Ginlong (Solis) Technologies, the Ningbo, China headquartered inverter firm released its 2020 estimated annual financial report on January 22: the annual sales is expected to up to 3,40 million USD dollars, the highest growth than the same period last year of 93%.
Ginlong (Solis) Technologies entered India in 2015, and has underlined its strong focus here by crossing the 1 GW milestone in India. The milestone, coming just over 5 years since the firm entered the market, is notable for not just the steady year on year increase, but the acceptance the firm has managed in India. A place in the top 3 inverter suppliers to the Indian solar market.
As an established name embraced across utility, C&I and other segments, the firm’s wide range has had success in a tough value driven market like India mainly due to the long term view the firm took for this market. Unlike many other firms entering the market around the same time, Solis has actually focused on delivering the kind of service and warranties top inverter firms promise. Thus, from a call centre in Mumbai to a technical service network available online as well as at short notice across the country, Solis as a firm has managed to convince Indian buyers that it is delivering real value for money. 5 years on, a very low failure rate coupled with higher visibility across quality projects has helped build the trust factor further.
The Solis brand, which is the one used by the firm for global sales outside China, has been built on the back of a high focus on quality. From being the Second Inverter manufacturer to get BIS listing for maximum ratings in India, Solis was also the first inverter manufacturer to pass PVEL (former part of DNV-GL) inverter reliability testing. The firm claims that 100% of inverters produced are duration-tested before shipment to reduce failures during installation . Topping it all off is the claim to winning the EUPD research top brand award for 5 consecutive years . The firm currently has BIS certification in place for its inverters in the 700K to 80K range.All of which has made the firm a top 3 ‘Most bankable Asia brand’ by Bloomberg NEF too.
Solis has plans to build on its strong legacy of trust worldwide, thanks to the massive capacity expansion it hopes to complete in 2021, wherein manufacturing capacity will go from 5 GW to 20 GW.
Speaking about the future, the firm’s management believes that in line with global trends, Solis will also be served best by focusing on the energy storage market , where installed capacity of new energy storage is expected to peak at 30 GW per annum from 2030 onwards, That means an energy storage all-in-one inverter, off-grid energy storage inverter, will be next on the agenda. The firm plans to launch its off-grid energy storage inverter for the Indian market this year. It’s wide experience in the C&I segment especially, where it has been used in projects from schools to gas stations, farms and office buildings will certainly give it an advantage building the next generation of products for this market.
Having a technically qualified founder familiar with the risks and opportunities in the sector has helped Solis make the most of its opportunities. By 2020 end, the firm had prepared for the next phase of solar growth by getting a stock exchange listing in March 2019, as well as a zero debt status , giving it ample options to fund future growth. A strong R&D focus has helped keep it on the cutting edge of innovations, and R&D investment increased by more than 100% year on year in the first three quarters of 2020, and have a faster go to market record, ensuring customer loyalty is rewarded with low wait times.
Regular third party validations have helped no doubt, be it on lifespan projections, or failure rates of under 0.2 percent, both from DNV•GL. Solis is a genuine multinational firm today, with a global brand respected across markets.
Solis cherishes the relationship with all India customers. Thank you so much for all your support and understanding as usual.We will make every effort to ensure better service to all of our valuable customers.