On July 8, Runergy announced via its official WeChat account that its Yunnan base had resumed operations, taking just 10 days to go from shutdown to full-capacity production. Previously, on December 9, 2024, Runergy had announced the resumption of operations at its Jianhu base, which has a 16GW N-type high-efficiency solar cell production capacity.
With both major bases back online, Runergy is one step closer to its “rebirth.”
Founded in 2013, Runergy specializes in the R&D and manufacturing of high-efficiency solar products. In 2017, it began building its own solar cell production capacity and, within just three years, became the third-largest solar cell producer globally.
According to InfoLink Consulting, Runergy ranked among the global top three in solar cell shipments for three consecutive years from 2020 to 2022. By the end of 2023, the company had 63GW of high-efficiency cell production capacity and a planned module capacity of 23GW worldwide.
On March 18, 2022, Runergy’s IPO application was accepted by the Shenzhen Stock Exchange. It aimed to raise RMB 4 billion, including RMB 2 billion for a 50,000-ton high-purity polysilicon project, RMB 500 million for a 5GW heterojunction cell production project, and RMB 1.5 billion for working capital.
Runergy passed the listing committee review on November 3, 2022, and submitted its registration on June 20, 2023. However, the IPO failed to proceed, and the registration approval expired on June 29, 2024. After the failed listing, Runergy faced multiple setbacks, including suspension of employee performance bonuses and production halts and layoffs at its subsidiaries.
As of the end of 2024, Runergy had RMB 74 billion in net assets but RMB 28.996 billion in total liabilities, with a debt-to-asset ratio of 79.62%.
In August 2024, Tongwei Co., Ltd. announced plans to acquire a 51% stake in Runergy for up to RMB 5 billion through a cash injection. Although the deal ultimately fell through, it bought Runergy some time. Later, Jiangsu Yueda Group, a state-owned enterprise, injected RMB 1 billion in emergency funding, giving the debt-ridden company some breathing room.
This year, several solar equipment manufacturers—such as Jiejia Weichuang, Autowell, and Kingsun Optoelectronic—announced plans to convert debt into equity by increasing their stake in Runergy through holding platforms, thereby easing the company’s debt burden.
However, this relief is only temporary. To bring its debt ratio back to a healthy level, Runergy will still need stable operations and strong cash flow.
With the two major bases back in operation, Runergy’s revenue is expected to rebound rapidly. Last week, polysilicon prices rose above cost levels, which may soon drive up wafer and cell prices. As a former industry leader in solar cells, Runergy could be among the first to return to profitability.
Source：https://mp.weixin.qq.com/s/MdGq9asIO-2D9Y8iK5pvxQ
