MUNICH - JinkoSolar (NYSE:JKS) Holding Co., Ltd. (NYSE: JKS), a leading solar module manufacturer, has announced a partnership with kIEFER to provide Athens International Airport with a large-scale battery storage system, SunTera. This initiative is part of the airport's aim to reach Net Zero Carbon Emissions by 2025.
Athens International Airport is set to become the first international airport with a 100% self-consumption model once the project is completed, boasting the world's largest self-consumption system at an airport facility.
Frank Niendorf, General Manager Europe at JinkoSolar, expressed excitement about the collaboration, highlighting the significance of the project as the first utility-scale storage system paired with a photovoltaic setup in Greece. He emphasized JinkoSolar's commitment to fostering a sustainable future through clean energy solutions.
Christos Petrocheilos, General Manager at kIEFER, also conveyed enthusiasm for the partnership, citing the alignment of SunTera with their sustainable energy vision.
JinkoSolar, with its extensive global reach, operates 14 production facilities and has subsidiaries in numerous countries, including the United States, Germany, Japan, and India. The company's innovative solar products are distributed across various regions, catering to utility-scale, commercial, and residential customers.
The information provided is based on a press release statement from JinkoSolar Holding Co., Ltd.
In other recent news, JinkoSolar Holding Co., Ltd. has made significant strides in the solar industry. The company set a new record for solar cell conversion efficiency, reaching 33.24% with its N-type TOPCon-based perovskite tandem solar cell. This surpasses JinkoSolar's previous best of 32.33% and demonstrates the potential of TOPCon technology.
In a separate development, JinkoSolar's 2000-Volt EAGLE® Modules achieved UL certification, marking a first in the global market. The modules are designed to increase string lengths in utility-scale solar projects, leading to improved efficiency and cost reductions.
Additionally, JinkoSolar completed the delivery of over 1.1 million Tiger Neo modules to the Witznitz Solar Park in Germany, the largest photovoltaic project in the country. The solar park is expected to generate approximately 0.6 terawatt hours of electricity annually.
In terms of financial performance, JinkoSolar reported a significant year-over-year growth for the first quarter of 2024, with a 53.3% increase in module shipments to nearly 20 gigawatts. The company's net income also saw a substantial rise, reaching $84.4 million.
InvestingPro Insights
JinkoSolar Holding Co., Ltd. (NYSE: JKS), while paving the way for a more sustainable future with its latest partnership at Athens International Airport, shows some compelling numbers and considerations for investors. The company's commitment to innovation and sustainability is evident not only in its global partnerships but also in its financial metrics.
With a market capitalization of $1.16 billion, JinkoSolar is trading at a low Price / Book multiple of 0.4, according to the latest data. This could indicate that the stock is potentially undervalued relative to its assets, an aspect that value investors often look for. Additionally, the company's P/E Ratio stands at 3.98, and when adjusted for the last twelve months as of Q1 2024, it drops even further to 2.87, suggesting that the company's earnings are strong relative to its share price.
Despite a notable 29.12% revenue growth over the last twelve months as of Q1 2024, JinkoSolar has faced challenges, as reflected by a 38.02% drop in its 6-month price total return. This aligns with an InvestingPro Tip that the stock has taken a significant hit over the last six months. Moreover, the company's gross profit margins stand at 14.99%, which may be considered low and aligns with another InvestingPro Tip indicating the company suffers from weak gross profit margins.
For investors seeking more depth and additional insights, there are 15 InvestingPro Tips available for JinkoSolar at https://www.investing.com/pro/JKS. These tips provide a more comprehensive understanding of the company's financial health and market position. To enhance your investment strategy with these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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