BNEF Interview with SOFAR: Exploring Possibilities and Overcoming Barriers towards the Fusion of PV + ESS
London, October 24, 2023 – Allen Cao, Head of SOFAR Europe, was interviewed by BNEF during the London Summit, sharing his insights into the company's business strategy and the global booming demands for solar and storage solutions.
Cao acknowledged the challenges posed by module inventories and emphasized that SOFAR managed to resolve it by proactive management of stock levels in Europe and close cooperation with customers. By focusing on providing good customer experiences through smooth communication, stable and easy-to-use products, and quick response in after-sale services, Cao believes that companies can overcome these challenges and achieve success.
Speaking of the future evolution of prices across the supply chain, Cao noted that the main bottlenecks for the industry have been removed. However, due to oversupply, many products are not operating at full capacity. On the demand side, there has been a significant increase in PV installations. Despite these positive trends, he highlighted that challenges persist and predicted slight fluctuations in prices over the next six months.
When asked about the current growth markets, Cao highlighted that SOFAR has experienced growth in multiple markets, including Europe, China, South America and the APAC region. Catering to the local needs, SOFAR has released microinverter system PowerNano, C&I ESS PowerIn and PowerMagic for Europe and South America, with fully self-developed utility ESS PowerMaster and utility string inverter PowerMega specialized for the dominant large-scale projects in Asia. Additionally, Cao expressed optimism about the potential for growth in North America, where the company is increasing its investments.
Energy storage emerged as another key topic during the interview. Regarding the relationship between solar and storage solutions, Cao pointed out that countries like the UK, with successful finance models and high electricity prices, demonstrate a motivation to adopt co-located solar and storage systems, which is why SOFAR introduced PowerIn, PowerMagic and PowerNano to the market, delivering uninterrupted energy autonomy to local users.
With his insights, Cao provides valuable perspectives about the most talked-about questions in the industry and showcased SOFAR's commitment to innovation and adaptability. "As the demands for solar energy continue to surge, we're focused on expanding our product portfolio and delivering exceptional customer experiences to stay ahead in this ever-evolving market," Cao concluded.
SOFAR is a global leading provider of all-scenario solar and storage solutions and committed to be the leader of digital energy solutions with a comprehensive portfolio, including PV inverters, hybrid inverters, BESS, utility ESS, microinverter system and SOFAR Monitor smart energy management system for residential, C&I and utility applications. By 2021, SOFAR entered the TOP5 Global Hybrid Inverter Brands, establishing a global R&D network with three R&D centers and two manufacturing bases. In 2022, SOFAR annual production capacity reached 10GW for inverters and 1GWh for batteries. By 2022, SOFAR has shipped 18GW+ inverters to 100+ countries and regions worldwide.
Learn more: https://www.sofarsolar.com/