WUXI, China, Sept. 12, 2023 /PRNewswire/ -- Sineng Electric, the global leading supplier of PV and energy storage inverters, announced the expansion of its manufacturing capacity for Power Conversion Systems (PCS) and Battery Energy Storage Systems (BESS), adding an impressive 15GW to meet the surging global demand. This week, Wu Qiang, Chairman of Sineng Electric and Viktor Duan, CEO of Sineng Electric attended the groundbreaking ceremony.
In the context of the ongoing energy transformation, energy storage stands as a significant cornerstone, ensuring the reliability and stability of the power grid. The enhanced supply chain and decreasing costs have sparked renewed growth in the energy storage sector. According to S&P Global, gross capacity additions for grid-connected energy storage are projected to exceed 100GWh in 2023, with cumulative additions surpassing 1TWh by 2028. Notably, in 2022, Sineng's energy storage products witnessed a surge in sales revenue, reaching 1.02 billion yuan, with a staggering 621.85% growth compared to the previous year. As of August 2023, the company has successfully shipped over 5GW of PCS worldwide.
Given the prevailing industry dynamics, Sineng Electric has decided to invest in a new manufacturing facility in Wuxi, China, which will cover an area of 8 hectares. The construction is expected to be completed by the end of 2024, with manufacturing scheduled to commence in 2025, ultimately reaching full production capacity by 2029.
Chairman Wu Qiang extended his heartfelt appreciation to all stakeholders for their support. He stated, "This expansion signifies a momentous stride for the company, enabling us to methodically enhance our manufacturing capacity and improve customer service in the global market."
About Sineng
Sineng Electric Co., Ltd. is the global leading supplier of a comprehensive product portfolio including PV inverters and energy storage systems for utility-scale, commercial, and residential applications. With four R&D centers, 40GW annual production capacity and top-notch resources, Sineng's unwavering commitment to technological innovation has enabled more people to access cost-effective, reliable, and sustainable energy.
