Erayak Power Solution Group Inc. Reports 437% Increase in Generator Sales in the First Half of 2022
Wenzhou, China, Dec. 28, 2022 (GLOBE NEWSWIRE) -- Erayak Power Solution Group Inc. (“Erayak” or the “Company”) (Nasdaq: RAYA), a leading manufacturer, designer, and exporter of high-quality products in the power supply industry, is pleased to provide the following information concerning the Company’s generator sales in 2022.
For the first half of 2022, sales of the Company’s generators were US$3.65 million, a 437% increase compared to US$835 thousand in the first half of 2021. Generator sales in the second half of 2021 were US$720 thousand and the generator sales in the second half of 2022 are expected to continue similar growth rate as seen in the first half of 2022. The increase in generator sales is due to the continuous impact of the Russia-Ukraine situation this year, resulting in an unprecedented energy crisis that has significantly increased demand for the Company’s generators. 65% of generator sales are ultimately distributed to Europe.
Erayak Chairman & CEO, Mr. Lingyi Kong stated, “EU countries have publicly stated that they will adopt diversified energy supply solutions to end their dependence on Russian natural gas. Erayak is well positioned in this growing industry and will launch hybrid inverters, dual-fuel generators, and upgraded gasoline generators in the coming months to meet this rapidly increasing demand coming from Europe.” The Company has received new orders for more than 30,000 generators in the past three months. In order to increase production capacity, the Company has added three generator production lines in total this year.
About Erayak Power Solution Group Inc.
Erayak specializes in the manufacturing, research and development, and wholesale and retail of power solution products. Erayak’s product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products. Our products are used principally in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products. Our goal is to be the premier power solutions brand and a solution for mobile life and outdoor living. For more information, visit www.erayakpower.com.
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