First航 New Energy Launches on the Growth Enterprise Market: Leading Technology in the Solar Storage Sector and Capital Empowering Global Energy Transition
As the global energy structure rapidly shifts toward cleaner sources, the photovoltaic and energy storage industries are undergoing unprecedented structural transformations. According to the International Energy Agency (IEA), global photovoltaic installations are expected to exceed 400 GW per year from 2023 to 2030, with the energy storage market projected to grow at an average annual rate of over 60%. In this trillion-dollar market, Shenzhen First航 New Energy Co., Ltd. (hereinafter referred to as “First航 New Energy”) has seized the opportunity of its listing on the Growth Enterprise Market (stock code: 301658.SZ) to present a breakthrough strategy combining hard technology and globalization.
A New Leader in a Trillion-Dollar Market: Building Technical Barriers for Chinese Solar Storage Exports
Since its inception in 2013, First航 New Energy has focused on researching and innovating core technologies for photovoltaic grid inverters, photovoltaic energy storage inverters, and energy storage batteries. Its latest release, the 320 kW string inverter, has set a new industry record with a 98.55% efficiency in China, surpassing traditional products by over 2%. In the energy storage sector, First航 New Energy’s PowerAll series of household energy storage systems features a modular design that allows users to flexibly expand battery capacity in 20 kWh increments based on actual needs. This system is equipped with an intelligent energy management system (EMS) that enables real-time monitoring of battery status and optimization of charge and discharge strategies, achieving a millisecond-level response capability for photovoltaic generation and energy storage dispatch.
The “plug-and-play” solution has excelled in pilot applications within the German household energy storage market, with data showing it can increase user self-consumption rates to 85%, exceeding the typical benchmark of about 70% in industry cases that include energy storage. As of March 2025, First航 New Energy has established a comprehensive patent matrix covering all scenarios, comprising 105 invention patents, 94 utility model patents, and 80 software copyrights. Its research in efficient and reliable DC-DC and DC-AC power conversion technologies, grid applicability, grid support, and rapid fault diagnosis techniques boasts strong competitiveness within the industry.
From 2021 to 2023, its R&D expenditure saw a compound annual growth rate of 80.9%, with the R&D expenditure rate reaching 10.47% in the first half of 2024, significantly surpassing the industry average of 6.8%. This technological premium has directly translated into pricing power in market competition. Currently, the top five customers of First航 New Energy are mainly located in Europe (Italy, Poland, Czech Republic), Brazil, and India; sales of energy storage inverters and batteries are concentrated in Italy, Germany, Czech Republic, the UK, and Poland. In 2023, First航 New Energy’s offshore revenue reached 2.823 billion, accounting for 75.4% of total revenue, with a gross margin of 44.59%.
The Key to High-Quality Growth: The Resonance of Policy Dividends and Technological Premiums
As global energy transitions face supply chain fluctuations and geopolitical shocks, First航 New Energy has delivered a robust performance: from 2021 to 2023, the company’s revenue grew at a compound annual growth rate of 43.19%, and net profit increased at a compound annual growth rate of 35.09%, with net profit exceeding 849 million in 2022. In the context of a 25% slowdown in global photovoltaic installation growth in the first half of 2024, First航 New Energy still maintained a revenue growth of 32%. This resilience stems from its unique dual-driven model of policy and technology.
The surge in energy prices triggered by the Russia-Ukraine conflict has led to explosive growth in the European household storage market. In 2022, Germany’s new household storage installations reached 1.3 GWh, a year-on-year increase of 156%. First航 New Energy capitalized on this window, swiftly responding to European market demand with high-safety energy storage batteries and bidirectional current conversion technology. The company launched a modular energy storage system compatible with various brands of photovoltaic inverters, achieving significant breakthroughs in both installation volume and brand reputation in key markets like Germany and the UK.
According to SolarPower Europe, by 2028, new household storage installations in Europe are expected to reach 22.6 GWh, with the penetration rate of integrated solar storage systems projected to exceed 70%. In response to this market opportunity, First航 New Energy quickly introduced upgraded PowerAll and PowerMagic series storage products aimed at both household and commercial energy storage markets in Europe. With more flexible, efficient, and safe technological solutions, First航 New Energy has successfully captured market share, achieving dual growth in sales and profitability.
Structural changes in the domestic market have also opened doors for technological leaders. According to the National Energy Administration, by 2025, China’s new energy storage installations are expected to exceed 30 GW, providing ample market space for technological frontrunners. Leveraging 28 core technologies and the advantages of modular energy storage systems, First航 New Energy is accelerating the rollout of the PowerMagic commercial energy storage solution, showcasing technological reliability through the operation of four major projects in Changzhou, thereby capitalizing on policy dividends to rapidly increase its domestic market share.
Globalization 2.0: From Product Exports to Ecosystem Empowerment
While many photovoltaic companies are still grappling with anxiety over EU carbon tariffs, First航 New Energy has quietly completed its upgrade from “selling equipment” to “building ecosystems.” Its channel network, established in over 100 countries worldwide, is evolving into a nerve center for energy services. In response to the highly fragmented and diverse demands of the photovoltaic market, First航 New Energy has established a dual structure of “regional headquarters + localized service centers.” In the European market, it has set up dual hubs in Milan, Italy, and Warsaw, Poland, radiating to the EU market with a multilingual technical team. In the Asia-Pacific region, the Singapore regional headquarters is building a Southeast Asian service network that achieves emergency response within 48 hours through a localized warehousing system.
Currently, First航 New Energy has established a sales network across more than 100 countries and localized service platforms in over 20 countries including Germany, Brazil, and Saudi Arabia, forming a complete service system covering product delivery, technical training, and after-sales maintenance. The continuous rise in brand value confirms the success of its international strategy. First航 New Energy has received the “Top Photovoltaic Brand” award from the authoritative German research institution EuPD Research in India, Poland, Brazil, and Australia.
Capital Empowerment: Launching New Engines for Growth
Utilizing its listing on the Growth Enterprise Market as an opportunity, First航 New Energy is leveraging capital to bolster its three strategic directions, enhancing its technological upgrades and global layout while injecting Chinese innovation into the global energy transition. The fundraising projects focus on expanding energy storage capacity, technological iteration, and market penetration, solidifying First航 New Energy’s leading position in the solar storage sector and showcasing its long-term investment value in the capital market.
This fundraising will primarily allocate 1 billion for energy storage system construction, targeting the household and commercial markets. Its self-developed PowerMagic energy storage system, known for its efficient peak-valley arbitrage and flexible AC/DC expansion, has formed a competitive advantage in the European and Middle Eastern markets. As the global energy transition accelerates, the energy storage market is poised for explosive growth; this project will further expand First航 New Energy’s storage business, improve its industry chain layout, and enhance its market competitiveness in energy storage.
For research and development, 197 million will be invested in upgrading the R&D center to improve research conditions, attract more high-end research talent, strengthen collaborations with universities and research institutions, and conduct cutting-edge technology research. The upgrade of the R&D center will further enhance First航 New Energy’s technological innovation capabilities, providing solid technical support for the company’s long-term development. Additionally, 91 million will be allocated to deepen localized services in Europe and explore emerging markets, with over 20 service centers established in Poland and Italy, achieving a three-week delivery cycle and a 0.35% complaint rate. The synergistic advancement of these three strategies will help First航 New Energy solidify its global competitiveness in the new energy sector.
With its listing on the Growth Enterprise Market, First航 New Energy is accelerating the commercialization of technology and penetrating global markets, creating long-term value for investors while promoting the transformation of the global energy structure. In the trillion-dollar blue ocean of solar storage, First航 New Energy, with its fully self-developed capabilities and globalization strategy, is poised to reshape the competitive landscape of the industry, leading the new era of carbon neutrality.
