Chinese PV inverter manufacturer Sungrow has raised $400 million from the issuance of 120 million additional shares.
The company said Monday it planned to use the fresh capital to strengthen its core solar business. Sungrow added that it expected to reinforce its financial strength, reduce financial risk and optimize the companys financial structure.
Sungrow also described as its goals sustained financial growth and the further expansion of its presence in new international markets.
The $400 million raised in equity capital will enable it to increase investment in R&D and deepen its focus on innovation related to its PV inverter and energy storage lineups, Sungrow said.
In addition, the company said it expected to introduce a new product lineup in the coming year that may increase its global deployments and further drive growth into new industry verticals.
Sungrow reported 50% year-over-year growth in net income in the past two years.