Cao Renxian, the low-profile founder of Sungrow Power Supply Co., has become one of China’s wealthiest industrial leaders by quietly shaping the world’s energy future. As the company gears up for a major Hong Kong IPO that could raise nearly $2 billion, Sungrow’s success is thrusting Cao—and his $15 billion fortune—into the international spotlight.
For years, Sungrow focused on the behind-the-scenes work of energy storage, building large-scale batteries that help power grids manage rising volumes of renewable electricity. While other Chinese tycoons became household names, Cao remained an engineer at heart, avoiding the limelight and prioritizing substance over self-promotion.
Founded in 1997 with just 500,000 yuan (about $72,000), Sungrow now employs 17,000 people and is valued close to $50 billion. Its products span solar inverters, batteries, EV chargers, and hydrogen equipment—sectors essential for the global energy transition. Sungrow’s rise has been driven by foresight: Cao pushed the company into energy storage long before batteries became the backbone of power-hungry AI data centers and clean-energy grids.
This timing proved crucial. As global demand for energy storage surges, Sungrow’s battery business overtook its solar inverter division, with energy storage accounting for 41% of revenue in early 2025. Analysts estimate worldwide energy storage installations will soar through 2035, with China leading the charge.
Still, the industry is not without risks. Overcapacity and fierce price competition have rattled China’s clean-energy sector before. Western markets are tightening trade rules and tariffs, and Sungrow’s Hong Kong listing will bring greater scrutiny from investors and regulators. Despite these challenges, Sungrow’s reputation for discipline and transparency—reflected in its egalitarian corporate culture—has helped it stand out.
Inside Sungrow, Cao is known as “Teacher Cao,” a founder who engages directly with employees and maintains a hands-on approach to leadership. His humility and strategic vision have allowed Sungrow to grow steadily, even as market conditions shift.
