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Enphase (ENPH) Introduces IQ8 Microinverters in Western Europe
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Enphase Energy, Inc. (ENPH - Free Report) launched its IQ8 microinverter in international markets by successfully introducing it in France and the Netherlands. Last year, the company made this product available to its customers in North America.
By introducing IQ8 microinverters in the European market, the company takes a step toward the global introduction of the product.
Enphase plans to offer IQ8M and IQ8+ from the family of 1Q8 microinverters in France and the Netherlands. IQ8M and IQ8+ boast features of peak output AC power of 330 volt-ampere (VA) and 300 VA, respectively. Moreover, the microinverters are designed to seamlessly pair with a range of solar modules up to 480-Watt Direct Current and come with a 25-year limited warranty.
Enphase’s Prospects in the European Market
ENPH already enjoys a strong position in the European market with its high-performing and safe residential solar energy system. Its growth in the region can be gauged by its 136% year-over-year rise in revenues, buoyed by the solid demand for its microinverters in the Netherlands, France, Germany, Belgium, Spain and Portugal, and IQ batteries in Germany and Belgium.
The European solar market entails strong growth prospects, primarily due to the increased focus of the region to adopt solar-based energy. Per the report from Solar Energy Europe, the European region recorded growth of 33% in solar capacity addition in 2021. The report further forecasts that 25 of 27 European Union member states are set to install more solar in 2022 than in 2021.
This exemplifies opportunities for Enphase to multiply its returns from the region by continuously evolving in the solar market and bringing in new, more efficient and innovative products to meet the ever-changing dynamics of the solar world.
To tap the growth in demand in Europe, Enphase continues to invest in the region. The company is expanding engineering, sales and customer service teams in Europe to strengthen its position. Moreover, ENPH is planning to open a manufacturing line in Romania in the first quarter of 2023.
The new manufacturing plant in Romania will increase Enphase’s global production capacity to 6 million micros per quarter. The production of micros in the area of rising demand will be beneficial for the company.
Peer Moves
Considering the expanding market size of the European solar market, there are many opportunities for solar players in the industry to capitalize on growth trends. Other solar majors who have already carved out a position in the European solar market are ReneSola (SOL - Free Report) , Canadian Solar (CSIQ - Free Report) and SunPower .
SunPower has its largest solar plant in Italy, the Montalto di Castro solar PV power plant. The Montalto di Castro Solar Project is a 51.4 MW solar PV power plant that produces enough power for 13,000 homes and avoids 22,000 tons of CO2 emissions per year.
The Zacks Consensus Estimate for SunPower’s 2022 earnings suggests a growth rate of a solid 371.4% from the prior-year reported figure. SPWR has returned 29.7% to its investors in the past six months.
In March 2022, Canadian Solar became the largest solar developer in Italy after signing the 84 Megawatt-peak 10-year power purchase agreement with Axpo Italia.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates an improvement of 129.2% over the prior-year reported figure. Shares of CSIQ have delivered 7.2% in the past six months.
In October 2022, ReneSola announced the strategic acquisition of the U.K.-based utility-scale solar power and battery project developer in Europe, Emeren Limited. With this acquisition, SOL aims to expand its footprint in Europe and capitalize on the growing trend of renewables in the region.
The Zacks Consensus Estimate for 2022 sales suggests a growth rate of 34.2% from the prior-year reported figure. ReneSola shares have increased 11.1% in the past month.
Price Movement
In the past year, shares of Enphase Energy have risen 36.6% against the industry’s decline of 3.7%.
Image: Shutterstock
Enphase (ENPH) Introduces IQ8 Microinverters in Western Europe
Enphase Energy, Inc. (ENPH - Free Report) launched its IQ8 microinverter in international markets by successfully introducing it in France and the Netherlands. Last year, the company made this product available to its customers in North America.
By introducing IQ8 microinverters in the European market, the company takes a step toward the global introduction of the product.
Enphase plans to offer IQ8M and IQ8+ from the family of 1Q8 microinverters in France and the Netherlands. IQ8M and IQ8+ boast features of peak output AC power of 330 volt-ampere (VA) and 300 VA, respectively. Moreover, the microinverters are designed to seamlessly pair with a range of solar modules up to 480-Watt Direct Current and come with a 25-year limited warranty.
Enphase’s Prospects in the European Market
ENPH already enjoys a strong position in the European market with its high-performing and safe residential solar energy system. Its growth in the region can be gauged by its 136% year-over-year rise in revenues, buoyed by the solid demand for its microinverters in the Netherlands, France, Germany, Belgium, Spain and Portugal, and IQ batteries in Germany and Belgium.
The European solar market entails strong growth prospects, primarily due to the increased focus of the region to adopt solar-based energy. Per the report from Solar Energy Europe, the European region recorded growth of 33% in solar capacity addition in 2021. The report further forecasts that 25 of 27 European Union member states are set to install more solar in 2022 than in 2021.
This exemplifies opportunities for Enphase to multiply its returns from the region by continuously evolving in the solar market and bringing in new, more efficient and innovative products to meet the ever-changing dynamics of the solar world.
To tap the growth in demand in Europe, Enphase continues to invest in the region. The company is expanding engineering, sales and customer service teams in Europe to strengthen its position. Moreover, ENPH is planning to open a manufacturing line in Romania in the first quarter of 2023.
The new manufacturing plant in Romania will increase Enphase’s global production capacity to 6 million micros per quarter. The production of micros in the area of rising demand will be beneficial for the company.
Peer Moves
Considering the expanding market size of the European solar market, there are many opportunities for solar players in the industry to capitalize on growth trends. Other solar majors who have already carved out a position in the European solar market are ReneSola (SOL - Free Report) , Canadian Solar (CSIQ - Free Report) and SunPower .
SunPower has its largest solar plant in Italy, the Montalto di Castro solar PV power plant. The Montalto di Castro Solar Project is a 51.4 MW solar PV power plant that produces enough power for 13,000 homes and avoids 22,000 tons of CO2 emissions per year.
The Zacks Consensus Estimate for SunPower’s 2022 earnings suggests a growth rate of a solid 371.4% from the prior-year reported figure. SPWR has returned 29.7% to its investors in the past six months.
In March 2022, Canadian Solar became the largest solar developer in Italy after signing the 84 Megawatt-peak 10-year power purchase agreement with Axpo Italia.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates an improvement of 129.2% over the prior-year reported figure. Shares of CSIQ have delivered 7.2% in the past six months.
In October 2022, ReneSola announced the strategic acquisition of the U.K.-based utility-scale solar power and battery project developer in Europe, Emeren Limited. With this acquisition, SOL aims to expand its footprint in Europe and capitalize on the growing trend of renewables in the region.
The Zacks Consensus Estimate for 2022 sales suggests a growth rate of 34.2% from the prior-year reported figure. ReneSola shares have increased 11.1% in the past month.
Price Movement
In the past year, shares of Enphase Energy have risen 36.6% against the industry’s decline of 3.7%.
Image Source: Zacks Investment Research
Zacks Rank
Enphase Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.