Sungrow Annual Report 2021: Revenue Increases by 25.15% and Global Market Share Exceeds 30% – EQ Mag Pro
Hefei, China: Sungrow, the global leading inverter and energy storage system solution supplier, released its annual report 2021, reporting a strong revenue increase and a further step in the holistic renewable business, especially the PV and energy storage arenas.
Financials in 2021
· The revenue increased by 25.15% to $3.74 billion (2020: $2.956 billion).
· The net income attributable to shareholders of a listed company came to $244.8 million, a drop of 19.01%.
· The CFFO (cash flow from operations) declined by 153.1% to $-254.1 million.
· The investment in research and development was $179.9 million, an increase of 44%. In addition, over 2,700 personnel were assigned to the R&D team, and annual patent applications increased by 24.5% to around 2,000.
An industry trailblazer
Given the continued effort toward technical innovation, Sungrow introduced cutting-edge PV and energy storage products. For instance, PV Magazine Award winner the SG350HX, which unlocks a new era for string inverters with power outputs exceeding 300 kW; the “1+X” modular inverter, which features easy modularization and significantly streamlines O&M; the liquid cooled energy storage system, which garnered gigawatt-hours of orders since its debut.
Sungrow had over 47 GW of PV inverters shipped in 2021 increasing its global market share to 30%. The Company catalyzed the distributed generation market with over 50,000 string inverters delivered last year.
The energy storage division also increased in revenue by 168.51% to $486.5 million. Notably, the Company had over 3 GWh of energy storage systems shipped globally in 2021.
Global footprint and manufacturing
The report shows that approximately 40% of Sungrow’s revenue comes from markets outside of China, where its headquarters are based. Further, the Company has supplied its product solutions to over 150 countries.
In addition, Sungrow has over 20 subsidiaries, 240 service outlets worldwide, and has 96.6% of its subsidiary’s employees recruited locally. “The local team serves local customers, which ensures streamlined communication and offers local partners with positive and professional experience,” said James Wu, Vice President of Sungrow. “Further, this in-depth localization also creates more jobs,” he added.
In terms of manufacturing, Sungrow owns the industry’s largest industrial park. In 2021, the Company expanded its India factory production capacity to 10 GW annually and established its Thailand factory with a 10 GW annual production capacity. These two manufacturing facilities outside of China further facilitate its step toward global manufacturing.
Social responsibility milestones
As a pivotal renewable energy player, Sungrow is dedicated to zero-carbon footprints globally with over 224 GW of installations, generating 315,200 GWh of clean electricity per year, equivalent to eliminating 252 million tons of carbon dioxide.
However, the Company’s contribution to a cleaner future surpasses generating emissions-free energy.
· Through a continued commitment to ESG (environmental, social, and governance), the Company has been rated AA by MSCI ESG for two consecutive years — something few peers have achieved and ranked first in China’s 2021 Top 500 ESG Companies.
· As a signatory to RE100, Sungrow also joined EP100, endeavoring to do “more-with-less” by improving its energy productivity.
· As a member of the UNGC, Sungrow consistently aligns with the UN 17 SDGs and plans global non-profit blueprints for both humans and the environment.
During Intersolar Europe 2022, Sungrow (Booth: B3.450) is expected to debut its new modular inverter, liquid cooled energy storage system and its residential solar-storage-EV charger portfolio; thus, leveraging its comprehensive strengths to pave the way toward a net-zero carbon future with its global partners.
About Sungrow
Sungrow Power Supply Co., Ltd. (“Sungrow”) is the world’s most bankable inverter brand with over 224 GW installed worldwide as of December 2021. Founded in 1997 by University Professor Cao Renxian. Sungrow is a leader in the research and development of solar inverters with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and Energy Storage Systems (ESS) for utility-scale, commercial & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions and EV charging station solutions. With a strong 25-year track record in the PV space, Sungrow products power installations in over 150 countries.
