World's largest energy storage project signed, marking a significant milestone for the 100 billion market cap giant as its stock price soared

Sungrow has successfully secured the world's largest energy storage project with ALGIHAZ in Saudi Arabia, boasting a capacity of up to 7.8GWh.

Sungrow has successfully secured the world's largest energy storage project with ALGIHAZ in Saudi Arabia, boasting a capacity of up to 7.8GWh. The project spans three sites located in the Najran, Madaya, and KhamisMushait regions of Saudi Arabia, with delivery set to commence in 2024 and full capacity expected to be connected to the grid by 2025. This development will significantly enhance the stability and reliability of the Saudi power grid, aligning with the goals outlined in the Saudi Vision 2030.

Following this announcement, Sungrow's market value surged by over 8% during afternoon trading, exceeding a total of more than 140 billion yuan. Prior to this surge, Sungrow had experienced three consecutive days of growth. According to financial data released by the Shenzhen Stock Exchange today, Sungrow recorded a net purchase of 27.29 million yuan yesterday.