Hefei, China, April 28, 2023 /PRNewswire/ -- Sungrow, the global leading inverter and energy storage system solution supplier, has reported strong financial results for the 2022 fiscal year, showing a significant increase in revenue and net profit.
According to the Company's financial report, Sungrow's revenue for the 2022 fiscal year was $5.98 billion, a 66.8% increase from the previous year. The net income attributable to shareholders of a listed company came to $533.2 million, an increase of 127% year-over-year (YOY).
Sungrow had over 77GW of PV inverters shipped in 2022. The Company catalyzed the distributed generation market with over 900,000 inverters delivered last year.
The energy storage division also increased in revenue by 222.7% to $1.5 billion. Notably, the Company had over 7.7 GWh of energy storage systems shipped globally in 2022, ranking No.1 in the ESS shipments for seven consecutive years among Chinese companies.
In addition to financial results, Sungrow also highlighted its commitment to sustainability and innovation. The Company has invested over $252 million, a YOY increase by 45.7%, in research and development to create new and improved products that can help accelerate the transition to a low-carbon economy.
As a pivotal renewable energy player, Sungrow is dedicated to zero-carbon footprints globally with over 340 GW of installations, generating 471,100 GWh of clean electricity per year, equivalent to eliminating 380 million tons of carbon dioxide. The Company released its Supplier Code of Conduct to track the life cycle product carbon footprint, to measure and reduce carbon emissions.
Sungrow's positive financial results and commitment to sustainability have earned the Company recognition and awards from various organizations. In 2022, Sungrow ranked 100% bankable again by BloombergNEF and became the only inverter brand ranked No.1 bankable for four consecutive years. The Company was the only inverter brand listed in Forbes China's Top 50 Most Innovative Companies in 2022.
The Company continued its upward trajectory in Q1 2023, with revenue of $1.86 billion, growing 175% YoY.
Looking ahead, Sungrow anticipates continued growth in the renewable energy market, driven by global efforts to reduce carbon emissions and transition to clean energy sources. The Company is well-positioned to capitalize on these trends and deliver innovative solutions to customers worldwide.
Note: the USD to CNY exchange rate in this press release is 6.7327.
About Sungrow
Sungrow Power Supply Co., Ltd. (“Sungrow”) is the world’s most bankable inverter brand with over 340 GW installed worldwide as of December 2022. Founded in 1997 by 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 & industrial, and residential applications, as well as internationally recognized floating PV plant solutions, NEV driving solutions, EV charging solutions and renewable hydrogen production systems. With a strong 26-year track record in the PV space, Sungrow products power over 150 countries worldwide. Learn more about Sungrow by visiting www.sungrowpower.com.