Chinese PV inverter manufacturer Sungrow has raised $400m through an issue of 120m additional shares to strengthen its core solar business.
The company said it will use the cash to invest in research and development and “deepen the company’s focus on innovation related to its PV inverter and energy storage” offerings.
Sungrow said it also plans to introduce what it describes as an “industry-changing product lineup in the coming year”.
“The announcement to raise additional capital was made with goals to sustain financial growth and further expand the company’s presence in new international markets,” it added.
The company has had over 26GW of its PV inverters installed worldwide.
Image: sxc
