Chinese solar power inverter supplier Sungrow Power Supply Co., Ltd. has released its financial results for Q1/2021 with its total operating income having grown over 81% to RMB 3.34 billion ($516 million) thanks to the increase in its power station business and overseas optical storage business volume going up.
It also enabled the company report 142.45% annual improvement in its net profit during the reporting quarter.
In 2020, Sungrow's revenues increased on annual basis by 48.3% to $2.956 billion, with net income of $298.9 million, going up by 119% from last year.
The management claims in 2020, Sungrow's total global market share reached 27% after it shipped more than 35 GW worth of PV inverters, to both utility scale as well as as distributed generation segments. In Australia alone, it claims to have grown its market share in the residential segment to 24%. In terms of energy storage systems, Sungrow shipped more than 800 MWh in 2020.
On aggregate basis, its cumulative shipments exceeded 154 GW as of December 2020.
"Notably, Sungrow has expanded its annual production capacity to 90 GW, including 10 GW of India manufacturing based on a global growing demand basis. Also, the Company is on the path to establish another factory outside China in the near future," explained the management.
As part of its commitment as RE100 member, Sungrow said it plans to switch to 100% renewable energy for its electricity requirements by 2028.
In 2021, Sungrow aims to launch some flagship products and as part of this strategy, it has introduced new residential energy storage systems (ESS) comprising hybrid inverters and high voltage batteries calling it SBR series for the Australian residential segment. It comes with a battery range of 9.6 kWh and 102.4 kWh with 3-phase hybrid inverter suitable for 5 kW to 50 kW range. The Chinese company also plans to unveil single-phase high-voltage energy storage systems in late 2021 for Australia.
Sungrow launched the 'world's most powerful' string inverter with 325 kW power output in March 2021 (see Sungrow Launches 325kW Solar String Inverter).