Inverter maker Ginlong to raise funds for capacity expansion
Source: Ginlong Solis
Chinese solar inverter maker Ginlong Technologies Co Ltd (SHE:300763) plans to double its capacity to manufacture products under the Solis brand to 20 GW per year due to increased demand.
The company said in a statement today it intends to raise more than USD 100 million (EUR 92m) through a non-public offering in order to secure funds for the expansion.
"We are seeing a boost in demand for string inverters over other technologies due to its cost-competitiveness and reliability,” commented Yiming Wang, the president of Ginlong. The company further explained that it has seen solid demand fuelled by residential, commercial and utility solar markets across Asia, the Americas and Europe since completing its initial public offering (IPO) in March 2019.
According to Wang, the expansion will create over 500 jobs at the existing facility in the Binhai Industrial park. The project includes the addition of 1 million sq ft (92,903 sq m) of space, with a research and development (R&D) centre, high-volume production lines featuring advanced automation machinery, increased warehousing capacity and new offices.