Risen Energy, a Chinese photovoltaic (PV) module manufacturer, has reported substantial growth in revenue and profits in 2022. The company recorded a total revenue of RMB29.38 billion (US$4.42 billion) for the year, marking a 56% increase year-on-year. Its net attributable profits also surged, increasing by 2,332% YoY to RMB945 million (US$136.52 million). Excluding extraordinary profits, profits were RMB1.02 billion (US$148.22 million), up 258.5%.
Risen Energy has been expanding its production capacity and investing in research and development (R&D) to remain competitive in the industry. The company produced 25GW of PV modules in 2022, with a target of reaching 30GW by the end of this year. In addition, the company has been pushing its R&D capabilities, particularly with regards to Heterojunction Technology (HJT) modules.
Risen Energy's HJT modules have gained traction in the market, and its Hyper-ion HJT series was certified by testing laboratory TÜV SÜD in August. In February, the module achieved a world-record efficiency of 23.89%. The company plans to expand its production capacity of Hyper-ion HJT cells and modules to 15GW by the end of 2023, setting it apart from its larger competitors in the global PV module manufacturing industry.
In a statement, the company said, “2022 has been a fruitful year for Risen Energy, as we focus on powering the world with superior quality and cost-effective products and solutions.” The company also announced plans to strengthen its investment in the R&D of its energy storage business, optimize the comprehensive product structure, and build an integrated industry layout to elevate its service capabilities and economies of scale.
The company has also improved the power outputs of its passivated emitter rear contact (PERC), tunnel oxide passivated contact (TOPCon), and HJT modules to 670Wp, 690Wp, and 740Wp, respectively. PV Tech head of research, Finlay Colville, has identified Risen Energy as the only company in the top 10 global PV module manufacturers producing GW-scale HJT products.
As Risen Energy continues to invest in its R&D capabilities and production capacity, it is well-positioned to meet the growing demand for clean energy solutions and contribute to the global transition to renewable energy.
