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JinkoSolar (JKS) Signs Distribution Deal With V. Kafkas SA
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JinkoSolar Holding Co., Ltd.’s (JKS - Free Report) arm, Jinko Solar Co, recently entered into 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.
Greece’s Ministry of Environment and Energy recently launched a subsidy program of $215.3 million for residential solar and battery storage systems, highlighting potential demand for solar and battery storage products in the region.
In such a scenario, the collaboration with V. Kafkas could be prudent as JinkoSolar can leverage the distribution networks and expertise of V. Kafkas to increase the adoption of its product.
JinkoSolar’s Growth Prospects in Broader Europe
The European solar market has immense potential for growth amid crippling energy prices. The increased focus on harnessing solar energy aligns with the need to integrate it with a reliable battery storage solution. This has been instrumental to battery storage demand in the European region.
The goal to phase out fossil fuels, the increased government subsidy in the nation and the declining installation cost are some factors that can be expected to stimulate the growth and expansion of the battery storage market in Europe. Per the report from Mordor Intelligence, Europe’s energy storage market is projected to witness a CAGR of 18% over the 2023-2028 period.
In such abounding growth prospects, JinkoSolar’s aim to strengthen its footprint and customer base in the region through a strong distribution channel and lucrative partnerships may prove conducive to its presence in the European solar market.
European Battery Storage Market in Focus
Apart from JinkoSolar, recognized solar industry players that hold a solid foothold in the European battery storage market and may gain from its growth potential are as follows:
Enphase Energy (ENPH - Free Report) : It enjoys a valuable position in the European solar market. In June 2023, the company witnessed the heightened demand for Enphase Energy Systems in Austria, powered by IQ Microinverters and IQ Batteries. The company plans to introduce IQ Batteries in many countries in Europe throughout the year.
Enphase boasts a long-term (three to five years) earnings growth rate of 24.7%. Shares of ENPH have improved 4.4% in the past month.
Canadian Solar( (CSIQ - Free Report) : Its 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 the last year’s comparable figure. The Zacks Consensus Estimate forCSIQ’s2023 earnings has been revised upward by 8.7% in the past 60 days.
SolarEdge Technologies, Inc. (SEDG - Free Report) : It unveiled its Commercial Storage System (“CSS”) at Intersolar Europe and plans to make it commercially available in the second half of 2024. The highly-efficient DC-coupled CSS provides 58 kilowatt-hours of battery capacity and is suitable for indoor use.
SolarEdge has a long-term earnings growth rate of 33.4%. The Zacks Consensus Estimate forSEDG’s2023 earnings has been tweaked by 14.1% in the past 60 days.
Price Movement
In the past six months, shares of JinkoSolar have declined 1.1% compared with the industry’s decrease of 19.7%.
Image: Bigstock
JinkoSolar (JKS) Signs Distribution Deal With V. Kafkas SA
JinkoSolar Holding Co., Ltd.’s (JKS - Free Report) arm, Jinko Solar Co, recently entered into 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.
Greece’s Ministry of Environment and Energy recently launched a subsidy program of $215.3 million for residential solar and battery storage systems, highlighting potential demand for solar and battery storage products in the region.
In such a scenario, the collaboration with V. Kafkas could be prudent as JinkoSolar can leverage the distribution networks and expertise of V. Kafkas to increase the adoption of its product.
JinkoSolar’s Growth Prospects in Broader Europe
The European solar market has immense potential for growth amid crippling energy prices. The increased focus on harnessing solar energy aligns with the need to integrate it with a reliable battery storage solution. This has been instrumental to battery storage demand in the European region.
The goal to phase out fossil fuels, the increased government subsidy in the nation and the declining installation cost are some factors that can be expected to stimulate the growth and expansion of the battery storage market in Europe. Per the report from Mordor Intelligence, Europe’s energy storage market is projected to witness a CAGR of 18% over the 2023-2028 period.
In such abounding growth prospects, JinkoSolar’s aim to strengthen its footprint and customer base in the region through a strong distribution channel and lucrative partnerships may prove conducive to its presence in the European solar market.
European Battery Storage Market in Focus
Apart from JinkoSolar, recognized solar industry players that hold a solid foothold in the European battery storage market and may gain from its growth potential are as follows:
Enphase Energy (ENPH - Free Report) : It enjoys a valuable position in the European solar market. In June 2023, the company witnessed the heightened demand for Enphase Energy Systems in Austria, powered by IQ Microinverters and IQ Batteries. The company plans to introduce IQ Batteries in many countries in Europe throughout the year.
Enphase boasts a long-term (three to five years) earnings growth rate of 24.7%. Shares of ENPH have improved 4.4% in the past month.
Canadian Solar( (CSIQ - Free Report) : Its 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 the last year’s comparable figure. The Zacks Consensus Estimate forCSIQ’s2023 earnings has been revised upward by 8.7% in the past 60 days.
SolarEdge Technologies, Inc. (SEDG - Free Report) : It unveiled its Commercial Storage System (“CSS”) at Intersolar Europe and plans to make it commercially available in the second half of 2024. The highly-efficient DC-coupled CSS provides 58 kilowatt-hours of battery capacity and is suitable for indoor use.
SolarEdge has a long-term earnings growth rate of 33.4%. The Zacks Consensus Estimate forSEDG’s2023 earnings has been tweaked by 14.1% in the past 60 days.
Price Movement
In the past six months, shares of JinkoSolar have declined 1.1% compared with the industry’s decrease of 19.7%.
Image Source: Zacks Investment Research
Zacks Rank
JinkoSolar currently sports a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.