IKEA UK Sells Made-in-Suzhou Photovoltaic Products

IKEA UK Sells Made-in-Suzhou Photovoltaic Products

IKEA started to sell solar panels for residential rooftops manufactured by a Suzhou company in its brick-and-mortar stores in the UK in mid-July.

Located in Suzhou New District, Goodwe (Jiangsu) Power Supply Technology Co. reported a sales income of about 200 million yuan (US$29.96 million) with a doubled net profit in the first half of 2016, compared to the same period last year. The company’s sales revenue is expected to exceed 350 million yuan this year.

Goodwe is planning to further expand its factory to meet with the increasing demands. Apart from the domestic market, Goodwe’s products are sold in over 30 countries and regions including Australia, Germany, Britain, France, the Netherlands, Belgium, Denmark and Brazil, for both rooftops of residential and commercial buildings and photovoltaic power stations.

Goodwe has also applied for 70 patents for its products and technologies. Every year, the company invests more than 10 percent of its revenue in research and development.

In a bid to initiate collaboration in a wide range of areas, Goodwe and Beijing Jiao Tong University signed a strategic cooperation agreement to co-establish a laboratory in active power distribution network technology.

Established in 2010, Goodwe is a new energy high-tech company in Suzhou, which focuses on the research, development, production and sales of photovoltaic inverters. The company was listed in the “New Three Boards” earlier this year.