Sinexcel: Storage power conversion, EV chargers and power quality equipment

Overview

Sinexcel was established in Shenzhen in 2007 and its development history starts with power quality: a modular active power filter in 2008, which the company describes as the first in China. An EV charging business unit followed in 2011, and energy storage and microgrid and battery formation and testing units in 2012. Shenzhen Sinexcel Electric Co., Ltd. joined the ChiNext board of the Shenzhen Stock Exchange in 2017 under code 300693, so its results are public: the 2024 annual report was filed on cninfo, the exchange's disclosure site, on 3 April 2025.

The four businesses share one skill, high-power converter design, packaged in different products. In storage, Sinexcel sells the power conversion system rather than the battery. Its PCS range runs from 30 kW modules and the modular 500 kW cabinet for commercial and industrial sites up to 1725 kW cabinets and the StellaON central converters for utility plants. Integrators pair these with batteries from other makers, so a Sinexcel PCS often sits inside a storage system that carries another company's name. TaiyangNews covered the 1250 kVA and 1575 kVA StellaON units when Sinexcel brought them to Intersolar Europe in 2026.

Charging has become the largest business. Soochow Securities' review of the 2025 annual report puts charging revenue at CNY 1.496 billion of CNY 3.463 billion, ahead of storage at CNY 825 million, power quality at CNY 710 million and battery testing equipment at CNY 343 million. The same review notes that storage revenue fell 4% in 2025 after a 6% fall in 2024, while the share of storage sold abroad rose. Sinexcel equipment also reaches buyers under other brands: in North America, Blink Charging sells a Sinexcel 120 to 240 kW DC charger with its own livery.

Offering

Sinexcel's home page groups the range into power quality, EV charging, energy storage, battery testing and residential storage. Everything is sold as hardware, quoted per project or supplied through integrators, distributors and charging network operators.

Energy storage

The storage range is built around PCS products:

• 500kW Modular PCS Cabinet (PWS1-500KTL), a floor-standing cabinet taking one to eight 62.5 kW power modules for 62.5 to 500 kVA, in EX and North American NA versions (product page).
• Sirius 135K (PWS1-135M), a 135 kW outdoor module rated IP65 with C5 corrosion protection, for 400 or 480 V AC sites (product page).
• PWS1-160M-H, a 160 kW module for 1500 V class LFP batteries, and the 45 kW and 60 kW PV DC modules and 30 kW DC/AC module for smaller systems.
• 1725kW HVAC 215K Cabinet, 750kW HVDC Cabinet and StellaON 1250K, with 20 ft and 40 ft medium-voltage stations that put PCS and transformer in one enclosure for utility plants.

EV charging

The charger range spans 30 kW to 1280 kW. The SEC1280 Distributed Charger is a 960 kW or 1280 kW power bank feeding up to 16 connectors through dispensers rated up to 1000 kW, aimed at bus depots, motorway sites and truck fleets. Sinexcel also sells the 40 kW SER EV power module, and Minsheng Securities notes that it now supplies chargers and power modules to vehicle makers and other charger integrators. In the US, the Blink-branded 120 to 240 kW all-in-one charger is a Sinexcel product.

Power quality, testing and residential storage

Active harmonic filters come as wall and rack modules from 5 A to 300 A, from 220 V to 690 V, including marine versions. Static var generators correct power factor and phase unbalance in 30 to 200 kvar modules. Battery formation and test equipment is sold as SINEXCEL-RE, and residential hybrid and off-grid inverters from 1.5 kW to 150 kW come from the Shenzhen Sinexcel Isuna Energy Technology subsidiary.

Technology

The PWS1-500K operating manual (V4.0) shows how Sinexcel expects a storage plant to be built: the PCS converts power and protects itself, and an external EMS decides what it does. The EMS reaches the PCS over RS-485 or Ethernet using Modbus RTU or Modbus TCP, which the manual describes as compatible with SunSpec and MESA, or over IEC 104 or IEC 61850. Modbus RTU on RS-485 is the default EMS link; the touch screen carries an Ethernet port serving Modbus TCP at its own IP address. The manual asks the EMS to keep data queries at least 500 ms apart. The battery management system talks to the PCS over CAN by default. Sinexcel does not publish the register map on its download pages; it comes in the PCS communication protocol document for the installed firmware.

The PWS1-500KTL-EX datasheet of 5 September 2025 gives a non-isolated, three-phase, three-wire PCS at 400 V AC for 600 to 900 V DC batteries, with 864 A of DC current at 500 kVA on one string, or 216 A and 108 A per branch on the four and eight string versions. The strings can run in parallel or independently, so power and energy can be expanded separately. The cabinet is forced-air cooled, IP20 indoors or IP54 in an outdoor enclosure, and reaches 98.2% peak efficiency.

The larger converters move to higher voltages and more protocols. The Sirius 135K accepts 600 to 1000 V DC, offers Modbus TCP and RTU, IEC 104 and CAN 2.0, and runs more than 100 units in parallel off-grid using Sinexcel's own link. The StellaON 1250K runs at 690 V AC from 1040 to 1500 V DC, adds IEC 61850 and offers grid-forming modes (virtual synchronous generator, PQ and VF) with black start. TaiyangNews reports Infineon IGBT modules, 98.5% maximum efficiency and a 1.8 times overload for 10 seconds.

On the charging side, the SEC1280 dispensers speak OCPP 1.6J with OCPP 2.0.1 announced, and the North American DC charger adds DIN 70121, ISO 15118 ready hardware, Wi-Fi, Ethernet and 4G. Power quality modules offer Modbus on their monitoring boards for special installations, per the AHF page.

Customers

Sinexcel names few customers itself; most of its projects are announced as installations with the owner left out. The clearest independent evidence of a customer is in North America, where Blink Charging's spec sheet presents the Sinexcel 120-240kW All-In-One DC Charger with Blink branding, CCS1 and NACS connectors, credit card and RFID payment and UL 2202 and UL 2231 safety listings. At RE+ 2024 in Anaheim, Sinexcel signed a supply partnership with FastCharge.me, under which it will provide charging products to that network on request. The same release, which quotes Derek Leng for Sinexcel North America, describes Sinexcel as a trusted partner of Shell and BP in EV charging; that is Sinexcel's own claim.

In storage, Sinexcel reports a 20.64 MWh battery system at the Tārgale wind farm in Latvia, running on twelve 1725 kW PCS units and in commercial operation by April 2026. In Japan it reported more than 50 projects, over ten of them on its 1375 kW PCS, and signed agreements with the investor AI.net, the EPC NOAH and the service provider Sagacity at Smart Energy Week in March 2026, aimed at the 2 MW / 8 MWh frequency regulation segment. Soochow Securities records 17 GW / 50 GWh of storage connected to the grid with Sinexcel equipment across more than 60 countries and regions, and more than a thousand megawatt charging stations for heavy trucks and other closed sites built with customers.

For power quality, the SVG page shows a 4000 kvar installation at an NTT data centre in Hong Kong, alongside automotive plants, ports and oil drilling sites. The 2024 results review by Minsheng Securities lists data centres, AI computing centres, car, panel and semiconductor plants, petrochemical companies, metros and hospitals among the projects its power quality products have won, and notes that its battery testing business works with leading traction battery makers.

Markets

Sinexcel sells worldwide from Shenzhen. Its about page puts its products in more than 60 countries and regions and lists 29 locations in 20 countries: four in China (Shenzhen, Huizhou, Suzhou and Xi'an), and offices in South Korea, Germany (Düsseldorf, Berlin and Frankfurt), Singapore, Hong Kong, the United States, Mexico, Brazil, Australia, Malaysia, Thailand, Japan, India, Spain, Italy, Turkey, Hungary, France, the United Kingdom (Chester) and Norway. The contact page adds production in Huizhou, Guangdong, in California and in Penang, Malaysia, which matters for buyers subject to tariffs on Chinese-made equipment; Soochow Securities' 2025 review also names production bases in China, the US and Malaysia.

The certification sheets show which markets each PCS is built for. The PWS1-500KTL has an EX version for Europe and Asia-Pacific, with EN 50549, G99, AS4777.2:2020, VDE 4110, CEI 0-16 and a Synergrid listing for Belgium, and an NA version with an ETL listing to UL 1741 and IEEE 1547, CSA 22.2, California Rule 21 and Hawaii Rule 14. The StellaON 1250K adds the Polish RfG and PTPIREE requirements and China's CQC 34120. In Australia, the approved inverter list carries four PWS1-125M and PWS1-135M models under AS/NZS 4777.2:2020. In Germany, TÜV NORD issued a VDE-AR-N 4110 prototype confirmation for the PWS1-160M-H-EX in August 2025.

By segment, storage reaches commercial and industrial sites, microgrids and utility plants; charging serves public networks, bus depots, motorway sites and heavy truck fleets, a segment Sinexcel addresses with megawatt chargers and battery swapping; and power quality serves data centres, factories, ports and buildings. Overseas sales are where the brokers expect storage growth to come from: Minsheng Securities' 2024 review points to grid-side, user-side, overseas and microgrid markets, and Soochow notes a rising overseas share in 2025 that kept storage margins close to 28%.

Company

Shenzhen Sinexcel Electric Co., Ltd. (in Chinese 深圳市盛弘电气股份有限公司, traded as 盛弘股份) is a public company on the ChiNext board of the Shenzhen Stock Exchange, code 300693, since 2017. Its registered office is in Building 6, Area 2 of the Baiwangxin High-tech Industrial Park at 1002 Songbai Road, Nanshan District, the address in its PWS1-160M-H-EX certificate and on the contact page. The board approved the 2024 annual report on 2 April 2025 and published it the next day, according to the exchange notice.

The numbers come from those filings as summarised by brokers. Minsheng Securities records 2024 revenue of CNY 3.036 billion, up 14.53%, and net profit attributable to shareholders of CNY 429 million, with research and development spending of CNY 257 million. Soochow Securities records 2025 revenue of CNY 3.463 billion, up 14.1%, net profit of CNY 476 million, a gross margin of 38.5%, R&D spending of CNY 287 million and 312.8 million shares in issue. That R&D figure is about 8% of revenue; Sinexcel's own 2024 press release claims more than 10%. The about page states more than 280 patents.

The development history records the Huizhou manufacturing centre opening in 2021, an East China operations centre and a Xi'an R&D centre in 2023, and in 2025 a Smart Energy Research Institute and a business unit for power distribution in AI data centres, where brokers expect HVDC and solid-state transformer products. The leadership page names Raymond Fang as board chairman and general manager, Henry Cheung as general manager of the global energy storage and microgrid business unit, Roy Luo as general manager of power quality, and Derek Leng as managing director for the US market. Sinexcel does not publish a group headcount on its English site.