Energetica India 89 - May 2020

Solis to Raise $100 Million, Aims to Double Production Capacity Ginlong Technologies has announced plans to raise over $100M USD (» 700M Chinese Yuan), through a non-public offering to finance the expansion of its manufacturing capacity. Facing a rise in the global string inverter market, Ginlong will use these funds to double its production capacity of Solis prod- ucts to 20GW per year. This expansion will enable Solis to boost its supply to grid-connected and solar-plus-storage projects for customers world-wide. “The demand for our ultra-reliable Solis inverters has driven this push to double our capacity,” says Yiming Wang, Gin - long President. “We are seeing a boost in demand for string inverters over oth- er technologies due to its cost-compet- itiveness and reliability. This doubling of our production represents an exciting milestone for Solis.” The expanded factory will add 1,000,000 square feet to its existing facility in the Binhai Industrial park, bringing the company’s total capacity to 20GW. Construction plans include a new state-of-the-art R&D center, high-volume production lines equipped with advanced automation machinery, increased warehousing capacity and new offices. A new corporate cam - pus includes state-of-the-art offices, a multi-functional conference center and apartments for dedicated personnel “Our new corporate campus will add more than 500 new jobs to the Solis team, bringing in fresh talent and new ideas to boost innovation and drive growth,” adds Wang. Ginlong raised 533 million yuan during its IPO on the Shenzhen Stock Ex- change in March of 2019, making it the only publicly-traded company focused exclusively on PV string inverters. Solis has since experienced strong demand fueled by residential, commercial and utility solar markets across Asia, the Americas and Europe. In Q1of this year the company reported its strongest quarter ever with first quarter profits up 766% from 2019. Growatt Ranked 8th in Global PV Inverter Shipments in 2019 In 2019, global PV inverter shipments increased by 18% on a YOY basis with total shipments reaching 126,735 MW according to the report released by Wood Mackenzie. Growatt shipped a total capacity of over 5GW for the year and ranked No.8 among the inverter suppliers. The company has been pur- suing a global strategy of localization in recent years and has gained strong growth momentum across the world. “Over the years, we’ve established 13 offices and warehouses worldwide, and we’ve also built strong and experienced local teams in key markets,” said Lisa Zhang, Growatt Marketing Director. “Besides our extensive service network, we’ve developed the X generation in- verters, which feature high efficiency, safety, intelligence as well as elegant design. These advanced PV solutions have brought us additional advantages over other suppliers in the market.” Growatt has been present in Europe for 10 years and its products are well received in the region for its high effi - ciency, superior quality and enhanced safety. In addition to that, Zhang at- tributed the company’s popularity to its extraordinary local service capability. In APAC according to the report, Growatt was the No.4 PV inverter supplier in the region, and was top of inverter suppli- ers that focus on the manufacturing of string inverters. Earlier this month, the company was also ranked the No.1 in- verter supplier of rooftop solar sector in India according to the report by JMK Research & Analytics. “We have also built strong foundation in the Americas. In Brazil, we founded a service center last year and we have established partnership with Aldo Solar, the largest distributor in the market,” Zhang added. In the Americas, Gro- watt has launched intensive marketing campaigns and its sales are going up substantially. NEWS NEWS 14 energetica INDIA- May_2020