Sungrow, a PV inverter and energy storage system provider, saw unprecedented growth in revenue in 2023, according to a recent annual financial report.
Sungrows operatingrevenueexperienced a year-on-year surge of 79.5% in 2023, reaching US$10,2billion, while its net profit attributable to shareholders jumped significantly by 162,7% to US$1,3 billion. This robust growth was primarily attributed to the companys expanding customer base and increasing market share in key regions, Sungrow said in a statement.
The company has witnessed a remarkable surge in PV inverter shipments, surpassing 130 GW. Furthermore, Sungrows sales of energy storage systems have escalated to 10,5GWh, driven by the escalating demand for both grid-connected and off-grid applications, the company said.
In the past fiscal year, the company allocated US$347million towards research and development (R D), marking a year-on-year growth of 44,6%. The company achieved a cumulative total of 4 123 patent grants.
The innovations encompass several groundbreaking achievements. Among them are the worlds first 2000 V inverter connected to the grid, the introduction of the worlds first 10 MWh liquid cooling energy storage system, the successful deployment of its C I liquid cooling energy storage system, the release of the industrys inauguralStem 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 180 kW Integrated DC Fast Charger, Sungrow said.
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