On August 5, 2024, Fortune released the 2024 Fortune Global 500, the definitive list of the world's largest corporations ranked by revenue for the 2023 fiscal year. Tongwei Group, the China-based photovoltaic (PV) manufacturer, is ranked No. 467, marking a rise of 9 places from last year. This is the second consecutive year Tongwei has made the list, following its debut last year as the first PV enterprise to achieve this feat.
Fortune Global 500 Highlights
The revenue threshold for making the Fortune Global 500 jumped to USD32.1 billion this year from USD30.9 billion a year earlier, according to the list. The top 500 companies' revenue edged up to USD41 trillion, equal to one-third of the global total, while their net profit rose 2.3 percent to USD2.97 trillion.
China has a total of 133 companies on this year's list. Among them, Tongwei Group, with its robust manufacturing capabilities, has once again secured its place on the Fortune Global 500 list, filling the gap for Sichuan province's manufacturing sector in this ranking and becoming the first PV enterprise globally to achieve this feat.
Tongwei’s Industry Leadership and Innovation
Since entering the PV market in 2006, Tongwei has grown into a fully integrated PV enterprise. It covers the entire PV industry chain, including high-purity polysilicon, high-efficiency solar cells and PV modules, and PV power plant operations. The company is a global leader in the polysilicon sector, boasting the world's largest capacity at 650,000 tons. Additionally, Tongwei has maintained the top spot in global solar cell shipments for seven consecutive years, with a current capacity of 95 GW.
In late 2022, Tongwei expanded into the module business, quickly climbing to fifth in global module shipments by 2023, with a production capacity of 75 GW. Serving clients in over 40 countries, Tongwei offers a comprehensive range of modules suitable for residential, commercial, industrial, and utility-scale power plants.
Tongwei's commitment to technology and innovation is evidenced by its significant investment in R&D, with expenditures reaching USD568.9 million in 2023 alone. The company holds 2,344 patents as of June 2024. Tongwei has pioneered the development of the industry's first 210 PECVD Poly pilot line and has been a leader in implementing large-format PECVD technology. Additionally, in the HJT (Heterojunction Technology) field, Tongwei established China’s first GW-scale HJT production line and the industry's first copper interconnection (THL) pilot line. In May 2024, Tongwei's THC-G12 module set a new record for HJT module power for the eighth time, achieving 765.18W with a module efficiency of 24.63%.
Building on these technological advancements, Tongwei introduced the TNC-G12/G12R module series this year, featuring self-developed high-efficiency cells and advanced manufacturing technology. These modules achieve power outputs from 455W to 720W and are optimized for various applications. The TNC-G12R modules offer reduced BOS costs and minimized LCOE, while the TNC-G12 modules provide a 30% increase in single-string power, reducing construction costs and enhancing returns.
Commitment to Sustainability and Future Prospects
Moreover, committed to sustainability, Tongwei adheres to environmental, social, and governance (ESG) standards. It prioritizes responsible labor practices, ensuring traceability and fairness throughout its supply chain. Tongwei has actively joined several international initiatives, including the RE100 global initiative. The company has committed to achieving the goal of using 100% renewable energy by 2030.
As Tongwei continues to build on these strengths, it sets a benchmark for excellence in the PV sector. The company's relentless focus on innovation, quality, and strategic growth positions it well for future success, making it a key player in the global shift towards renewable energy.