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Enphase (ENPH) Begins IQ Battery Shipment in Western Europe
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Enphase Energy, Inc. (ENPH - Free Report) recently commenced the shipment of its IQ Batteries to a vast range of customers in Western Europe. In particular, solar customers in France, the Netherlands and Switzerland will now have access to Enphase’s best-in-class home energy management systems through IQ Batteries.
With the introduction of this product in larger parts of Western Europe, Enphase gets an opportunity to tap the larger share of the European solar market, which already exhibits the strong demand for energy products.
Enphase’s Prospects in the Battery Storage Market
The larger penetration of the solar energy market has resulted in a solid expansion of the battery storage market. In such a scenario, ENPH’s effort to expand its battery storage product portfolio has reaped a handful of returns for the company. The company’s net revenues increased by 69% year over year in 2022, driven by a 103% increase in the Enphase IQ Battery megawatt-hour (MWh) shipped.
Moreover, in 2022, Enphase increased the shipments of its Enphase IQ Batteries to customers in the United States and Europe to 508.5 MWh compared to the 251.0 MWh shipped in the same period in 2021. This signifies the increased adoption of the best-performing Enphase battery products, mainly in the United States and Europe.
Going forward, per the report from Allied Market Research, the global battery storage market is expected to witness a CAGR of 20.1% over the 2022-2031 period. This should benefit Enphase as it is continuously striving to expand its footprint in the global battery storage market with existing and new products.
In this regard, the company aims to strengthen its battery product portfolio by introducing enhanced versions that will complement the emerging needs of the growing solar market. Enphase plans to launch its third-generation battery in North America and Australia in the second quarter of 2023.
The company also has plans lined up for its fourth-generation battery, which aims to reduce energy intensity significantly. Such expanding strategies by the company, including the latest one, are likely to fortify its position in the battery storage market and multiply its returns from the battery business.
Solar Companies’ Focus on Battery Storage
Solar companies that have impressive battery storage products and boast capabilities to take advantage of the expanding battery storage market are as follows:
SolarEdge’s (SEDG - Free Report) Energy Storage division offers highly efficient DC-coupled batteries that store excess solar energy for powering the home when rates are high or at night. In January 2023, the division commenced the shipment of its new battery cells designed for energy storage applications being manufactured at the company’s new battery cell manufacturing unit in South Korea, Sella 2.
SolarEdge boasts a long-term earnings growth rate of 31%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings has been revised upward by 12.2% in the past 60 days.
Canadian Solar’s (CSIQ - Free Report) SolBank is a proprietary designed and manufactured energy storage battery solution for utility-scale applications. In January 2023, CSI Energy Storage signed a supply agreement with the United Kingdom’s Pulse Clean Energy to deliver 550 MWh of its SolBank energy storage products to Pulse Clean Energy.
The Zacks Consensus Estimate for Canadian Solar’s 2023 earnings suggests an improvement of 52.3% from the prior-year reported figure. CSIQ shares have increased 11.4% in the past year.
SunPower’s (SPWR - Free Report) Sunvault offers advanced battery technology that stores solar energy for maximum efficiency and allows more charge cycles than conventional storage systems. In September 2022, SunPower expanded its product portfolio by introducing 19.5 kilowatt-hour (kWh) and 39 kWh SunVault battery-storage products. In 2022, SPWR also acquired Blue Raven to address the growing demand for residential solar and battery storage.
The long-term earnings growth rate of the company is pegged at 48.7%. The Zacks Consensus Estimate for SunPower’s 2023 earnings suggests a growth rate of 27.3% from the prior-year reported figure.
Price Movement
In the past year, shares of Enphase Energy have risen 1.7% compared with the industry’s growth of 12.1%.
Image: Bigstock
Enphase (ENPH) Begins IQ Battery Shipment in Western Europe
Enphase Energy, Inc. (ENPH - Free Report) recently commenced the shipment of its IQ Batteries to a vast range of customers in Western Europe. In particular, solar customers in France, the Netherlands and Switzerland will now have access to Enphase’s best-in-class home energy management systems through IQ Batteries.
With the introduction of this product in larger parts of Western Europe, Enphase gets an opportunity to tap the larger share of the European solar market, which already exhibits the strong demand for energy products.
Enphase’s Prospects in the Battery Storage Market
The larger penetration of the solar energy market has resulted in a solid expansion of the battery storage market. In such a scenario, ENPH’s effort to expand its battery storage product portfolio has reaped a handful of returns for the company. The company’s net revenues increased by 69% year over year in 2022, driven by a 103% increase in the Enphase IQ Battery megawatt-hour (MWh) shipped.
Moreover, in 2022, Enphase increased the shipments of its Enphase IQ Batteries to customers in the United States and Europe to 508.5 MWh compared to the 251.0 MWh shipped in the same period in 2021. This signifies the increased adoption of the best-performing Enphase battery products, mainly in the United States and Europe.
Going forward, per the report from Allied Market Research, the global battery storage market is expected to witness a CAGR of 20.1% over the 2022-2031 period. This should benefit Enphase as it is continuously striving to expand its footprint in the global battery storage market with existing and new products.
In this regard, the company aims to strengthen its battery product portfolio by introducing enhanced versions that will complement the emerging needs of the growing solar market. Enphase plans to launch its third-generation battery in North America and Australia in the second quarter of 2023.
The company also has plans lined up for its fourth-generation battery, which aims to reduce energy intensity significantly. Such expanding strategies by the company, including the latest one, are likely to fortify its position in the battery storage market and multiply its returns from the battery business.
Solar Companies’ Focus on Battery Storage
Solar companies that have impressive battery storage products and boast capabilities to take advantage of the expanding battery storage market are as follows:
SolarEdge’s (SEDG - Free Report) Energy Storage division offers highly efficient DC-coupled batteries that store excess solar energy for powering the home when rates are high or at night. In January 2023, the division commenced the shipment of its new battery cells designed for energy storage applications being manufactured at the company’s new battery cell manufacturing unit in South Korea, Sella 2.
SolarEdge boasts a long-term earnings growth rate of 31%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings has been revised upward by 12.2% in the past 60 days.
Canadian Solar’s (CSIQ - Free Report) SolBank is a proprietary designed and manufactured energy storage battery solution for utility-scale applications. In January 2023, CSI Energy Storage signed a supply agreement with the United Kingdom’s Pulse Clean Energy to deliver 550 MWh of its SolBank energy storage products to Pulse Clean Energy.
The Zacks Consensus Estimate for Canadian Solar’s 2023 earnings suggests an improvement of 52.3% from the prior-year reported figure. CSIQ shares have increased 11.4% in the past year.
SunPower’s (SPWR - Free Report) Sunvault offers advanced battery technology that stores solar energy for maximum efficiency and allows more charge cycles than conventional storage systems. In September 2022, SunPower expanded its product portfolio by introducing 19.5 kilowatt-hour (kWh) and 39 kWh SunVault battery-storage products. In 2022, SPWR also acquired Blue Raven to address the growing demand for residential solar and battery storage.
The long-term earnings growth rate of the company is pegged at 48.7%. The Zacks Consensus Estimate for SunPower’s 2023 earnings suggests a growth rate of 27.3% from the prior-year reported figure.
Price Movement
In the past year, shares of Enphase Energy have risen 1.7% compared with the industry’s growth of 12.1%.
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.