Results confirm two consecutive quarters of profitability in 2024
Trinasolar Co., Ltd. (“Trina Solar” or the “company”), a global leader in smart PV and energy storage solutions, has published its financial report for the first half of 2024, confirming revenues of $6.047 billion and attributable net profit of $74.058 million, and demonstrating two consecutive quarters of profitability. Over the first six months of the year, the company delivered 34GW in PV modules, 1.7GWh of DC container and energy storage systems, and 3.2GW of solar mounting systems. These figures highlight and consolidate Trinasolar's leadership in smart PV and energy storage solutions.
Achieving robust growth in PV, solar tracker and ESS business
In the first half of the year, Trinasolar shipped 34GW of modules, 25.9% more than in the corresponding period last year. Its cumulative shipments of 210 modules exceeded 140GW, helping maintain the company's top position worldwide. Trinasolar leads the industry in the 700W+ era with its Vertex N 720W series module, based on the 210mm product technology platform and n-type i-TOPCon advanced technology.
Trina Storage, a business unit of Trinasolar, takes a comprehensive approach to energy storage, providing solutions from cell to pack to container. In the first half of the year, the company launched its Elementa 2 Elevate solution, the industry's only fully wrapped cell-to-AC energy storage solution, in North America. Trina Storage has now been recognized as a Tier 1 energy storage supplier by Bloomberg New Energy Finance for three quarters in a row this year. By the end of June, about 7GWh of DC container and energy systems had been delivered globally.
TrinaTracker serves major PV markets worldwide, with cumulative shipments exceeding 23GW by the end of June. It ranked sixth in global shipments last year and third in key countries and regions, being one of the fastest-growing companies in its space, according to S&P Global. A report by Wood Mackenzie ranked TrinaTracker among the top three PV companies in South America, the Middle East and other regions.
Giving R&D a central role
Trinasolar has invested $381.409 million in R&D and had cumulatively filed 5,649 patent applications by the end of June. Trinasolar puts a high premium on its patents, with more than 500 patents on TOPCon technology filed by July.
The company is extending global collaboration with innovative partners to maintain core competence. In June it signed a long-term collaboration agreement with the Institute of Solar Energy at Universidad Politécnica de Madrid, and in August it announced research collaboration with the Agency for Science, Technology and Research, Singapore's leading public sector R&D agency.
Ensuring stable supply worldwide
The company deploys global production capacity to meet burgeoning demands and global delivery needs. Trinasolar prospectively laid out a 1GW cell and module base in Indonesia and a 5GW module base in the USA in 2023, with both expected to begin operations in H2 2024.
These financial results demonstrate Trinasolar's reliability as a profitable organisation, and prove that the company is experiencing consistent success in its mission to provide “Solar Energy for All”. The company will continue to lead the industry through its commitment to delivering the latest technology and advanced products and solutions.
Image: https://bit.ly/4cS46mr
Caption: Trinasolar reports revenues of $6 billion and profits of $74 million in half-yearly financial results
Source: Trinasolar
About Trina Solar
Trina Solar was founded in 1997. As a global leading provider for photovoltaic (PV) module and smart energy solutions, Trina Solar delivers PV products, applications and services to promote global sustainable development. Through constant innovation, Trina Solar continues to push the PV industry forward by creating greater grid parity of PV power and popularising renewable energy. Trina Solar's mission is to boost global renewable energy development around the world.
To date, Trina Solar has delivered more than 205 GW of solar modules worldwide. In addition, Trina's downstream business includes solar PV project development, financing, design, construction, operations and management, and one-stop system integration solutions for customers. Trina Solar has connected over 10GW of solar power plants to the grid worldwide. Trina Solar first launched the Energy IoT brand in 2018 and is now aiming to be a global leader in smart energy. In June 2020, Trina Solar listed on the STAR Market of Shanghai Stock Exchange. For more information, please visit www.trinasolar.com.
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Michael Katz