Sungrow reports strong growth in 2024, with revenue up 8.38%. The global leader in renewable energy continues to drive innovation and sustainability.
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Sungrow
Sungrow, a global leader in renewable energy, has just released its financial results for the first half of 2024, and the numbers tell an exciting story of growth and innovation.
Amid a worldwide shift towards greener energy, Sungrow has maintained its leadership and expanded its influence, proving it is a critical player in the race to a sustainable future.
Financial Success in a Changing World
In the first six months of 2024, Sungrow’s revenue soared to $4.4 billion, an 8.38% increase from last year.
However, that is not all—the company’s net profit jumped by 13.89%, reaching a whopping $0.7 billion.
These numbers are not just figures on a spreadsheet; they signal that Sungrow thrives even as market conditions fluctuate.
What is driving this success?
A big part of it is Sungrow’s core products.
The company’s PV inverters and power electronic converters brought in $1.8 billion in revenue, up 12.63% from last year.
Meanwhile, their investment in renewable energy projects added another $1.3 billion, a growth of 18.45%.
Moreover, here is the kicker—the photovoltaic power generation sector saw a staggering 44.88% increase in revenue.
That is right, nearly 45% growth in just one year!
However, Sungrow is making more than just money; it is making it with solid margins.
The company reported profit margins of 37.62% for PV inverters, 40.08% for energy storage systems, and 16.88% for renewable energy projects. Sungrow’s focus on quality and efficiency is paying off.
Innovation at the Core
Behind these impressive numbers is Sungrow’s unwavering commitment to innovation.
The company invested $0.2 billion in research and development during the first half of 2024—an increase of over 41% from last year.
This investment fuels the company’s ability to stay ahead in the rapidly evolving renewable energy landscape.
Sungrow’s portfolio is as diverse as it is impressive.
From solar and wind technologies to energy storage, electric vehicles, and hydrogen solutions, the company is involved in every significant area of renewable energy.
Their products are now in use in over 170 countries, and Sungrow was recently named the global No.1 in PV inverter shipments for 2023 by S&P Global Commodity Insights.
Their energy storage systems shipped 10.5 GWh worldwide last year, further cementing their leadership.
In the wind energy sector, Sungrow’s converters are shipping in record volumes, and their floating PV systems have held the top spot in global market share for an impressive seven years straight.
A Commitment to a Greener Planet
Sungrow is not just focused on profits—they are also dedicated to improving the world.
The company has set ambitious goals to achieve carbon neutrality in its operations by 2028, with plans to extend this to its entire supply chain by 2038.
Their ultimate goal?
Net-zero emissions across the supply chain by 2048.
Moreover, they are already making progress: in the first half of 2024 alone, Sungrow used 75,980 MWh of green electricity, cutting 43,331 metric tons of CO2 emissions.
Giving Back to the Community
Sungrow’s commitment to sustainability extends beyond the environment.
The company is also deeply involved in social initiatives, from ecological conservation to education and community development.
Sungrow’s contributions to public welfare activities totaled over $0.9 million in the first half of this year.
It is clear that for Sungrow, success is not just about financial growth—it is about positively impacting the world.
About Sungrow
Founded in 1997, Sungrow has grown into a global powerhouse in renewable energy.
With over 605 GW of power electronic converters installed worldwide, the company is recognized as the world’s No. 1 in PV inverter shipments and the most bankable Asian energy storage company.
Sungrow’s innovations drive clean energy projects in over 170 countries, backed by a network of 490 service outlets that ensure top-notch customer support.
At Sungrow, the mission is clear: to bridge the world to a sustainable future through cutting-edge technology and unparalleled service.
For more information, visit www.sungrowpower.com.
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