Ginlong Technologies, a global leader in photovoltaic string inverter manufacturing, announced plans to raise over US$100 million, through a non-public offering to finance the expansion of its manufacturing capacity.
Facing a rise in the global string inverter market, Ginlong will use these funds to double its production capacity of Solis products to 20GW per year. This expansion will enable Solis to boost its supply to grid-connected and solar-plus-storage projects for customers world-wide.
"The demand for our ultra-reliable Solis inverters has driven this push to double our capacity," says Yiming Wang, Ginlong's president. "We are seeing a boost in demand for string inverters over other technologies due to its cost-competitiveness and reliability. This doubling of our production represents an exciting milestone for Solis."
The expanded factory will add 1,000,000 square feet to its existing facility in the Binhai Industrial park, bringing the company's total capacity to 20GW. Construction plans include a new state-of-the-art R&D center, high-volume production lines equipped with advanced automation machinery, increased warehousing capacity and new offices. A new corporate campus includes state-of-the-art offices, a multi-functional conference center and apartments for dedicated personnel.
"Our new corporate campus will add more than 500 new jobs to the Solis team, bringing in fresh talent and new ideas to boost innovation and drive growth," adds Wang.
Ginlong raised 533 million yuan during its IPO on the Shenzhen Stock Exchange in March 2019, making it the only publicly-traded company focused exclusively on PV string inverters. Solis has since experienced strong demand fueled by residential, commercial and utility solar markets across Asia, the Americas and Europe. In Q1of this year the company reported its strongest quarter ever with first quarter profits up 766% from 2019.