Growatt, a world-leading provider of solar energy solutions, has inaugurated its first Vietnam plant, manufacturing solar and storage inverters, and storage batteries.
The inauguration is for the first phase of the factory in Hai Phong city, an industrial hub in the north, the China-based company announced Friday.
"The opening of our Vietnam factory is an exciting milestone for Growatt as we forge ahead with our globalization strategy to expand our operations globally," Growatt chairman and CEO David Ding said.
"We've been investing heavily in globalizing our distribution and service networks over the years, and now we open this factory to boost our production capacity and strengthen our capability to deliver reliable and quality products to customers," he said.
According to Hai Phong data, the first-phase investment is $10 million and the number will soar 10-fold to $100 million in the next phase.
Growatt says for the second phase, it plans to achieve an annual production capacity of 500,000 units of inverters and 100,000 units of batteries.
Growatt ranked third in the chart of photovoltaic (PV) inverter vendors worldwide for the year 2021, Wood Mackenzie unveiled last summer.
According to the production manager of its first plant in Vietnam, the entire production process at the facility is both efficient and productive. By adding its expertise in automated and digital manufacturing as well as step-by-step quality control, Growatt ensures high level of quality, reliability and performance for its products as the company will ramp up production at the plant.
Vietnam is promoting the development of clean and renewable energy in efforts to seek carbon neutrality by 2050. The long-term energy transition process is welcomed by the international community.
Vietnam and the International Partners Group, including the EU, the U.K., France, Germany, the U.S., Italy, Canada, Japan, Norway, and Denmark agreed in December on a bold Just Energy Transition Partnership (JETP) to support Vietnam’s net-zero 2050 goal. The JETP will mobilize an initial $15.5 billion of public and private finance over the next three to five years to support the country’s green transition.
Growatt CEO Ding said, "With energy transition well underway, we aim to advance our technologies and expand our manufacturing capacity to enable homes, businesses, and communities across the world to benefit from sustainable energy."