Sungrow, a PV inverter and energy storage system provider, saw “unprecedented growth” in revenue in 2023, according to a recent annual financial report.

Sungrow’s operating revenue experienced a year-on-year surge of 79.5% in 2023, reaching US$10,2 billion, while its net profit attributable to shareholders jumped significantly by 162,7% to US$1,3 billion. This robust growth was primarily attributed to the company’s expanding customer base and increasing market share in key regions, Sungrow said in a statement.

The company has witnessed a remarkable surge in PV inverter shipments, surpassing 130 GW. Furthermore, Sungrow’s sales of energy storage systems have escalated to 10,5GWh, driven by the escalating demand for both grid-connected and off-grid applications, the company said.

In the past fiscal year, the company allocated US$347 million towards research and development (R&D), marking a year-on-year growth of 44,6%. The company achieved a cumulative total of 4 123 patent grants.

“The innovations encompass several groundbreaking achievements. Among them are the world’s first 2 000 V inverter connected to the grid, the introduction of the world’s first 10 MWh liquid cooling energy storage system, the successful deployment of its C&I liquid cooling energy storage system, the release of the industry’s inaugural ‘Stem Cell Grid Technology White Paper’, the successful demonstration of the grid-forming wind power converter, the introduction of flexible green hydrogen production system, and the global launch of the 180 kW Integrated DC Fast Charger,” Sungrow said.