PVTIME – On 14 October 2024, Sungrow, the world’s leading PV inverter and energy storage system provider, announced its proposal to raise funds of not more than 4,877,854,900 yuan to expand its energy storage production capacity and improve its overall R&D capacity.
According to the announcement, about 1.99 billion yuan of the raised funds will be used for the production project of energy storage with an annual capacity of 20GWh, 1.76 billion yuan for the expansion of its overseas capacity for inverters and ES products, 630 million yuan for digital upgrading, while 496 million yuan will be invested in the R&D centre in Nanjing City, China.
Sungrow believes that in order to achieve the global low-carbon target, PV and wind power, as the most economical renewable energy, will continue to develop at a fast pace. Power electronic equipment, represented by photovoltaic inverters, will open up new development opportunities with huge development space. It is expected that by the end of 2024, the cumulative installed capacity of global PV will surpass that of hydropower to become the number one non-fossil power generation source. In 2023-2030, there is room for more than 7,700GW of global PV to be installed, according to analysis institutions.
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