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Enphase (ENPH) Witnesses Increased Demand in the Netherlands
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Enphase Energy, Inc.(ENPH - Free Report) announced that increasing demand for its Enphase Energy System, powered by IQ8 Microinverters, has been witnessed in the Netherlands as homeowners opt to reduce their reliance on the grid amid the rising energy prices.
Enphase’s IQ8 Microinverters boast features of the smartest and the most powerful Enphase microinverters yet. With a 97.2% efficiency score based on the European Union efficiency standards, Enphase could effectively tap demand growth in the European region.
The product may further witness increased deployment in the European region as Enphase continues to provide the most sustainable and reliable products for residential solar systems.
Enphase’s Growth Prospects in Europe
To capture the larger shares of the expanding solar market and improve customer reliability, Enphase constantly comes up with new versions of its family of microinverters, along with expanding its footprint.
After the success of IQ8 Microinverters in the United States in 2021, the company took a step forward in its expansion strategy and introduced IQ8 Microinverters in France and Netherlands in the second half of 2022. Since its launch, the company has witnessed an increased customer base in the region, supported by its chain of world-class installers in France and the Netherlands.
To further tap growth in the Europe solar market, the company plans to add an automated line at Flex's factory in Romania. This line will have a quarterly capacity of approximately 750,000 microinverters, starting in the first quarter of 2023, and will enable a global capacity of nearly six million microinverters per quarter. Such capacity maximization should boost the company’s shipment count, thereby bolstering its revenues.
The company is also eyeing Germany for expansion and has a strong footprint in Belgium. Moreover, Spain, Portugal, Poland and Austria are a few other regions in the European territory where the company is evaluating ramp-up opportunities.
Backed by such an expansion strategy, the company doubled its revenues from the Europe region in 2021. With an impressive portfolio of products, backed by strong demand, the company anticipates 2022 revenues to double from 2021 in the Europe region. The company also expects healthy high double-digit growth between 2022 and 2023.
Peer Moves
The Europe solar market has witnessed significant growth over the past few years, buoyed by increased adoption of renewable-based energy to adhere to climate concerns. This has led to many solar companies expanding their footprints in the region.
Apart from ENPH, solar players that have carved out a position in the Europe solar market are ReneSola (SOL - Free Report) , Canadian Solar (CSIQ - Free Report) and JinkoSolar (JKS - Free Report) .
In October 2022, ReneSola announced the acquisition of Emeren Limited, a U.K.-based utility-scale solar power and battery projects developer.
The Zacks Consensus Estimate for ReneSola’s 2022 sales indicates an improvement of 9.5% over the prior-year reported figure. Shares of SOL have gained 25.4% in the past three months.
In November 2022, Canadian Solar obtained France's Simplified Carbon Assessment certification and Italy's Environmental Product Declaration certification for its high-efficiency mono-facial and bifacial modules, using 182mm and 210mm silicon wafers.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates an improvement of 39.1% over the prior-year reported figure. Shares of CSIQ have gained 56.4% in the past year.
In May 2022, JinkoSolar signed its first European Energy Storage Solution (“ESS”) agreement with Memodo. The Memodo exclusivity agreement for JinkoSolar's ESS product portfolio will cover the D-A-CH region (Germany, Austria and Switzerland) for 2022 and 2023.
The Zacks Consensus Estimate for JinkoSolar’s 2022 sales suggests a growth rate of 86.1% from the prior-year reported figure. Its shares have risen 22.2% in the past year.
Price Movement
In the past year, shares of Enphase Energy have surged 85.9% compared with the industry’s growth of 52.7%.
Image: Shutterstock
Enphase (ENPH) Witnesses Increased Demand in the Netherlands
Enphase Energy, Inc.(ENPH - Free Report) announced that increasing demand for its Enphase Energy System, powered by IQ8 Microinverters, has been witnessed in the Netherlands as homeowners opt to reduce their reliance on the grid amid the rising energy prices.
Enphase’s IQ8 Microinverters boast features of the smartest and the most powerful Enphase microinverters yet. With a 97.2% efficiency score based on the European Union efficiency standards, Enphase could effectively tap demand growth in the European region.
The product may further witness increased deployment in the European region as Enphase continues to provide the most sustainable and reliable products for residential solar systems.
Enphase’s Growth Prospects in Europe
To capture the larger shares of the expanding solar market and improve customer reliability, Enphase constantly comes up with new versions of its family of microinverters, along with expanding its footprint.
After the success of IQ8 Microinverters in the United States in 2021, the company took a step forward in its expansion strategy and introduced IQ8 Microinverters in France and Netherlands in the second half of 2022. Since its launch, the company has witnessed an increased customer base in the region, supported by its chain of world-class installers in France and the Netherlands.
To further tap growth in the Europe solar market, the company plans to add an automated line at Flex's factory in Romania. This line will have a quarterly capacity of approximately 750,000 microinverters, starting in the first quarter of 2023, and will enable a global capacity of nearly six million microinverters per quarter. Such capacity maximization should boost the company’s shipment count, thereby bolstering its revenues.
The company is also eyeing Germany for expansion and has a strong footprint in Belgium. Moreover, Spain, Portugal, Poland and Austria are a few other regions in the European territory where the company is evaluating ramp-up opportunities.
Backed by such an expansion strategy, the company doubled its revenues from the Europe region in 2021. With an impressive portfolio of products, backed by strong demand, the company anticipates 2022 revenues to double from 2021 in the Europe region. The company also expects healthy high double-digit growth between 2022 and 2023.
Peer Moves
The Europe solar market has witnessed significant growth over the past few years, buoyed by increased adoption of renewable-based energy to adhere to climate concerns. This has led to many solar companies expanding their footprints in the region.
Apart from ENPH, solar players that have carved out a position in the Europe solar market are ReneSola (SOL - Free Report) , Canadian Solar (CSIQ - Free Report) and JinkoSolar (JKS - Free Report) .
In October 2022, ReneSola announced the acquisition of Emeren Limited, a U.K.-based utility-scale solar power and battery projects developer.
The Zacks Consensus Estimate for ReneSola’s 2022 sales indicates an improvement of 9.5% over the prior-year reported figure. Shares of SOL have gained 25.4% in the past three months.
In November 2022, Canadian Solar obtained France's Simplified Carbon Assessment certification and Italy's Environmental Product Declaration certification for its high-efficiency mono-facial and bifacial modules, using 182mm and 210mm silicon wafers.
The Zacks Consensus Estimate for Canadian Solar’s 2022 sales indicates an improvement of 39.1% over the prior-year reported figure. Shares of CSIQ have gained 56.4% in the past year.
In May 2022, JinkoSolar signed its first European Energy Storage Solution (“ESS”) agreement with Memodo. The Memodo exclusivity agreement for JinkoSolar's ESS product portfolio will cover the D-A-CH region (Germany, Austria and Switzerland) for 2022 and 2023.
The Zacks Consensus Estimate for JinkoSolar’s 2022 sales suggests a growth rate of 86.1% from the prior-year reported figure. Its shares have risen 22.2% in the past year.
Price Movement
In the past year, shares of Enphase Energy have surged 85.9% compared with the industry’s growth of 52.7%.
Image Source: Zacks Investment Research
Zacks Rank
Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.