Q&A: Renogy CEO, Li Yi on Solving Energy Crises with Solar Energy
“Our mission is to solve different energy crises, from no electricity at all, to unstable electricity. We want consumers to understand solar energy, so we offer products they are familiar with and we provide education on renewable energy through forums and online learning courses.”
Renogy is a Los Angeles-based renewable energy company that prides itself on supplying the best solar products on the market. The company aims to create tailor-made solutions and solar products for homes, businesses, recreational vehicles, boating, and virtually any application.
The company’s CEO, Li Yi, founded Renogy when she was a student at Louisiana State University. What started as a small project has grown into a healthy and flourishing company with double-digit annual revenue growth. Over the years, Renogy has received recognition and numerous awards, including a spot in Inc. 5000’s top 500 Fastest Growing Private Companies in 2016.
Li Yi spoke with Hemi about her perspectives and outlook on the development of the solar industry.
Renogy is devoted to providing products like solar panel kits, portable solar panels, off-grid systems, and more. What inspired the invention?
In less than 80 minutes, the sun provides us with the same amount of energy that is used throughout the world in one year. Unfortunately, most people don’t realize how easily we can tap into this abundant energy source. At Renogy, we want to educate the market by introducing products that can be a part of our daily lives, like power banks and flashlights.
How do you educate the market?
We want consumers to understand solar energy, so we offer products consumers are already familiar with, including flashlights, power banks, audio, etc. We also provide education on renewable energy through forums and online learning courses, giving people a place to learn and communicate with other users.
Off-grid life is an important concept in your business, what is it?
Off-grid means you don’t need to rely on a utility company for power. To do this, you have to be able to generate and support your own energy. For example, if I have solar power equipment at home, then I don’t have to worry about a power company failure.
We are different from other solar companies, which are production-oriented and only produce solar modules. Renogy, on the other hand, is service-oriented and provides overall solutions for different outdoor travel scenarios.
Renogy was founded in the U.S. market first and then entered the Chinese market in recent years. What are the differences between the two markets?
There are more use cases in the U.S. than in China because Americans have a more active outdoor life. As we continue to grow in the Chinese market, we are focusing on special vehicles, such as RVs, dining cars, fire trucks, and military vehicles.
What drove Renogy to partner with the Clinton Foundation to help restore electricity in places like Puerto Rico?
I chose to work with the Clinton Foundation because its main purpose is similar to my personal mission, which includes helping women, reducing poverty, and tackling climate change. Renogy collaborates with the foundation by donating products and technology to help reconstruct cities that were destroyed by hurricanes.
In this competitive market, what is your company’s advantage?
We combine the advantages of two markets. Compared with other Chinese companies in the U.S., we are more familiar with the market because we hire native staff to do marketing and branding. Compared with American companies, we have a stronger capability in the supply chain because we have a strong R&D team in China. Our familiarity with China’s supply chain enables us to purchase products at better prices. Being in two markets also gives us the advantage of self-reliance. This is our company’s philosophy and my personal philosophy. We have to always have a back-up, so we don’t have to rely on others.
What are Renogy’s goals for the future?
Our long-term mission is to solve the different energy crises, from no electricity at all, to unstable electricity. There are also issues where countries have enough and stable electricity, but people still face running out of power when they leave their houses. We want to provide solutions for all situations so that more people can enjoy endless energy.
What makes you excited to go to work every day?
I go to work every day because I enjoy solving problems and making my company better by providing better products for my customers. Watching my company grow and my team become stronger is what I find meaningful and fulfilling.
