Sungrow has said that its board has approved a proposal to issue global depository receipts (GDR) and list them on the Frankfurt Stock Exchange. The company said it aims to raise up to CNY 4.878 billion ($670 million) to fund four major manufacturing projects.

It will invested nearly CNY 2 billion in a 20 GWh advanced energy storage equipment facility. It said it will also allocate CNY 1.76 billion to expand overseas production of inverters and energy storage products.

It has earmarked an additional CNY 630 million for digital upgrades in its corporate operations, while CNY 496 million will fund a new R&D center in Nanjing, Jiangsu province.

Sungrow said it plans to expand its inverter and energy storage manufacturing beyond China, targeting a total capacity of 50 GW of inverters and 15 GWh of energy storage systems. The project, with a 21.8% internal rate of return, is expected to be completed in 24 to 36 months.

Despite pricing pressures in the PV industry, Sungrow has maintained revenue and profit growth, driven by its growing inverter and energy storage businesses. In the first half of 2024, Sungrow reported CNY 31.02 billion in revenue, an 8.38% increase year on year, and CNY 4.959 billion in net profit, up 13.89%. Inverter sales grew 12.6%, while energy storage revenue dipped by 8%, but its margins rose due to lower battery raw material costs.

Sungrow’s overseas sales continue to grow rapidly, with foreign revenue increasing from CNY 9.177 billion in 2021 to CNY 33.369 billion in 2023. In the first half of 2024, overseas sales accounted for 43.44% of total revenue, reaching CNY 13.476 billion.