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Enphase (ENPH) Unveils IQ Batteries in Spain and Portugal
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Enphase Energy, Inc. (ENPH - Free Report) recently unveiled its IQ Batteries for the solar market of Spain and Portugal. The launch follows the successful introduction of the product in France, the Netherlands and Switzerland in April 2023.
This entails Enphase’s strategy to steadily expand its product portfolio in the European solar market, which offers solid growth opportunities in the days ahead.
Enphase's Prospects in European Battery Storage Market
Per the latest report from SolarPower Europe, European residential battery storage is poised to reach 11 gigawatt-hours (GWh), a staggering five-fold growth from its 2021 level, by the end of 2026.
The company’s planned expansion in Europe is well supported by these projections, indicating significant growth potential in the region. Its IQ Battery’s modular design, high efficiency, advanced safety features, seamless integration with Enphase Ecosystem and smart monitoring and controlling are some of the features that set it apart from its peers in the market and will enable the company to capitalize on growing demand.
Enphase’s impressive network of installers will also play a crucial role in helping the company build its foothold in the European battery storage market. As part of its strategy to better channelize its products, the company recently extended its longstanding distribution partnership with 4blue to effectively distribute its product in the European solar markets of the Netherlands, Germany, Belgium and Luxembourg.
Certainly, battery storage products like IQ Battery that ensure sustainability and reliability, along with a solid distribution line, will enable the company to achieve scalability, reach new markets and accommodate increased demand.
Peers to Benefit
Other than Enphase, other solar players in the industry that are steadily expanding in the European solar storage market are:
JinkoSolar Holding (JKS - Free Report) : The company recently locked in a distribution agreement with V. Kafkas SA to optimize the distribution and reach of its product, Residential Storage Solution, in the growing residential markets of Greece and Cyprus.
The Zacks Consensus Estimate for JinkoSolar’s 2023 sales suggests an improvement of 32% from the prior-year reported figure. JKS delivered an earnings surprise of 313.51% in the last reported quarter.
SolarEdge (SEDG - Free Report) : The company unveiled its Commercial Storage System at Intersolar Europe in June 2023. It intends to make its Commercial Storage System available for European customers by the second half of 2024.
SolarEdge boasts a long-term earnings growth rate of 33.1%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings has been revised upward by 0.2% in the past 60 days.
Canadian Solar (CSIQ - Free Report) : The company’s EP Cube is an all-in-one energy storage solution for residential applications. The company introduced EP Cube in Spain and Italy in the first quarter of 2023 and now plans to launch it in Germany in the days ahead.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales suggests an improvement of 24.4% from last year’s comparable figure. The Zacks Consensus Estimate for CSIQ’s2023 earnings has been revised upward by 8.7% in the past 60 days.
Price Movement
In the past month, shares of Enphase Energy have increased 1.1% against the industry’s decline of 1.6%.
Image: Shutterstock
Enphase (ENPH) Unveils IQ Batteries in Spain and Portugal
Enphase Energy, Inc. (ENPH - Free Report) recently unveiled its IQ Batteries for the solar market of Spain and Portugal. The launch follows the successful introduction of the product in France, the Netherlands and Switzerland in April 2023.
This entails Enphase’s strategy to steadily expand its product portfolio in the European solar market, which offers solid growth opportunities in the days ahead.
Enphase's Prospects in European Battery Storage Market
Per the latest report from SolarPower Europe, European residential battery storage is poised to reach 11 gigawatt-hours (GWh), a staggering five-fold growth from its 2021 level, by the end of 2026.
The company’s planned expansion in Europe is well supported by these projections, indicating significant growth potential in the region. Its IQ Battery’s modular design, high efficiency, advanced safety features, seamless integration with Enphase Ecosystem and smart monitoring and controlling are some of the features that set it apart from its peers in the market and will enable the company to capitalize on growing demand.
Enphase’s impressive network of installers will also play a crucial role in helping the company build its foothold in the European battery storage market. As part of its strategy to better channelize its products, the company recently extended its longstanding distribution partnership with 4blue to effectively distribute its product in the European solar markets of the Netherlands, Germany, Belgium and Luxembourg.
Certainly, battery storage products like IQ Battery that ensure sustainability and reliability, along with a solid distribution line, will enable the company to achieve scalability, reach new markets and accommodate increased demand.
Peers to Benefit
Other than Enphase, other solar players in the industry that are steadily expanding in the European solar storage market are:
JinkoSolar Holding (JKS - Free Report) : The company recently locked in a distribution agreement with V. Kafkas SA to optimize the distribution and reach of its product, Residential Storage Solution, in the growing residential markets of Greece and Cyprus.
The Zacks Consensus Estimate for JinkoSolar’s 2023 sales suggests an improvement of 32% from the prior-year reported figure. JKS delivered an earnings surprise of 313.51% in the last reported quarter.
SolarEdge (SEDG - Free Report) : The company unveiled its Commercial Storage System at Intersolar Europe in June 2023. It intends to make its Commercial Storage System available for European customers by the second half of 2024.
SolarEdge boasts a long-term earnings growth rate of 33.1%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings has been revised upward by 0.2% in the past 60 days.
Canadian Solar (CSIQ - Free Report) : The company’s EP Cube is an all-in-one energy storage solution for residential applications. The company introduced EP Cube in Spain and Italy in the first quarter of 2023 and now plans to launch it in Germany in the days ahead.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales suggests an improvement of 24.4% from last year’s comparable figure. The Zacks Consensus Estimate for CSIQ’s2023 earnings has been revised upward by 8.7% in the past 60 days.
Price Movement
In the past month, shares of Enphase Energy have increased 1.1% against the industry’s decline of 1.6%.
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.