Hefei, China, August 29, 2020 /PRNewswire/ -- Sungrow, the global leading inverter solution supplier for renewables, posted its 1H fiscal report in late August, showing a huge growth on revenue, underlining the solid financial result and strong competitiveness for the first half of 2020 despite the impact of the pandemic.
Specifically, the revenue increased by 55.57% year-on-year (YoY) to US$ 987.2 million in 1H 2020, while net income grew by 34.13% YoY to US$ 63.4 million, due to strong performance in Americas, Europe and China. Operational cash flow also improved by 85.41% per the statement.
Sungrow continues to lead the global market with a revenue of US$ 870.8 million in the PV segment, embracing a YoY increase of 48.49%. The energy storage segment meanwhile has enjoyed a staggering 49.66% YoY growth to US$ 35.6 million in revenues for 1H 2020.
The Company attributes the boost to strong performance to the continued efforts in pioneering technical innovations and expanding global footprints. Sungrow’s cumulative shipment reached 120 GW as of June this year and has more than 1000 deployments of its integrated energy storage solutions over the world. The agile local team can offer responsive technical support, sales and 24/7 after-sale service, which is essential for forging partnerships during COVID-19.
“As a pioneer, Sungrow keeps offering state-of-the-art products and solutions to meet diversified global market demand. The forecast for the second half of 2020 is optimistic as the global market heads to recover in a few months,” said Prof. Cao Renxian, Chairman of Sungrow.
Prof. Cao also mentioned that Sungrow was once again ranked “100% bankable” by BloombergNEF as per the latest bankability survey, becoming the only inverter brand ranked “100% bankable” for two straight years.
About Sungrow
Sungrow Power Supply Co., Ltd ("Sungrow") is the world's most bankable inverter brand with over 120 GW installed worldwide as of June 2020. 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 for utility-scale, commercial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 23-year track record in the PV space, Sungrow products power installations in over 120 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com.