Sungrow
| Company type | Public |
|---|---|
| Industry | Solar energy, Photovoltaic inverter manufacturing |
| Founded | 1997 |
| Founder | Cao Renxian |
| Headquarters | Hefei , China |
Key people | Cao Renxian (founder) |
| Products | Solar photovoltaic inverters, battery energy storage systems |
Sungrow (also referred to as Sungrow Power Supply; ) is a publicly listed Chinese manufacturer specializing in solar photovoltaic (PV) inverter technology, with its headquarters situated in Hefei, Anhui.
Background
Founded in 1997 by Cao Renxian, who was previously an instructor at Hefei University of Technology, Sungrow began with an initial investment of 80,000 yuan from Cao’s personal savings, supplemented by 500,000 yuan raised from friends and family. At the time, despite considerable doubts surrounding the renewable energy sector, Cao committed to entrepreneurship within this emerging industry.
History
In its early years, Sungrow focused on conventional products due to the immature state of the renewable energy market. The company’s expansion gained momentum following its involvement in a 2002 Chinese government initiative aimed at bringing solar power to remote villages in Northwestern China.
The 2008 financial crisis posed challenges including restricted financing and diminished demand across European markets. Additionally, by 2011 China experienced overcapacity that pressured prices downward. Nonetheless, Sungrow defied prevailing industry conditions, achieving a tenfold increase in profits between 2008 and 2011.
Sungrow became publicly traded on the Shenzhen Stock Exchange in November 2011. The firm has played a pivotal role in China’s Targeted Poverty Alleviation efforts through photovoltaic solutions, receiving commendation from General Secretary Xi Jinping in 2016.
In 2017, the company unveiled the Sungrow Huainan Solar Farm, which at the time was recognized as the largest floating solar installation worldwide, supplying electricity to approximately 15,000 households—double the capacity of any prior floating solar project.
Broadening its global footprint, Sungrow inaugurated its largest overseas solar inverter manufacturing facility in Bangalore, India, in August 2018.
By July 2023, questions emerged regarding Sungrow’s connections with the Chinese government as it secured a dominant position within Australia’s solar inverter sector.
As of March 2024, Sungrow overtook competitor LONGi Green Energy Technology to become the most valuable solar enterprise globally, propelled by rapid growth in China’s battery storage industry. In that year, the company commanded a 14% share of the worldwide battery energy storage system market.