Sungrow Global Market Share Reaches 27% in 2020

HEFEI, China, April 29, 2021 /PRNewswire/ -- Sungrow, the global leading inverter solution supplier for renewables, has released the annual report 2020 to shareholders, reporting that the fiscal performance remains prosperous and the global market share reached 27% in 2020.

Financials in 2020

• The revenue increased by 48.3% to $2.956 billion (2019: $1.864 billion).
• The net income attributable to shareholders of a listed company came to $298.9 million, an increase of 119.0% (2019: $127.6 million).
• The CFFO (cash flow from operations) increased by 24.5% to $473.6 million, a stellar and healthy operation structure.
• Turnover of accounts receivable was 2.5 times, an increase of 41.6%.
• Basic earnings per share thus amounted to 1.34 yuan (20.54 US cents), an increase of 119.7%.

Market Share Expansion

Sungrow had over 35 GW of PV inverters shipped in 2020, accelerating its global market share to 27%. Apart from the performance in utility-scale projects in global solar hubs, the development of distribution segments also contributes to this increase. For instance, its market share in Australia for the residential segment has increased to 24%, it has been leading the local market share in Brazil since 2019 and it predicts an even more prosperous future in Europe as it's establishing local channels.

In addition, over 800 MWh of Sungrow energy storage systems were shipped worldwide in 2020, and the deployment is expected to show a high growth trend. Sungrow, as one of a few companies that can supply both PV and energy storage product portfolios, keeps making innovations in solar-plus-storage applications as the combination becomes the next thriving sector to unlock the potential of clean energy and facilitate the energy transition.

Notably, Sungrow has expanded its annual production capacity to 90 GW, including 10 GW of India manufacturing based on a global growing demand basis. Also, the Company is on the path to establish another factory outside China in the near future.

Social Responsibility Milestones

As one of the pivotal solar and energy storage players, Sungrow keeps contributing to global carbon neutrality. The Company's accumulative shipments exceeded 154 GW as of December 2020, which is equivalent to eliminating 174.5 million tons of carbon dioxide.

Another breakthrough is that Sungrow joined RE100 and has pledged to switch to 100% renewable energy for its electricity requirements by 2028.

The Company is dedicated to supporting communities in the global landscape, donating to public welfare and charity undertakings based on the framework of eradicating poverty and contributing to education, as well as fighting against pandemics and natural disasters.

Securing the MSCI ESG Rating of AA, Sungrow also shows the robust resilience to long-term, industry material environmental, social and governance (ESG) risks.

As the only inverter supplier ranked "100% bankable" for two straight years by BloombergNEF, Sungrow has been at the forefront in the clean energy business for over 24 years. The Company is poised to speed up the pace towards sustainable development with more flagship product lineups rolling out in 2021.

About Sungrow

Sungrow Power Supply Co., Ltd ("Sungrow") is the world's most bankable inverter brand with over 154 GW installed worldwide as of December 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 24-year track record in the PV space, Sungrow products power installations in over 150 countries. Learn more about Sungrow by visiting www.sungrowpower.com.