Chinese string inverter maker raises $100m to double production
Chinese solar string inverter maker Ginlong Technologies is raising $100m for a new factory to double production.
The new factory will add 1m square feet to its existing facility in the Binhai Industrial park in Ningbo. This will boost its supply of Solis inverters to grid-connected and solar-plus-storage projects, bringing the company’s total capacity for its to 20GW.
“The demand for our ultra-reliable Solis inverters has driven this push to double our capacity,” says Yiming Wang, president of Ginlong. “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.”
Construction plans include a new state-of-the-art R&D centre, high-volume production lines equipped with advanced automation machinery, increased warehousing capacity and new offices.
“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,” said Wang.
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