Solis to Raise $100 Million and Double Production Capacity
May 18, 2020 at 06:42 am EDT
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Ginlong Technologies announced plans to raise over $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 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 R&D center, high-volume production lines equipped with advanced automation machinery, increased warehousing capacity and new offices. A new corporate campus includes offices, a multi-functional conference center and apartments for dedicated personnel.
Ginlong Technologies Co Ltd, formerly Ningbo Ginlong Technologies Co Ltd, is a China-based company principally engaged in the research and development, production and sales of string inverters as well as the provision of related after-sales services. The Company's main products include single-phase string inverters, three-phase string inverters and other inverters. In addition, The Company is also engaged in the production and sales of inverter fast shut-offs, inverter data collectors, distributed wind power system supporting products and distributed photovoltaic inverter parts. The Company's products are mainly used in distributed photovoltaic power generation systems. The Company mainly distributes its products to the overseas markets.