Solar inverter manufacturer GoodWe announced the initial public offering (IPO) of its common stock on the Shanghai Stock Market, making it a listed public company.
According to the press release, the trading of the company’s shares on the Shanghai Stock Market began on September 4, 2020.
“We have been working relentlessly for over ten years and have reached new frontiers. The IPO marks the beginning of a new chapter,” said Daniel Huang, Chief Executive Officer of GoodWe.
According to Mercom’s India Solar Market Leader Board 2020, in the calendar year 2019, GoodWe was among the top five string inverter suppliers to India. The top five string inverter suppliers accounted for 76% of shipments to the Indian market.
The company outlined four significant areas for its corporate growth strategy. The inverter supplier said that it would focus on the expansion of its storage portfolio to incorporate the latest innovations. It would also carry on the research efforts on smart energy management system applications to benefit consumers with timely automated energy choices.
According to GoodWe, the company currently has operations in more than 80 countries and branches in 16 countries. It is expected to expand its local presence in the United States, Japan, and many other countries to prolong a local presence in the market.
Following its IPO, GoodWe has plans to expand its global reach with office premises in every major market while also increasing its localized presence to guarantee efficiency and quality of service worldwide. The company added that it invested 160 million renminbi (~$23.42 million) in its Guangde manufacturing facility to satisfy the demand of the global market. It would also invest over 200 million RMB (~$29.27 million) in a new Smart Energy research and development facility that will focus on developing new technology.
The company plans to boost the funding for R&D operations and expand the research team to provide new technologies that could enhance energy efficiency and component resilience. The company is expected to release the latest version of its HT series inverters with an enhanced capacity of up to 250 kW in 2021.
In March 2019, Ginlong (Solis) Technologies, listed as a public company on the Shenzhen Stock Exchange. According to the company, it is the first string inverter company to be listed on the Shenzhen Stock Exchange.
Image credit: GoodWe
Harsh is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.