Chinese inverter manufacturer Ningbo Ginlong Technologies plans to expand production capacity at its inverter factory at the Binhai Industrial Park in Xiangshan, in eastern China's Zhejiang province.
In a statement to pv magazine, the company said the expansion plan is linked to its recent listing on the Shenzhen Stock Exchange, which saw the company issue 20 million shares at a price of CNY 26.64 per share, raising a total of CNY 533 million ($79.4 million). “As of March 29, Ginlong's stock price had (risen) to CNY 66.92,” a company spokeswoman said.
Ginlong had a total production capacity of 160,000 inverters at the end of last year, which corresponds to up to 4 GW per year, the company said. “We are now planning to increase (to) another 120,000 (inverters) over the period 2019-20,” the spokesperson added.
The company mainly attributed the increase in capacity to the current shortage of string inverters in the global solar market. “The company will also start the development of marketing networks and R&D centers in multiple overseas markets,” the spokeswoman said.
The company, which specializes in the production of string inverters ranging in size from 0.7 kW to 125 kW, currently employs around 700 people worldwide. In 2017, its sales hit CNY 823 million, while last year total turnover was slightly higher at CNY 831 million, with net profit reaching CNY 118.0 million.
The company has launched two new products: a 125 kW inverter for ground-mounted PV stations and new series of inverters ranging in size from 25 kW to 50 kW for commercial installations.
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