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Enphase (ENPH) Unveils New IQ8 Microinverters in Germany
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Enphase Energy, Inc. (ENPH - Free Report) recently unveiled its new IQ8 microinverters, including the IQ8MC, IQ8AC and IQ8HC versions, for customers in Germany. This launch follows the company’s successful introduction of IQ8 microinverters in France and the Netherlands in March 2023 and Poland in May 2023.
Benefits of the Launch
The IQ8MC, IQ8AC and IQ8HC microinverters come with peak output power of 330 watts (W), 366 W and 384 W, respectively, and boast the capability to seamlessly pair with a full range of solar modules up to 560 W DC. This should boost Enphase’s steady expansion with its new family of IQ8 microinverters in Germany and wider parts of Europe to capitalize on the growing demand offered by the European solar market.
The unparalleled performance of high-powered solar modules may accelerate the demand for Enphase’s products in the region.
Enphase’s Growth Plans in Europe
The larger penetration of the solar energy market has resulted in solid demand for microinverters as they form an integral part of solar panels. In such a scenario, ENPH’s effort to expand its microinverters portfolio and introduce new versions must boost returns for the company in Europe. The company’s sell-through of microinverters in Europe reached an all-time high in the first quarter of 2023.
To tap the growth of the European solar market, Enphase added an automated line at Flex's factory in Romania in the first quarter of 2023. This line has a quarterly capacity of approximately 750,000 microinverters and will enable a global capacity of nearly six million microinverters per quarter.
Apart from such capacity optimization, Enphase relies on its strong channel of installers, which assists the company in gaining a foothold across Europe. ENPH’srecent collaboration with a Germany-based service provider, Enerix, is likely to boost its footprint in Germany and Austria. The company also enjoys an established position in Belgium and is gauging expansion opportunities in Spain and Portugal.
Backed by such an expansion strategy, Enphase was able to double its revenues from the European region in 2022. Going forward, with an impressive portfolio of products backed by strong demand, the company anticipates very healthy high-double-digit growth from 2022 to 2023.
Peers’ Focus on Europe
To reap the benefits of the growing solar market in Europe, apart from ENPH, solar players that are engaged in expanding their footprint in this region are as follows:
SolarEdge (SEDG - Free Report) : It recently unveiled two offerings from its product portfolio at Intersolar Europe — a Commercial Storage System (“CSS”) and an Electric Vehicle (“EV”) charger — thereby strengthening its position in Europe’s solar market. The company’s brand-new Bi-Directional DC EV charger and newly launched CSS are likely to be market ready by the second half of 2024.
SolarEdge boasts a long-term earnings growth rate of 33.3%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings has been revised upward by 13.6% in the past 60 days.
JinkoSolar Holding (JKS - Free Report) : Its 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.
The Zacks Consensus Estimate for JinkoSolar’s 2023 earnings suggests an improvement of 59.3% from the prior-year reported figure. JKS shares have increased 5.7% in the past six months.
Emeren Group (SOL - Free Report) : It recently entered into a partnership with Matrix Renewables, a global platform for renewable energy, to build a portfolio of Battery Energy Storage Systems, with a generation capacity of up to 1.5 gigawatts (GW), in Italy.
The Zacks Consensus Estimate for Emeren’s 2023 sales suggests a growth rate of 96.7% from the prior-year reported figure. The Zacks Consensus Estimate for SOL’s 2023 earnings has been revised upward by 32.3% in the past 60 days.
Price Movement
In the past year, shares of Enphase Energy have declined 17.3% against the industry’s growth of 5.8%.
Image: Bigstock
Enphase (ENPH) Unveils New IQ8 Microinverters in Germany
Enphase Energy, Inc. (ENPH - Free Report) recently unveiled its new IQ8 microinverters, including the IQ8MC, IQ8AC and IQ8HC versions, for customers in Germany. This launch follows the company’s successful introduction of IQ8 microinverters in France and the Netherlands in March 2023 and Poland in May 2023.
Benefits of the Launch
The IQ8MC, IQ8AC and IQ8HC microinverters come with peak output power of 330 watts (W), 366 W and 384 W, respectively, and boast the capability to seamlessly pair with a full range of solar modules up to 560 W DC. This should boost Enphase’s steady expansion with its new family of IQ8 microinverters in Germany and wider parts of Europe to capitalize on the growing demand offered by the European solar market.
The unparalleled performance of high-powered solar modules may accelerate the demand for Enphase’s products in the region.
Enphase’s Growth Plans in Europe
The larger penetration of the solar energy market has resulted in solid demand for microinverters as they form an integral part of solar panels. In such a scenario, ENPH’s effort to expand its microinverters portfolio and introduce new versions must boost returns for the company in Europe. The company’s sell-through of microinverters in Europe reached an all-time high in the first quarter of 2023.
To tap the growth of the European solar market, Enphase added an automated line at Flex's factory in Romania in the first quarter of 2023. This line has a quarterly capacity of approximately 750,000 microinverters and will enable a global capacity of nearly six million microinverters per quarter.
Apart from such capacity optimization, Enphase relies on its strong channel of installers, which assists the company in gaining a foothold across Europe. ENPH’srecent collaboration with a Germany-based service provider, Enerix, is likely to boost its footprint in Germany and Austria. The company also enjoys an established position in Belgium and is gauging expansion opportunities in Spain and Portugal.
Backed by such an expansion strategy, Enphase was able to double its revenues from the European region in 2022. Going forward, with an impressive portfolio of products backed by strong demand, the company anticipates very healthy high-double-digit growth from 2022 to 2023.
Peers’ Focus on Europe
To reap the benefits of the growing solar market in Europe, apart from ENPH, solar players that are engaged in expanding their footprint in this region are as follows:
SolarEdge (SEDG - Free Report) : It recently unveiled two offerings from its product portfolio at Intersolar Europe — a Commercial Storage System (“CSS”) and an Electric Vehicle (“EV”) charger — thereby strengthening its position in Europe’s solar market. The company’s brand-new Bi-Directional DC EV charger and newly launched CSS are likely to be market ready by the second half of 2024.
SolarEdge boasts a long-term earnings growth rate of 33.3%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings has been revised upward by 13.6% in the past 60 days.
JinkoSolar Holding (JKS - Free Report) : Its 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.
The Zacks Consensus Estimate for JinkoSolar’s 2023 earnings suggests an improvement of 59.3% from the prior-year reported figure. JKS shares have increased 5.7% in the past six months.
Emeren Group (SOL - Free Report) : It recently entered into a partnership with Matrix Renewables, a global platform for renewable energy, to build a portfolio of Battery Energy Storage Systems, with a generation capacity of up to 1.5 gigawatts (GW), in Italy.
The Zacks Consensus Estimate for Emeren’s 2023 sales suggests a growth rate of 96.7% from the prior-year reported figure. The Zacks Consensus Estimate for SOL’s 2023 earnings has been revised upward by 32.3% in the past 60 days.
Price Movement
In the past year, shares of Enphase Energy have declined 17.3% against the industry’s growth of 5.8%.
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.