GoodWe listed on Shanghai Stock Exchange

PRESS RELEASE

On Friday, GoodWe announced its initial public offering of its common stock and is now officially listed as a public limited company. The shares began trading on the Shanghai Stock Market on 04 September under stock code 688390.

At 8 AM on Friday morning, the famous gong in the Grand Hall of the Shanghai Stock Exchange sounded in honor of the Initial Public Offering of GoodWe. The ceremony was attended by leading figures of the solar industry and coincided with GoodWe’s 10^th anniversary – 10 years marked by relentless hard work, continuous innovation and international success. The company executives look back on the 10-year success story and set their sights on future goals, enshrined in the company’s Corporate Growth Strategy.

“GoodWe has achieved consistent, continuous and sustainable growth for several years and has proven, year after year, that its financial success is a result of its step-by-step approach of strategic growth and consolidation. We have been working relentlessly for over ten years and have reached new frontiers. The IPO marks the beginning of a new chapter” said CEO Daniel Huang.

“GoodWe is a stable, bankable and sustainable company with a sound financial management strategy. We have achieved good results in a relatively short time and we are confident about the company’s future growth trajectory. At GoodWe we don’t wonder what the future holds, we shape the future with our actions and innovations” added Rong Shen, VP of International Sales.

Milestones & Growth in 2019/2020

2020

• Stock Listed – Shanghai Stock Exchange (“SHA688390”)
• Ranked Global No. 1 Hybrid Inverter Supplier by Wood Mackenzie
• 5 consecutive years of TÜV Rheinland All Quality Matters Award
• First non-European inverter manufacturer to obtain the VDE-AR-N 4110-2018 certificate from TÜV Rheinland
• Awarded “Top Brand PV Netherlands & Australia 2020” by EuPD Research

2019

• New Global Headquarter in Suzhou Hi-Tech New District
• GoodWe ranked Global Top 7 PV Inverter Brand by Wood Mackenzie and BloombergNEF, and ranked Global Top 4 PV String Inverter Brand by IHS Markit
• Awarded “Top Brand PV Australia 2019” by EuPD Research

Future Business Strategy

Following its IPO, GoodWe’s Board of Executive Directors outlined the pillars of its Corporate Growth Strategy.

• Leader in Storage

GoodWe is already the undisputed leader in the storage segment with 15% global market share and is currently ranked as the World’s No.1 residential hybrid inverter supplier by Wood Mackenzie. GoodWe will continue to expand its storage portfolio to include the latest innovations and continue leading the storage revolution. In 2020, GoodWe launched its SMART HOME solution, designed to give users maximum choice and flexibility. Further improvements in inverter technology and battery compatibility are expected in 2021 and 2022. GoodWe will continue to lead research efforts in SEMS energy applications to enable owners to benefit from timely automated energy choices based on real-time operating conditions and maximize use of clean energy. GoodWe will likewise lead research efforts aimed at implementing energy trading technologies enabling shared energy communities and zero-carbon future.

• Pioneer of Global-Local Strategies

GoodWe has been operating continuously in over 80 countries and currently has offices and branches in 16 countries and also operates registered subsidiaries in the largest markets in the solar PV industry, including Germany, Australia, Korea and UK, with plans to expand this list to include the US and Japan, among many other countries. GoodWe maintains a strong local presence in every market with a robust network of sales, after-sales, technical and managerial staff employed locally. This enables the company to pay great attention to detail, not only on global market trends but also on local developments, policies and requirements. Following its IPO, the company has already implemented plans to expand its global reach with office premises in every major market while also increasing its localized presence to guarantee efficiency and quality of service worldwide. GoodWe has invested 160 million RMB in a new production line in its Guangde plant to match the growing demand from international markets and cater to the needs of each individual market in which the company operates.

• Strength in Innovation & Development

GoodWe’s innovation is the result of continuous and persistent efforts from its 200+ R&D team. Over the course of the next few years GoodWe will increase funds directed at R&D operations and will expand its team and continue to provide the market with groundbreaking technologies aimed at improving energy efficiency and component resilience, as well as contributing to research in industrial automation and artificial intelligence. Over 200 million RMB will be invested in a brand new Smart Energy R&D building that will focus on developing cutting-edge technology.

• Strength in Utility

The IPO marks GoodWe’s transition from stable, bankable company to a global multinational backed by international investors and heralds a new era of unlimited opportunities for the company and stakeholders alike. This makes GoodWe a trusted partner for utility-scale projects, where financial readiness is a key component. On top of that, the new HT Series, with current capacity of 100-136 kW will see new versions released up to 250 kW from 2021. The HT inverter seamlessly incorporates different sets of technical strengths intended to achieve higher savings in the installation, enhance productivity and diversify monitoring options, taking safety to the maximum possible level in accordance with the most demanding national standards.

GoodWe is committed to contributing to the development of PV technology and its recent IPO is a key event that is going to accelerate that process.