The China-based manufacturer of solar inverters Sungrow reported an 18% increase in sales in the first half of (1H) 2021 compared to the previous year (year).
The company's revenue was 8.21 billion Chinese yuan (~ 1.26 billion US dollars) for the first half of 2021, compared to 6.94 billion Chinese yuan (~ 1.07 billion US dollars) for the same period Previous year.
Net profit increased 70% year over year in the first half of 2021. Net income increased to 757 million yuan (~ 116.42 million US dollars) for the first half of 2021 from 446 million yuan (~ 68.97 million US dollars) for the same period last year. Growth was supported by strong performance in India, Australia, South Korea, the Middle East, North Africa and Southern Africa.
The company's solar inverter and other device sales increased 54.51% year over year in the first half of 2021, accounting for 38.15% of total gross profit.
In the first half of 2021, Sungrow recorded an increase in the market share of decentralized inverters in China and in the international market. It also signed several GW-level inverter orders around the world.
Energy storage system sales increased 267.38% year over year in the first half of 2021, accounting for 21.23% of total gross profit.
Sungrow said it provided total solutions for the 100 MW / 100 MWh energy storage project in the UK. In addition, the first utility-scale solar-plus storage project was installed in Malawi and several groundbreaking projects were implemented across China.
For the first half of 2021, the company's research and development (R&D) capital expenditures were 508 million Chinese yuan (~ $ 78.15 million), an increase of 68.54% over the same period last year. In addition, a new research and development center was opened in Nanjing, focusing on intelligent technologies, big data and software integration.
"Sungrow will continue to leverage its capabilities to innovate and deliver multiple businesses in photovoltaic inverters, hydrogen power, and photovoltaic project investment and development," the company said.
By June 2021, Sungrow had installed solar inverters with an output of over 182 GW worldwide.
According to Mercom's India Solar Market Leaderboard 2021, Sungrow was the leading supplier of solar inverters for the Indian solar market in the 2020 calendar year with a market share of 24%.
Recently, Sungrow teamed up with JCM Power, InfraCo Africa, RINA and Innovate UK to build the Republic of Malawi's first supply-scale solar-plus storage project. The 20 MW solar PV and 5 MW / 10 MWh storage project will be located in the Dedza district of Malawi.
Harsh is a reporter at Mercom India. Previously, he reported on general interests at Indian Express. He holds a Masters Degree in Journalism from the Symbiosis Institute of Media and Communication, Pune.
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