Microinverter manufacturer Hoymiles Power Electronics has launched on the Shanghai Stock Exchange STAR Market through a virtual listing ceremony in Hangzhou.
The Hangzhou-based company, which provides “module-level power electronics solutions”, publicly issued 10 million shares at RMB557.8 (US$87.5) each, raising a total of RMB5.578 billion (US$875 million).
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The proceeds will be used to build Hoymiles’ manufacturing base, industrialise its energy storage inverter projects, upgrade smart electrical equipment and supplement working capital.
Company co-founder and CEO Bo Yang said Hoymiles would boost its “research and development capabilities to provide our clients with the best photovoltaic products and services”.
As well as its core business of microinverters, Hoymiles is also developing equipment related to energy storage, and is speeding up its energy storage inverter industrialisation projects, Hoymiles said in a company media release about the listing.
Hoymiles was keen to point out its recent R&D investments. From 2018 to 2020, its R&D spending accounted for 5.5% of all expenses and in 2021, Hoymiles had 157 employees for R&D and technical task forces, taking up 27.5% of the company’s entire staff.
At this year’s SNEC, Hoymiles claimed to be the first provider of a microinverter capable of supporting 182mm large-format modules.