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Enphase Energy (ENPH) Unveils NACS Connectors for IQ EV Chargers
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Enphase Energy, Inc. (ENPH - Free Report) recently made its North American Charging Standard (“NACS”) connectors available in the markets of the United States and Canada. These connectors are compatible with all of ENPH’s IQ Electric Vehicle (“EV”) charger models.
This launch should further strengthen Enphase Energy’s footprint in the rapidly expanding EV charging market.
Benefits of ENPH’s NACS Connectors
Enphase’s IQ EV chargers, which now come with NACS connectors, are expected to improve vehicle compatibility. With NACS connectors, the IQ EV chargers will enable homeowners to charge their EVs directly from solar energy or with customized charging schedules by smoothly integrating their EVs into Enphase's solar and battery systems.
This will not only promote the usage of electricity for charging from solar energy but also assist Enphase Energy’s customers in reducing their electricity bills.
Growth Prospects
As companies and consumers across the globe are emphasizing environmental sustainability, the rapid adoption of clean energy and the subsequent increasing electrification in the transportation sector have been in vogue lately. This has been driving the demand for EVs and, thereby, the need for reliable and smart EV charging solutions backed by government incentives and evolving technological advancements.
To this end, per a Fortune Business Insights report, the Electric Vehicle Charger Market size is expected to witness a CAGR of 46.2% during the 2024-2032 period.
Such a solid growth projection should bode well for Enphase Energy, which is a renowned manufacturer of next-generation EV chargers. It shipped 3,700 EV chargers in the fourth quarter of 2023. To further enhance its footprint in this market, in July 2024, the company launched its CS-100 EV charger, its most powerful EV charger to date, for customers with commercial fleet EVs in the United States.
Enphase plans to launch its IQ smart EV chargers in many countries of Europe, particularly in France, Germany and the Netherlands, by the end of 2024. Once these chargers are available in these markets, they should fetch notable revenues for ENPH in the coming quarters.
Peers to Benefit
Other prominent solar players like SunPower (SPWR - Free Report) and SolarEdge Technologies (SEDG - Free Report) are also expanding their footprint to reap the benefits of the expanding Electric Vehicle Charger Market.
SunPower provides the Wallbox Pulsar Plus, a Level 2 EV charger that charges quicker than a conventional 120V plug. Wallbox chargers are conveniently designed for easy installation alongside solar and storage systems. The Wallbox Pulsar Plus EV charger can generate 9.6 kilowatt of energy.
The Zacks Consensus Estimate for SPWR’s 2024 bottom line, pegged at a loss of 60 cents, suggests a solid improvement from the prior-year quarter’s loss of 91 cents. The Zacks Consensus Estimate for the company’s 2025 sales implies an improvement of 9% from 2024’s estimated figure.
SolarEdge provides the Home EV charger, a level two charger that may run alone or seamlessly connect with the SolarEdge Home Hub, allowing for up to 25% quicker charging with pure, inexpensive solar energy.
SEDG has a long-term (three to five years) earnings growth rate of 2.4%.
Price Movement
In the past year, shares of Enphase Energy have plunged 21.3% compared with the industry’s decline of 34.7%.
Image Source: Zacks Investment Research
Zacks Rank & A Stock to Consider
Enphase Energy currently carries a Zacks Rank #3 (Hold).
CSIQ has a long-term earnings growth rate of 25%. The Zacks Consensus Estimate for its 2024 sales implies an improvement of 2.5% from the prior-year figure.
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Enphase Energy (ENPH) Unveils NACS Connectors for IQ EV Chargers
Enphase Energy, Inc. (ENPH - Free Report) recently made its North American Charging Standard (“NACS”) connectors available in the markets of the United States and Canada. These connectors are compatible with all of ENPH’s IQ Electric Vehicle (“EV”) charger models.
This launch should further strengthen Enphase Energy’s footprint in the rapidly expanding EV charging market.
Benefits of ENPH’s NACS Connectors
Enphase’s IQ EV chargers, which now come with NACS connectors, are expected to improve vehicle compatibility. With NACS connectors, the IQ EV chargers will enable homeowners to charge their EVs directly from solar energy or with customized charging schedules by smoothly integrating their EVs into Enphase's solar and battery systems.
This will not only promote the usage of electricity for charging from solar energy but also assist Enphase Energy’s customers in reducing their electricity bills.
Growth Prospects
As companies and consumers across the globe are emphasizing environmental sustainability, the rapid adoption of clean energy and the subsequent increasing electrification in the transportation sector have been in vogue lately. This has been driving the demand for EVs and, thereby, the need for reliable and smart EV charging solutions backed by government incentives and evolving technological advancements.
To this end, per a Fortune Business Insights report, the Electric Vehicle Charger Market size is expected to witness a CAGR of 46.2% during the 2024-2032 period.
Such a solid growth projection should bode well for Enphase Energy, which is a renowned manufacturer of next-generation EV chargers. It shipped 3,700 EV chargers in the fourth quarter of 2023. To further enhance its footprint in this market, in July 2024, the company launched its CS-100 EV charger, its most powerful EV charger to date, for customers with commercial fleet EVs in the United States.
Enphase plans to launch its IQ smart EV chargers in many countries of Europe, particularly in France, Germany and the Netherlands, by the end of 2024. Once these chargers are available in these markets, they should fetch notable revenues for ENPH in the coming quarters.
Peers to Benefit
Other prominent solar players like SunPower (SPWR - Free Report) and SolarEdge Technologies (SEDG - Free Report) are also expanding their footprint to reap the benefits of the expanding Electric Vehicle Charger Market.
SunPower provides the Wallbox Pulsar Plus, a Level 2 EV charger that charges quicker than a conventional 120V plug. Wallbox chargers are conveniently designed for easy installation alongside solar and storage systems. The Wallbox Pulsar Plus EV charger can generate 9.6 kilowatt of energy.
The Zacks Consensus Estimate for SPWR’s 2024 bottom line, pegged at a loss of 60 cents, suggests a solid improvement from the prior-year quarter’s loss of 91 cents. The Zacks Consensus Estimate for the company’s 2025 sales implies an improvement of 9% from 2024’s estimated figure.
SolarEdge provides the Home EV charger, a level two charger that may run alone or seamlessly connect with the SolarEdge Home Hub, allowing for up to 25% quicker charging with pure, inexpensive solar energy.
SEDG has a long-term (three to five years) earnings growth rate of 2.4%.
Price Movement
In the past year, shares of Enphase Energy have plunged 21.3% compared with the industry’s decline of 34.7%.
Image Source: Zacks Investment Research
Zacks Rank & A Stock to Consider
Enphase Energy currently carries a Zacks Rank #3 (Hold).
A better-ranked stock from the same industry is Canadian Solar (CSIQ - Free Report) , which carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CSIQ has a long-term earnings growth rate of 25%. The Zacks Consensus Estimate for its 2024 sales implies an improvement of 2.5% from the prior-year figure.