Enphase (ENPH) is leading the way toward a sustainable future as the world’s leading microinverter-based solar and battery systems supplier. With an increasing demand for solar energy and new headwinds from the Inflation Reduction Act (IRA), Enphase is set to begin manufacturing in the US.
The microinverter leader also announced several upcoming EV charging products during its Q1 earnings release on Tuesday.
After introducing the first microinverter-based solar system in 2008, Enphase has enabled millions of customers to harness natural energy from the sun.
Enphase’s easy-to-use solar systems harness solar energy, store it in batteries, and allow you to use and manage it when needed. The IQ battery storage systems offer a scalable solution to store energy with 10.1 kWh and 3.4 kWh capacity available.
Most importantly, Enphase’s technology, such as its IQ8 solar microinverters, can provide backup power even when the grid is down. The Enphase IQ8 is the industry’s first grid-forming microinverter with split-phase power conversion abilities to convert DC power to AC.
Pairing a microinverter such as the Enphase IQ8 with its IQ batteries can give homeowners peace of mind when the grid goes down, offering independent sustainable energy.
The company’s proprietary tech collects data, allowing you to make, use, save, or sell energy directly from the Enphase app.
Earlier this year, Enphase began production of Enphase-branded EV chargers in Mexico, giving way to the expanding need for reliable solutions. The company shipped over 8,600 EV chargers in the first quarter alone.
Enphase has also introduced bi-directional EV charging to complete the all-in-one solar home energy system, which will be available soon.
In the second quarter of 2022, the Enphase IQ8 microinverter was the first to be certified by UL, a global safety science leader, to UL 1741. It meets the new North American safety and grid interconnection standards for connecting solar inverters, energy storage systems, and distributed energy resources to the grid.
Enphase adding US manufacturing capacity
With the growing demand for renewable energy, including solar and battery storage, Enphase announced it would begin manufacturing in the US.
During its first quarter 2023 earnings release, Enphase stated:
Starting in the second quarter of 2023, we are adding manufacturing capacity in the United States due to the global demand for our products as well as the incentives related to the Inflation Reduction Act (IRA), which will bring our total global quarterly capacity to more than 10.0 million microinverters as we exit 2023.
Enphase shipped 4,830,589 microinverters – roughly 1,957.2 megawatts DC – and 102.4 mWh of IQ batteries in the first quarter of 2023, generating $726 million in revenue.
The IRA bill, passed last August, bumped up the solar tax credit to 30% from 26%, an increase that will remain in effect until 2032.
According to a new forecast from BloombergNEF, the US will add enough solar and wind energy over the next seven years to power over 100 million homes.
For one, there are only 140 million homes in the US in total, so 100 million would be massive by 2030. And second, this presents a considerable opportunity for Enphase, which is why it will begin manufacturing in the US with the first of three contract manufacturing partners in the second quarter of 2023.
Enphase says it’s set to introduce several new products to support the EV rollout, including introducing its new IQ smart chargers in Q2, as well as bringing bi-directional charging to the market next year.
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