Coronavirus company news summary – EDF Renewables shows $2bn sales slump from pandemic – SMA Solar Technology reports inverter sales rise

16 November 2020 (Last Updated November 16th, 2020 10:26)

16 November

The corona virus pandemic hurt the sales of French utility EDF Renewables by $2.36bn between January and September, although the company’s performance improved in the third quarter of 2020. Revenue for the third quarter stood at $16.7bn, a 1.8% fall from the same period in 2019. Over the period, the coronavirus pandemic diminished electricity demand and suppressed French nuclear energy production.

PV inverter maker SMA Solar Technology reported an improvement in shipments and sales in the September quarter. SMA’s inverter volume sales between January and September were 10.65GW, compared with 7.49GW for the corresponding period in 2019. The company is slowing recovering from the Covid-19 induced demand slump in Q2, which led to suspension of projects across US and Europe. SMA made $308m in sales in Q3, against $317m sales it posted for same period last year.

European battery storage manufacturer Skeleton Technologies raised $48.5m from a group of investors during a financing round. The company has now raised a cumulative capital of more than $108m, and estimates its revenue to triple for a second consecutive year, regardless of the ongoing pandemic. The company sought funding from existing and new industrial investors from across Europe.