About Enphase Energy

Enphase Energy, Inc. (Enphase) operates as a global energy technology company. The company delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. The company’s intelligent microinverters work with virtually every solar panel made, and when paired with the company’s smart technology, results in one of the industry’s best-performing clean energy systems. The company’s intelligent microinverters work with virtually every solar panel made, and when paired with the company’s award-winning smart battery technology, results in one of the industry's best-performing clean energy systems. For the first time in the evolution of the company’s centuries-old grid, people can get paid for the clean energy they produce and share with their communities, helping to build a new energy future that harnesses the sun. This clean, free, abundant source of energy can power the company’s lives and ultimately help replace fossil fuels altogether. The company has shipped more than 73.0 million microinverters, and approximately 4.0 million Enphase residential and commercial systems have been deployed in more than 150 countries. The company designs, develops, manufactures and sells home energy solutions that manage energy generation, energy storage and control and communications on one intelligent platform. The company has revolutionized the solar industry by bringing a systems approach to solar technology and by pioneering a semiconductor-based microinverter that converts energy at the individual solar module level, and combined with the company’s proprietary networking and software technologies, provides advanced energy monitoring and control. The Enphase Energy System brings a high technology, networked approach to solar generation plus energy storage, by leveraging the company’s design expertise across power electronics, semiconductors and cloud-based software technologies. The company’s integrated approach to energy solutions maximizes a home’s energy potential while providing advanced monitoring and remote maintenance capabilities. The Enphase Energy System uses a single technology platform for seamless management of the entire system, including IQ Microinverters, IQ Batteries, IQ EV Charger, and other hardware. Installers use the Installer App to rapidly commission system components, and system owners may use the Enphase App to monitor their energy production, consumption, and storage. The company has a built-in system redundancy in both photovoltaic (‘PV’) generation and energy storage, eliminating the risk that comes with a single-point of failure. Further, the nature of the company’s cloud-based, monitored system allows for remote firmware and software updates, that allows cost-effective remote maintenance and ongoing utility compliance. The company has transitioned from solar only systems to complete energy management solutions, which consist of solar, batteries, load control, electrical vehicle (‘EV’) charging, compatibility with third-party generators, and grid services. This transition has contributed to the rising global interest in the full electrification of homes and businesses through renewable sources of energy. Strategy The key elements of the company’s strategy are to best-in-class customer experience; grow market share worldwide; expand its product offerings; increase power and efficiency and reduce cost per watt; increase storage energy density and reduce installation time and cost per kWh; and focus on the homeowner, distributor and installer partners. Products The Enphase Energy System, powered by IQ Microinverters, IQ Batteries and other products and services, is an integrated solar, storage and energy management offering that enables self-consumption and delivers the company’s core value proposition of yielding more energy, simplifying design and installation, and improving system uptime and reliability. IQ Microinverters The company ships IQ8 series microinverters into 21 countries worldwide. The company is also shipping IQ8 Microinverters with peak output power of 480 W AC for the small-commercial market in North America, and grid-tied applications in South Africa, Mexico, Brazil, and India. The new IQ8 Microinverters are designed to maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher powered solar modules through increased energy harvesting. The Enphase IQ8 microinverter-based system has been certified by UL, a global safety science leader, to a UL certification that meets the new North American safety and grid interconnection standards for connecting solar inverters, energy storage systems and distributed energy resources to the grid in compliance with IEEE 1547-2018 and IEEE 1547-1 2020. In November 2023, the company introduced the company’s new IQ8 Microinverter, IQ8P-3P, for the small commercial solar market in North America. The IQ8P-3P Microinverter enables a peak output power of up to 480 W, supporting small three-phase commercial applications and newer, high-powered solar panels. IQ Batteries The company’s Enphase IQ Battery storage systems, with usable and scalable capacity of 10.1 kWh and 3.4 kWh for the United States, and 10.5 kWh and 3.5 kWh for Europe and other international countries, are based on the company’s Ensemble OS energy system, which powers the world’s first grid-independent microinverter-based storage systems. The company ships its Enphase IQ Battery storage systems to customers in North America, Belgium, Germany, Austria, France, the Netherlands, Switzerland, Spain, Portugal, Sweden, Denmark, and Greece. Enphase IQ Batteries in Europe can be installed with both single-phase and three-phase third-party solar energy inverters, enabling homeowners to upgrade their existing home solar systems with a residential battery storage solution that reduces costs while providing increased self-reliance. In May 2023, the company introduced its latest Enphase Energy System, which features the new IQ Battery 5P and IQ8 Microinverters. The IQ Battery 5P is modular with 5 kWh capacity and the IQ8 Microinverters provide a peak output power of 384 W. The IQ Battery 5P is also available for customers in Australia, the United States, Puerto Rico, the United Kingdom, Italy, and Australia. The IQ Battery 5P is modular by design and is designed to deliver 3.84 kW continuous power and 7.68 kW peak power, which allows homeowners to start heavy loads like air conditioners easily during power outages. The company’s IQ Load Controller for its Enphase IQ Battery storage systems allow homeowners to decide what gets power in their home in the event of a grid outage, with the ability to choose up to four loads. These loads will be on when the grid is present and shed automatically in the event of a grid failure. This product makes installation simpler and saves time for installers. Electric Vehicle (‘EV’) Chargers In the first quarter of 2023, the company began production shipments of Enphase branded EV chargers at the company’s existing contract manufacturing facility in Mexico. The company expects this move could help to meet the rapidly growing demand for reliable and affordable EV charging solutions by providing a greater supply of product and more predictable lead times. The company’s EV chargers are compatible with most EVs sold in North America. Customers are able to purchase Enphase-branded EV chargers with a charging power range between 32 amperes and 64 amperes. In January 2023, the company demonstrated its bidirectional EV charger technology enabling vehicle-to-home and vehicle-to-grid functionality. This new bidirectional EV charger is designed to leverage the power of grid forming IQ8 Microinverters and Ensemble OS energy management technology to seamlessly integrate into Enphase home energy systems, and can be controlled from the Enphase App, empowering homeowners to make, use, save, and sell their own power. In June 2023, the company introduced the IQ Energy Router family of devices in Germany and Austria to enable the integration of select third-party EV chargers and heat pumps into Enphase solar and battery systems. The IQ Energy Router family of devices monitors and controls energy usage between an Enphase solar and battery system, EV chargers and heat pumps. The devices work in coordination with the Enphase Energy System and deploy artificial intelligence-based solar production forecasting, consumption forecasting, and an optimization engine to maximize self-consumption. In October 2023, the company launched its smart Enphase IQ EV Chargers in the United States and Canada. The IQ EV Charger is Wi-Fi-equipped and includes smart control and monitoring capabilities. The IQ EV Charger is designed to seamlessly integrate into the company’s solar and battery system to help homeowners maximize electricity cost savings by charging directly from solar energy. Grid Services The company participates in the ConnectedSolutions program, which is an incentive program implemented by two utilities in the Northeast region of the United States to reduce electrical demand during high-use periods. Enphase storage customers in Connecticut, Massachusetts and Rhode Island can sign-up, monitor, track money earned and control participation in the program using the Enphase App. The company also participates in the Hawaiian Electric’s Battery Bonus grid services program that offers an incentive for homeowners on the island of Oahu to install a new home battery. And the company participates in the Arizona Public Service residential battery services program, which offers homeowners who install Enphase IQ Batteries in its service territory the chance to participate and earn money through one-time, upfront incentives. In addition, the Vermont-based utility Green Mountain Power (‘GMP’) offers Enphase Energy Systems to its customers in a cutting-edge battery lease grid services pilot program. Homeowners can also enroll in GMP’s ‘Bring Your Own Device’ grid services program, which allows customers with their own Enphase Energy Systems to participate and earn an up-front incentive. These grid services programs allow utilities to leverage IQ Batteries instead of turning on polluting peaker plants, while generating an income stream for the IQ Battery owner. Although these programs do not drive material revenues, the company continues to believe that facilitating grid services participation for the company’s customers can reduce the lifetime cost of IQ Batteries and help drive increased demand for the company’s Enphase Energy Systems. In December 2022, Pacific Gas & Electric Company (‘PG&E’) and Enphase announced the launch of a fixed power solutions pilot program, Residential Storage Initiative, in which PG&E is providing free Enphase IQ Battery storage systems to approximately 100 low-income residential customers that have been the most frequently impacted by outages as a result of PG&E’s Enhanced Powerline Safety Settings. Customers participating in the pilot are auto enrolled in the PG&E Power Saver Rewards program, where they can earn money and help California avoid power interruptions by reducing consumption and utilizing energy stored in their battery systems during times of high demand. In December 2023, the company announced its expanded support for virtual power plants through grid services programs across the United States powered by the IQ Battery. Through the PG&E Emergency Load Reduction Program, California homeowners in PG&E territory who install Enphase IQ Batteries and enroll in the program could earn money from PG&E for using the electricity stored in their IQ Batteries to help reduce demand on the grid during peak load periods. Homeowners with IQ Batteries can also now enroll in Public Service Enterprise Group Long Island’s Battery Storage Rewards Program and Connecticut’s Energy Storage Solutions Program. Enphase Installer Platform The company is offering Solargraf, its cloud-based solar and battery design, proposal software and permitting services for both residential and commercial customers. Solargraf is offered in the United States, Canada, Brazil, Germany and Austria for residential customers and in select regions for commercial customers. The company also offers a predictive software platform dedicated to simplifying the cleantech service landscape by matching cleantech asset owners to a local and on-demand workforce of service providers. In addition, the company offers another software platform designed to provide high quality leads to solar installers, with the objective of increasing lead volumes and conversion rates to help drive down the customer acquisition costs for installers. Customers and Sales The company offers solutions targeting the residential and commercial markets in the United States, Canada, Mexico, Europe, Australia, New Zealand, India, Brazil, the Philippines, Thailand, South Africa and certain other Central American and Asian markets. The company sells primarily to solar distributors who combine the company’s products with others, including solar modules products and racking systems, and resells to installers in each target region. In addition to the company’s solar distributors, the company sells directly to select large installers, original equipment manufacturers (‘OEM’) and strategic partners. The company’s OEM customers include solar module manufacturers who integrate the company’s microinverters with their solar module products and resell to both distributors and installers. Strategic partners include a variety of companies, including industrial equipment suppliers and providers of solar financing solutions. The company also sells certain products and services to homeowners, primarily in the support of the company’s warranty services and legacy product upgrade programs, via the company’s online store. Manufacturing and Supply Chain Management The company outsources the manufacturing of its products to third-party contract manufacturers. Flex Ltd. and affiliates (‘Flex’), Salcomp Plc. and affiliates (‘Salcomp’), and Sunwoda Electric Co. Ltd. (‘Sunwoda’) assemble and test the company’s microinverters, IQ Battery storage systems and IQ Gateway products. Flex also provides receiving, kitting, storage, transportation, inventory visibility and other value-added logistics services at locations managed by Flex. Hong Kong Sinbon Industrial Limited manufactures the company’s custom AC cables. Amperex Technology Limited and A123 Systems LLC supply lithium-ion batteries to help increase the company’s available capacity. In addition, the company relies on several unaffiliated companies to supply certain components used in the fabrication of the company’s products. Intellectual Property As of December 31, 2023, the company had approximately 401 global patents and 264 pending patent applications. The company’s patents are expiring on an ongoing basis between the present and 2044, but there is not a material portion of the company’s patent portfolio expiring in the near future. The company owns or has rights to various trademarks and service marks in the United States and in other countries, including Enphase, the Enphase ‘e’, IQ, and many other marks. Government Regulations The company is subject to other complex foreign and the U.S. laws and regulations related to anti-bribery and corruption laws, antitrust or competition laws, and data privacy and security laws, such as the EU General Data Protection Regulation, among others. Seasonality Historically, the majority of the company’s revenue are from the North American and European regions, which experience higher sales of the company’s products in the second, third and fourth quarters (year ended December 2023) and have been affected by seasonal customer demand trends, including weather patterns and construction cycles. The first quarter historically has had softer customer demand in the company’s industry, due to these same factors. History The company was founded in 2006. It was incorporated in 2006 in the state of Delaware. The company was formerly known as PVI Solutions, Inc. and changed its name to Enphase Energy, Inc. in 2007.