Power Electronics achieves record revenues exceeding 1.2 billion US dollars in 2023

• The company increased its revenue by 75% compared to the previous year.
• Within the strategic plan for the next 4 years, the multinational plans to increase its production capacity by establishing new facilities in the US and Spain.

Phoenix, Ariz., March 7, 2024 /PRNewswire/ -- Power Electronics, a leading manufacturer of solar inverters for photovoltaic plants in America, Europe, and Oceania, and a world storage leader, has presented its financial results for the year 2023, during which it reached a record-breaking revenue figure of 1.2 billion US dollars in revenues and 228 million US dollars in EBITDA.

Showing a remarkable 75% upswing from the 2022 revenue, this increase is attributed to the robust performance of the solar and energy storage divisions, alongside increased demand within the electric mobility sector, which generated a revenue of 110 million US dollars for that division.

Continuous Expansion

Confirming the multinational's continuous expansion and financial strength, these results highlight its sustained growth and solvency. With a workforce of over 3,000 employees and a presence in more than 100 countries by the end of the fiscal year, the company maintains its steady trajectory of success.

Expansion of Facilities in Spain and the United States

In a strategic move to fortify its leadership position and uphold its commitment to providing innovative and high-quality solutions, Power Electronics has unveiled its strategic plan for the period 2024-2027. The plan involves investments exceeding 330 million US dollars to expand production capacities in the US and Spain, alongside the ongoing development of innovative, digitized, and automated production strategies across all divisions.

As part of this initiative, Power Electronics will finalize the construction of a new facility in Llíria, Valencia, dedicated to its Electric Mobility division. Additionally, the company will inaugurate new facilities in the US to manufacture chargers, solar inverters, and storage inverters, thus catering to the burgeoning demand in these markets.

David Salvo, CEO of Power Electronics, expressed his satisfaction with the results achieved and highlighted the importance of continuing to invest in innovation, technology, and talent to face future challenges. "We are very proud to have achieved our objectives for the 2019-2023 strategic plan, an achievement that reflects the effort, dedication, and commitment of the entire Power Electronics team, as well as the significant trust of our customers. Our strategic plan will allow us to continue growing and consolidating ourselves as a global leader in the power electronics sector, contributing to the development of energy transition and sustainable mobility", Salvo points out.

About Power Electronics

Power Electronics is the world's leading manufacturer of solar inverters for photovoltaic plants in Europe, Oceania and America, and the world storage leader. Its products are present in nearly 2,000 plants in 35 countries around the world. The company closed 2023 with a figure of 91 GW of commissioned AC power, which has prevented the discharge of more than 90.6 million tons of CO2 into the environment.

Photo - https://mma.prnewswire.com/media/2356678/Power_Electronics.jpg

SOURCE Power Electronics