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Livoltek says it has invested $13.2 million in a new inverter factory in Brazil. The facility will also produce soon lithium-ion batteries and electric-vehicle rechargers.
Livoltek, a PV inverter manufacturer and a unit of Chinas Hexing Group, has revealed the details of a plan to build an inverter factory in the Manaus Free Trade Zone (AM), Brazil.
The company told pv magazine Brazil that the factory will occupy a surface of 30,000 m2 and require an investment of BRL 70 million ($13.2 million). in the first phase. The companys plans also include manufacturing lithium batteries and electric-vehicle chargers. It will start in August, when it will apply for environmental licensing, with production scheduled to begin at the end of 2024.
Livoltek aims to break into the ranks of top 10 brands in the Brazilian PV market by 2025. Initially, it will import bodies, chips, and certain electronic components, while producing printed circuit boards (PCBs) in Brazil. Its strategy includes supplying the Brazilian market and expanding into neighboring countries such as Argentina, Colombia, Paraguay, and Peru, with future plans for exports to Europe.
The chairman of Hexing Group, Liangzhang Zhou, said that Livolteks decision to invest in a factory in the country demonstrates the companys long-term commitment to promoting Brazils industrialization and strengthening its position in the global market. Previous experience with Eletra Energy Solutions, which the group acquired in 2010, further influenced the decision.
“Over time, Eletra became the largest meter manufacturer in Brazil, responsible for more than 60% of new equipment installed in Brazil in recent years,” Zhou said. “When we decided to start operating in the renewables market in 2020, it became clear to us that the country should also be in our investment plans, as the local market was doubling every year and, even so, no inverter manufacturer was interested in investing in local production. Considering our previous successful experience, it was an obvious decision that we should bring renewable manufacturing to the Brazilian market, which is finally becoming a reality starting next month.”
Twelve years after deciding to invest in Brazil, the company said it seized the opportunity to begin manufacturing inverters, car chargers, and batteries.
“The best competitive advantage we see is that we have already learned how to manufacture in Brazil,” Zhou stated. “We know the tax system, labor legislation, and we see that Brazil still has a very bright future for solar technology.”
The company said it only receives incentives from the Superintendency of the Manaus Free Trade Zone (Suframa), similar to all companies in Manaus, without special treatment.
The Livoltek inverter factorys inauguration ceremony is scheduled for July 24 in Manaus. It will be attended by authorities, sector associations, and solar companies. |
