Hoymiles elevates US$ 875m via STAR Market listing

• Microinverter supplier Hoymiles Power Electronics has actually introduced on the Shanghai Stock Exchange STAR Market through a virtual listing event in Hangzhou.

The Hangzhou-based firm, which supplies "module-level power electronics remedies", publicly released 10 million shares at RMB557.8 (US$ 87.5) each, elevating a total of RMB5.578 billion (US$ 875 million).

The profits will be made use of to build Hoymiles' production base, industrialise its power storage space inverter projects, upgrade wise electrical equipment as well as supplement working capital.

Business founder and also CEO Bo Yang said Hoymiles would boost its "r & d capabilities to supply our clients with the most effective photovoltaic products and services".

Along with its core business of microinverters, Hoymiles is also establishing equipment related to energy storage space, and also is accelerating its power storage space inverter industrialisation projects, Hoymiles said in a business news releases about the listing.

Hoymiles was eager to mention its current R&D investments. From 2018 to 2020, its R&D costs made up 5.5% of all costs and in 2021, Hoymiles had 157 workers for R&D as well as technological task forces, taking up 27.5% of the company's entire personnel.

At this year's SNEC, Hoymiles declared to be the first service provider of a microinverter with the ability of sustaining 182mm large-format modules.