ET Solar Group

About ET Solar Group

ET Solar Group, founded in 2005 in Nanjing, China, by Xinghua Wang, operates as a manufacturer and provider of smart solar energy solutions. The company established its presence in the U.S. market in 2007, setting up an office in Pleasanton, California. Initially focused on producing solar PV modules, the company has since vertically integrated its operations, covering everything from silicon ingots, wafers, and cells to complete module production. Over the years, ET Solar has expanded its business model to include downstream services. Since 2008, it has offered engineering, procurement, and construction (EPC) services, and by 2013, it began positioning itself as a provider of smart energy solutions. This includes development, financing, operations, and maintenance for solar power plants, serving residential, commercial, and utility-scale customers in over 60 countries.

The company's offerings consist of a range of solar modules, inverters, trackers, and PV kits. ET Solar provides a 25-year linear power output warranty for its panels, guaranteeing they will generate at least 97% of their rated power in the first year, with a maximum degradation of 0.65% annually thereafter. The firm caters to a global market, with a significant presence in Asia, Europe, and the Americas. Revenue is generated through the sale of solar components and by providing comprehensive solutions for the entire lifecycle of solar power plants. The company has been recognized as a Tier 1 PV manufacturer by Bloomberg New Energy Finance. In September 2023, the company announced it was rebranding to EliTe Solar to reflect its commitment to providing value to its customers, though product warranties under the ET Solar name remain valid.

ET Solar's history includes several significant financial and structural milestones. The company secured $50 million in two Series A funding rounds in 2008 from investors including NewMargin Ventures and Tsing Capital. In December 2017, its U.S. division, ET Solar Inc., filed for Chapter 11 bankruptcy, citing U.S. solar trade tariffs. However, the U.S. division was successfully reorganized and relaunched in February 2019, backed by Yuanfar, a subsidiary of the state-owned China Aerospace Science and Technology Group, and Wuxi Bardon Company. In 2018, ET Solar's operations outside of mainland China were separated into an independent entity, ET Solar Power Hong Kong Ltd. The company operates manufacturing facilities in Vietnam and Cambodia.