Chinese inverter manufacturer Ningbo Deye Inverter Technology Co., Ltd. (Deye) announced in a filing to the Shanghai Stock Exchange (SHSE) that it aims to raise 3.55 billion yuan (US$513.1 million) through a private placement of shares.
The company said it will use the net proceeds from the second transaction to build two new inverter plants and a research and development center.
One of the two manufacturing plants is located in Haiyang, Zhejiang Province, with an inverter capacity of 15 GW. The project requires an investment of 2 billion yuan, including the construction of a hybrid inverter plant with a capacity of 10.5 billion yuan.
The second plant plans to produce microinverters with a capacity of 3 GW. The project is located in Haining City, Zhejiang Province, with an investment of RMB 544 million.
In addition, the manufacturer plans to spend 510 million yuan on a research and development center and another 500 million yuan on working capital.
In 2022, Deye’s revenue will reach 5.92 billion yuan, up 42% from 2021. Net profit was 1.54 billion yuan, an increase of 166% year-on-year.
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