PVTIME – On 16 December 2024, Ningbo Deye Inverter Technology Co., Ltd. (Deye), a professional PV inverter manufacturer and supplier of grid-connected and off-grid solar inverters, announced its plan to establish Deye Malaysia Company, a wholly-owned overseas subsidiary in Malaysia, and invest in a production base in Malaysia to engage in photovoltaic equipment and energy storage batteries and other related businesses, with a total investment of not more than 150 million US dollars (approximately 1.09 billion yuan).
The overseas investment is part of Deye’s strategic development, which aims to take advantage of Malaysia’s superior geographical location to further develop the international market. Meanwhile, it is expected to enhance the company’s overall risk resilience, reduce potential adverse impact and promote the company to achieve high-quality development.
Deye has performed well in the Southeast Asian markets, including the Philippines, Thailand and Myanmar. Among them, Deye’s market share in Myanmar has reached 80%. According to the quarterly financial report released by Deye, in the first three quarters of 2024, Deye achieved operating revenue of 8.016 billion yuan, up 26.72% year on year, and net profit of 2.24 billion yuan, up 42.81% year on year, and non-deductible net profit of 2.083 billion yuan, up 22.04% year on year.
In recent years, the demand for solar energy and energy storage systems has increased dramatically. With the constant changes in the international situation and trade environment, the need for overseas production capacity layout is also increasing. The need for energy storage, especially in the emerging markets represented by Pakistan, India, Philippines and Myanmar, are urgent in the past two years.
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