Key Takeaways:
The company supplies a quarter of the world's photovoltaic inverters and nearly 12% of energy storage systems
The energy storage business accounted for 41% of the firm's revenue in the first half, surpassing its inverter income for the first time
With the rise of artificial intelligence, energy is becoming an increasingly coveted commodity for the power-hungry computing industry, creating new opportunities for China's solar sector.
A Chinese leader in the photovoltaic technology that turns solar power into usable electricity is now targeting the energy needs of AI data centers. Hefei-based Sungrow Power Supply Co. Ltd. (300274.SZ) has applied for a secondary listing in Hong Kong to further its ambitions in the AI energy space.
Clean energy giant Sungrow has been the world's biggest supplier of photovoltaic (PV) inverters for a decade, boasting a 25.2% global market share in 2024, according to a study commissioned for the listing application. Its products are sold in more than 170 countries, with overseas markets delivering around 58% of revenue in the first half of 2025.
From its base in Anhui province, Sungrow has grown in tandem with China's new energy sector. Its signature PV product converts the direct current generated by solar panels into alternating current for use by the power grid. However, intense competition is shrinking PV margins, prompting the company to switch its focus to AI-related power supply ...
