Sungrow, the world’s top producer of inverters and energy storage system solutions, has published impressive financial results for the fiscal year 2022, with a considerable growth in sales and net profit.
Sungrow’s revenue for the fiscal year 2022 was $5.98 billion, a 66.8% increase over the previous year, according to the Company’s financial report. A listed company’s net income attributable to shareholders increased by 127% year on year to $533.2 million.
In 2022, Sungrow supplied approximately 77GW of PV inverters. With over 900,000 inverters shipped last year, the company catalysed the distributed generation sector.
The income of the energy storage sector surged by 222.7% to $1.5 billion. Notably, the Company shipped over 7.7 GWh of energy storage systems globally in 2022, ranking first among Chinese companies for seven consecutive years in ESS shipments.
Sungrow underlined their dedication to sustainability and innovation in addition to financial accomplishments. The Company has committed over $252 million in research and development, a 45.7% increase year on year, to create new and improved products that can assist expedite the transition to a low-carbon economy.
Sungrow, a key renewable energy operator, is committed to zero-carbon footprints globally, with over 340 GW of installations providing 471,100 GWh of clean power each year, the equivalent of removing 380 million tonnes of CO2. The company published its Supplier Code of Conduct in order to track the life cycle carbon footprint of products and to measure and minimise carbon emissions.
Sungrow’s strong financial performance and dedication to sustainability have gained the company accolades and awards from a variety of institutions. Sungrow was ranked 100% bankable by BloombergNEF in 2022, making it the first inverter brand to be ranked first for four years in a succession. In 2022, the Company was the only inverter brand named to Forbes China’s Top 50 Most Innovative Companies.
The Company’s increasing trend continued in Q1 2023, with sales of $1.86 billion, up 175% year on year.
Sungrow forecasts strong growth in the renewable energy industry in the next few years, owing to worldwide initiatives to cut carbon emissions and switch to clean energy sources. The Company is well-positioned to capitalise on these developments and provide new solutions to consumers throughout the world.