China-based inverter manufacturer NingBo Deye Inverter Technology (Deye) announced in a filing with the Shanghai Stock Exchange (SHSE) it is seeking to raise CNY3.55 billion ($513.1 million) through a private placement of shares.
The company said it will use the net proceeds from the transaction two build two new inverters factories and an R&D center.
One of the two manufacturing facilities will have an inverter capacity of 15 GW and will be located in Haiyan, Zhejiang province. This project has a required investment of CNY2 billion and includes the deployment of a 10.5 hybrid battery inverter factory.
The second manufacturing facility is planned to produce microinverters and has a capacity of 3 GW. It will be located in n Haining, Zhejiang and will require an investment of CNY544 million.
Furthermore, the manufacturer plans to use CNY510 million for the R&D center and another CNY500 million for working capital.
Deye achieved revenue of CNY5.92 billion in 2022, with a year-on-year increase of 42% compared to 2021. Net profit was CNY1.54 billion, up 166% from a year earlier.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.