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Enphase (ENPH) Extends Distribution Partnership With 4blue
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Enphase Energy, Inc.(ENPH - Free Report) recently extended its longstanding distribution partnership with 4blue, with an aim to efficiently channelize its product in the European solar markets of Netherlands, Germany, Belgium and Luxembourg.
For the past seven years, Enphase has been distributing its IQ Microinverters and IQ Batteries portfolio of product in collaboration with 4blue, across Europe.
Rationale Behind the Extension
Europe has proved to be a lucrative market for Enphase as the region’s continuous rising demand for solar energy aligns with its solar energy management solutions. Also, Enphase’s continuous efforts to upgrade its products with cutting-edge technology made its offerings highly sought after in the European solar market.
Per the report by Solar Power Europe, 26 out of 27 European Union member states installed more solar in 2022 compared with the prior period’s levels. Solar deployment in the European territory can be expected to surpass 50 gigawatts (GW) of total solar installation in 2023 and is likely to double to 85 GW in 2026.
This suggests that European consumers’ increased awareness of environmental impact of their energy consumption will continue to drive demand for a reliable and sustainable solar management solution that Enphase offers.
Through the extended partnership with 4blue, the company aims to utilize the e-commerce platform of 4blue as a strategic tool to reach out to more customers who are looking for state-of-the-art products for their home energy management solution.
Opportunities for Peers
Acknowledging the growth potential of the European solar market, the following forerunners in the industry have already sought out favorable options in the region.
SolarEdge(SEDG - Free Report) : The company enjoys strong demand for its products in Europe, which resulted in a revenue increase of 9% in the last reported quarter. To capitalize on the growing demand, it intends to make available its Commercial Storage System and an Electric Vehicle charger for the European customers by the second half of 2024.
SolarEdge boasts a long-term earnings growth rate of 33.4%. 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) :The company witnesses strong demand for its products in the European solar market as can be gauzed by its shipments recorded in the region in the last reported quarter. Europe contributed to the maximum shipment increase. 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 earnings suggests an improvement of 59.3% from the prior-year reported figure. JKS’ shares have increased 5.6% in the past six months.
Emeren Group (SOL - Free Report) : The company generated 73% of its revenues from the European region in the first quarter of 2023. As of Mar 31, 2023, Emeren had mid-to-late-stage projects of 2,272 MW in Europe and operated 60 MW of IPP projects in Europe. The company recently entered into a partnership with Matrix Renewables to build a portfolio of Battery Energy Storage Systems, with a generation capacity of up to 1.5 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 month, shares of Enphase Energy have declined 8.7% compared with the industry’s fall of 6%.
Image Source: Zacks Investment Research
Zacks Rank
Enphase Energy currently carries a Zacks Rank #3 (Hold).
Image: Bigstock
Enphase (ENPH) Extends Distribution Partnership With 4blue
Enphase Energy, Inc.(ENPH - Free Report) recently extended its longstanding distribution partnership with 4blue, with an aim to efficiently channelize its product in the European solar markets of Netherlands, Germany, Belgium and Luxembourg.
For the past seven years, Enphase has been distributing its IQ Microinverters and IQ Batteries portfolio of product in collaboration with 4blue, across Europe.
Rationale Behind the Extension
Europe has proved to be a lucrative market for Enphase as the region’s continuous rising demand for solar energy aligns with its solar energy management solutions. Also, Enphase’s continuous efforts to upgrade its products with cutting-edge technology made its offerings highly sought after in the European solar market.
Per the report by Solar Power Europe, 26 out of 27 European Union member states installed more solar in 2022 compared with the prior period’s levels. Solar deployment in the European territory can be expected to surpass 50 gigawatts (GW) of total solar installation in 2023 and is likely to double to 85 GW in 2026.
This suggests that European consumers’ increased awareness of environmental impact of their energy consumption will continue to drive demand for a reliable and sustainable solar management solution that Enphase offers.
Through the extended partnership with 4blue, the company aims to utilize the e-commerce platform of 4blue as a strategic tool to reach out to more customers who are looking for state-of-the-art products for their home energy management solution.
Opportunities for Peers
Acknowledging the growth potential of the European solar market, the following forerunners in the industry have already sought out favorable options in the region.
SolarEdge(SEDG - Free Report) : The company enjoys strong demand for its products in Europe, which resulted in a revenue increase of 9% in the last reported quarter. To capitalize on the growing demand, it intends to make available its Commercial Storage System and an Electric Vehicle charger for the European customers by the second half of 2024.
SolarEdge boasts a long-term earnings growth rate of 33.4%. 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) :The company witnesses strong demand for its products in the European solar market as can be gauzed by its shipments recorded in the region in the last reported quarter. Europe contributed to the maximum shipment increase. 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 earnings suggests an improvement of 59.3% from the prior-year reported figure. JKS’ shares have increased 5.6% in the past six months.
Emeren Group (SOL - Free Report) : The company generated 73% of its revenues from the European region in the first quarter of 2023. As of Mar 31, 2023, Emeren had mid-to-late-stage projects of 2,272 MW in Europe and operated 60 MW of IPP projects in Europe. The company recently entered into a partnership with Matrix Renewables to build a portfolio of Battery Energy Storage Systems, with a generation capacity of up to 1.5 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 month, shares of Enphase Energy have declined 8.7% compared with the industry’s fall of 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.