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.
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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.
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