sungrowpower.com.
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