Alternative energy supplier saw 79% growth in 2023

31 May 2024 News

Sungrow, a global supplier of PV inverter and energy storage systems, recently released its annual report for 2023. Sungrow’s operating revenue saw a massive 79% boost in 2023, reaching $10,2 billion. The company’s net profit attributable to shareholders increased by 162% to $1,3 billion. This increase is attributed to the company’s expanding customer base and increased market share in key regions worldwide.

Sungrow’s shipments have surpassed 130 GW due to the increase in the global uptake of renewable energy. Its battery energy storage systems also increased to 10,5 GWh, due to the increase in off-grid applications.

In 2024 the company has allocated $347 million towards R&D, and it currently employs 5372 members in its technical R&D; division. It has also expanded its reach in the global market, with a 58% increase in its overseas employee count.

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