East Group Co Ltd

Sungrow Power has issued a product price adjustment notice to its partners, announcing that from September 20 it will raise prices for solar and storage products by between 5% and 15%. The products include photovoltaic inverters, energy storage converters, and energy storage systems. On September 11, a Sungrow Power executive confirmed the matter to reporters, saying the company wants to guide the industry toward healthy development and avoid a race to the bottom on pricing. The price adjustment notice states that the current round of upstream material price increases has continued to exceed expectations, the upward cost trend has yet to show clear signs of easing, and existing product pricing can no longer cover the combined investment in raw materials, manufacturing, technology iteration and upgrades, and after-sales operations and maintenance. Recently, a number of energy storage companies have raised product prices one after another. Inovance Technology announced that it will raise energy storage product prices from August 30, with energy storage converter prices up 5% to 10%, converter and step-up integrated unit prices up 10% to 15%, and energy storage system prices up 5% to 10%, for a maximum increase of 15%. According to statistics from the China Energy Storage Alliance, more than ten companies in the energy storage industry chain, including EVE Energy, Sinexcel, Green Energy Charging, and East Group, have issued price adjustment notices. Industry experts analyzing the situation believe that the core driver behind rising prices for energy storage converters and charging piles is the increase in related chip costs. Affected by the rapid expansion of demand in the artificial intelligence industry, the original market supply and demand balance has been disrupted, driving tighter supply and continuously rising prices for related chips and electronic components.