On November 9, according to a report by "pv magazine," Sungrow (300274) signed agreements with three Australian distributors at the recent All Energy 2026 exhibition in Melbourne, securing a total of 4GWh in battery energy storage system (BESS) orders. The details are as follows:
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- Among the three distribution agreements, the partnership with Solar Juice represents the largest single order, covering 2.5GWh of BESS and 500MW of PV, with 2GWh allocated for residential storage and 500MWh for commercial and industrial (C&I) applications. Additionally, Sungrow expanded its collaboration with Supply Partners to provide 1GWh of BESS and 500MW of PV.
The agreement with Raystech Group builds on the previous year's All-Energy exhibition, where a 1GWh storage order was secured. This new contract includes 500MW of PV and 500MWh of residential BESS.
Beyond distribution orders, Sungrow also made progress on utility-scale projects in Australia during the same period. On the eve of the exhibition opening, Sungrow announced a collaboration with ENGIE and Elecnor to jointly develop the Hazelwood Battery Energy Storage System expansion project (HBESS 2, 150MW/300MWh) located in Victoria, Australia.
In this project, Sungrow Australia serves as the technology provider. It will utilize 66 units of Sungrow's PowerTitan 2.0 series ST5015-UX battery energy storage systems, equipped with 33 SC6900UD-MV PCS inverters, and Sungrow's EMS3000 intelligent energy management system. Commercial operation is expected to begin in 2028 (click here).
Currently, Sungrow's energy storage order visibility extends through 2027. According to incomplete statistics from Hangjiashuo Energy Storage, Sungrow has publicly disclosed 26 energy storage orders since the beginning of this year, totaling approximately 39.6GWh. Among these, orders in the Australian market account for approximately 4.3GWh, representing about 12% of the total.
This marks the 14th year of Sungrow's presence in the Australian market. Previously, Joe Zhou, Vice President of Sungrow Asia-Pacific, stated that the project pipeline in Australia continues to grow, including multiple projects expected to reach financial close in 2026, as well as projects such as the Halys Battery Energy Storage System with a planned capacity exceeding 3GWh.
Regarding financial performance, in the first three quarters of 2026, Sungrow achieved revenue of CNY 48.863 billion, a year-on-year decrease of 26.41%; net profit was CNY 6.599 billion, down 44.46% year-on-year. The overall gross margin remained relatively stable, slightly decreasing from 34.9% in the full-year comparable period to 33.5% (click here).
Specifically, energy storage revenue for the first three quarters was CNY 23.2 billion, with shipment volumes reaching 41GWh. The gross margin for energy storage declined from 34% in Q2 to 21% in Q3. Sungrow's target for energy storage shipments this year is over 60GWh, meaning it still needs to ship at least another 19GWh to meet this goal.
As of the closing price on November 9, Sungrow's stock closed at CNY 77.85 per share, with a total market capitalization of CNY 161.4 billion.
Note: The content of this article is merely a compilation of public information, industry research, and objective analysis regarding the energy storage sector. Listed companies mentioned herein serve only as case references within the supply chain and do not constitute any basis for investment advice. Market risks exist; please invest with caution.