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 20 GW per year. This expansion will enable Solis to boost its supply to grid-connected and solar + storage projects for customers worldwide.
“The demand for our ultra-reliable Solis inverters has driven this push to double our capacity,” said Yiming Wang, Ginlong’s president. “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 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.
“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.
News item from Ginlong Technologies