Sungrow
Cao Renxian
Data verified as of Jul 27, 2026
Summary
Sungrow is the company that turns batteries into a working power plant, and in 2026 Wood Mackenzie ranked it first in the world among battery energy storage system integrators, ahead of Tesla and CATL. Founded in 1997 in Hefei by former university lecturer Cao Renxian on personal savings and borrowed money, it built its business on solar inverters, where it has led global shipments for ten consecutive years with about 25% market share, then applied the same power-electronics expertise to grid storage. Storage overtook inverters as its largest business in 2025: energy storage system revenue rose 49.4% to RMB37.29B, or 41.8% of a company total of RMB89.18B, on shipments of 43 GWh (up 53.6%), with overseas volumes up 89% while Sungrow deliberately pulled back from a low-margin Chinese market. Cumulative storage shipments passed 93 GWh by the end of 2025 and the company targets more than 60 GWh in 2026 alone. Its flagship PowerTitan 3.0 platform, launched in June 2025 and brought to Europe as a grid-forming system in January 2026, spans 3.45 MWh 10-foot to 12.5 MWh 30-foot containers built on 684 Ah stacked cells and a fully liquid-cooled silicon-carbide power conversion system reaching 99.3% peak efficiency, with grid-forming features including 20-millisecond reactive response and gigawatt-scale black start. Net profit reached RMB13.46B in 2025, up 22%, and at a roughly $40B market capitalisation Sungrow refiled for a Hong Kong listing in April 2026 to fund overseas manufacturing.
Main Products
Sungrow's utility-scale storage platform and the product that put it top of the global integrator rankings. Three container sizes cover the range: Flex at 3.45 MWh in 10 feet, Class at 6.9 MWh in 20 feet, and Plus at 12.5 MWh in 30 feet, the largest BESS container in the world by capacity and energy density, cutting land footprint by 45%. The platform uses up to 684 Ah stacked cells and the first large-scale fully liquid-cooled silicon-carbide power conversion system, hitting 99.3% peak efficiency and supporting 2 to 12 hour durations. The grid-forming version launched in Europe in January 2026 adds 20-millisecond reactive power response, microsecond voltage construction and gigawatt-scale black start, at 7.2 MW / 28.5 MWh per AC block and 92% round-trip efficiency.
Shipping globally since mid-2025; grid-forming European variant launched January 2026, part of 43 GWh shipped in 2025 and a >60 GWh target for 2026
What's Next
Complete the Hong Kong listing
The application refiled on April 24, 2026 carries a six-month validity, so Sungrow needs to price the deal by around October 2026 or file a third time. Proceeds are earmarked for overseas manufacturing, the hedge against trade barriers facing Chinese storage suppliers.
Scale grid-forming storage across Europe
The January 2026 Madrid launch put the grid-forming PowerTitan 3.0 in front of European utilities that increasingly need inertia and black-start services, not just energy arbitrage. Sungrow has more than 22 GWh of grid-forming projects awarded globally and a European service network of over 280 engineers behind the push.
Track Record
1 of 2 announced dates hit · 1 slipped
Complete a Hong Kong listing off the October 2025 application
Target H1 2026 · Resolved Apr 24, 2026
The application filed on October 5, 2025 was never priced and lapsed automatically on April 5, 2026 when its six-month validity expired. Sungrow refiled with HKEX on April 24, 2026, restarting the clock on an A+H listing intended to fund overseas manufacturing.
Launch the PowerTitan 3.0 storage platform in 2025
Target 2025 · Resolved Jun 30, 2025
The full PowerTitan 3.0 portfolio launched in June 2025 and went straight to commercial availability across 10-, 20- and 30-foot formats, contributing to 43 GWh of storage shipments for the year and reaching Europe as a grid-forming product by January 2026.
Operations & Revenue
Sungrow is one of the few storage companies that is both growing fast and comfortably profitable, with RMB13.46B of net profit in 2025 on RMB89.18B of revenue. The strategic shift of the year was deliberate margin discipline: rather than chase volume in China's price-crushed domestic market, it cut domestic storage shipments 22% while growing overseas volumes 89%, and storage overtook inverters as its largest business. Wood Mackenzie ranked it the world's leading BESS integrator in 2026 across technology, safety, vertical integration and financial strength. The open items are capital and geography. A Hong Kong listing to fund overseas manufacturing has now been filed twice, the first application having lapsed unused in April 2026, and eight of the world's top ten BESS integrators are Chinese, which makes Sungrow's overseas growth increasingly exposed to the same trade politics that have closed the US market to Chinese cell makers.
Revenue Streams
Fully integrated grid-scale storage: batteries, liquid cooling, power conversion and controls, sold as containerised systems to utilities and developers. RMB37.29B in 2025, up 49.4%, and now the largest business at 41.8% of revenue.
String and central inverters for utility-scale, commercial and residential solar. Sungrow has led global inverter shipments for ten consecutive years with roughly a quarter of the market, and Q1 2026 shipments rose 30% quarter on quarter.
Key Metrics
Employees
13,697 (2023 annual report, the most recent published figure)
Est. Annual Revenue
RMB89.18B (~$12.5B) in FY2025, up 14.55%, with net profit of RMB13.46B, up 21.97%
Global BESS integrator rank
Number one worldwide in Wood Mackenzie's 2026 comprehensive ranking, ahead of Tesla and CATL
Timeline
On January 29, 2026 in Madrid, Sungrow launches a grid-forming version of PowerTitan 3.0 for European utilities: 1.78 MW and 7.14 MWh in a 20-foot container, 7.2 MW / 28.5 MWh per AC block, 92% round-trip efficiency, 2 to 8 hour duration, 20-millisecond reactive power response and gigawatt-scale black-start capability.
Full-year 2025 revenue rises 14.55% to RMB89.18B with net profit up 21.97% to RMB13.46B. Storage revenue jumps 49.4% to RMB37.29B (41.8% of the total) on 43 GWh of shipments, with overseas volumes up 89% to 36 GWh while domestic shipments fall 22% as Sungrow retreats from low-margin Chinese projects.
The October 2025 Hong Kong application lapses after its six-month validity expires on April 5, 2026, and Sungrow refiles on April 24 at a market capitalisation of about RMB277.4B ($40.65B). It also partners with Jinghe Energy to develop solid-state batteries.
Wood Mackenzie's inaugural comprehensive global BESS integrator ranking, published July 2026, places Sungrow first, ahead of Tesla and CATL, scoring technology maturity, R&D, safety, vertical integration, supply-chain resilience, ESG and financial strength. Annual global battery storage installations passed 100 GW for the first time in 2025.
In June 2025 Sungrow releases the PowerTitan 3.0 platform in 10-foot Flex (3.45 MWh), 20-foot Class (6.9 MWh) and 30-foot Plus (12.5 MWh) versions supporting 2 to 12 hours of duration, built on up to 684 Ah stacked cells with a fully liquid-cooled silicon-carbide power conversion system at up to 99.3% efficiency.