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Enphase (ENPH) Unveils 3-Phase Capable IQ Combiner in Europe
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Enphase Energy, Inc. (ENPH - Free Report) recently rolled out its 3-Phase Capable IQ Combiner for the European solar market. With the primary focus on easing the installation process, the company introduced this product in the solar markets of Germany, Austria, Switzerland, the Netherlands, France, Belgium, Spain, Poland and Portugal.
The new launch will streamline the Enphase Energy System installation and result in substantial time savings during installation.
Significance of the 3-Phase Capable IQ Combiner
The IQ Combiner 3P includes the IQ Gateway Metered, two IQ Relays, a communication kit, two 4-pole circuit breakers, a residual current device and supporting components pre-installed on a 3 DIN-rail assembly. The solution is designed to allow hassle-free metering with pre-installed production CTs and push-in terminal blocks, allowing for quick and easy installation of consumption CTs.
The new IQ Combiner 3P has a consistent, pre-wired solution that drastically minimizes complexity and installation time while ensuring reliability for customers. Such initiatives by the company tend to improve its services with technologically advanced products and expand its potential customer base.
Enphase’s Prospects in the European Solar Market
Enphase seems to be rapidly gaining traction in the European solar market, which can be gauged by a 25% quarter-over-quarter rise witnessed in its revenues from Europe in the last reported quarter, with robust growth nearly tripling on a year-over-year basis.
Its sell-through of microinverters in Europe was 13% higher in the second quarter compared with the first quarter. This impressive growth narrative was driven by its steady expansion in parts of Europe like Germany, France, the Netherlands, Spain, Portugal, Poland, Belgium, Austria and Switzerland.
Keeping up with this trend, Enphase is likely to witness a promising growth trajectory in the European solar market in the days ahead. Per the report by SolarPower Europe, new solar photovoltaic (PV) capacity is likely to exceed 50 gigawatts (GW) of deployment in 2023. The growth is also projected to double to 85 GW in 2026 from the current levels.
Such a compelling growth expectation is likely to benefit Enphase, which already enjoys an established position in the European solar market and leverages every opportunity to further expand its presence by introducing technologically advanced products in the market, like the latest one. Such an expanding strategy by ENPH tends to boost its revenue generation prospects from the region.
Peers to Benefit
The optimistic growth forecast should also be advantageous for other solar companies with substantial exposure in the European solar market:
SolarEdge (SEDG - Free Report) : The company has a strong presence in Germany, the United Kingdom and Switzerland. SolarEdge expects the momentum to continue to grow in Europe, particularly in Germany, where installation activity is anticipated to rise from 7.5 GW in 2022 to 10 GW in 2024.
SolarEdge boasts a long-term earnings growth rate of 24.4%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings suggests a growth rate of 59.3% from the prior-year reported figure.
Canadian Solar (CSIQ - Free Report) : The company is steadily expanding its position in the European solar market either through new product introductions or strategic deals. In September 2023, its subsidiary, CSI Energy Storage, inked a supply agreement with Cero Generation and Enso Energy in Europe. The deal involves the delivery of 49.5 megawatts/99 megawatt-hours of turnkey battery energy storage solutions.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales calls for a growth rate of 15.6% from the prior-year reported figure. The Zacks Consensus Estimate for CSIQ’s 2023 earnings implies a growth rate of 80.5% from the prior-year reported figure.
Emeren Group (SOL - Free Report) : Emeren aims at increasing its mid-to-late-stage pipeline to 4 GW by the end of 2023, with a significant portion of the growth coming from Europe. In June 2023, Emeren 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. This should strengthen SOL’s position in the European solar market.
The Zacks Consensus Estimate for Emeren’s 2023 sales indicates a growth rate of 90.9% from the prior-year reported figure. The Zacks Consensus Estimate for Emeren’s 2023 earnings has been revised upward by 9.8% in the past 60 days.
Price Movement
In the past month, shares of Enphase Energy have dropped 9.2% compared with the industry’s decline of 12.9%.
Image: Bigstock
Enphase (ENPH) Unveils 3-Phase Capable IQ Combiner in Europe
Enphase Energy, Inc. (ENPH - Free Report) recently rolled out its 3-Phase Capable IQ Combiner for the European solar market. With the primary focus on easing the installation process, the company introduced this product in the solar markets of Germany, Austria, Switzerland, the Netherlands, France, Belgium, Spain, Poland and Portugal.
The new launch will streamline the Enphase Energy System installation and result in substantial time savings during installation.
Significance of the 3-Phase Capable IQ Combiner
The IQ Combiner 3P includes the IQ Gateway Metered, two IQ Relays, a communication kit, two 4-pole circuit breakers, a residual current device and supporting components pre-installed on a 3 DIN-rail assembly. The solution is designed to allow hassle-free metering with pre-installed production CTs and push-in terminal blocks, allowing for quick and easy installation of consumption CTs.
The new IQ Combiner 3P has a consistent, pre-wired solution that drastically minimizes complexity and installation time while ensuring reliability for customers. Such initiatives by the company tend to improve its services with technologically advanced products and expand its potential customer base.
Enphase’s Prospects in the European Solar Market
Enphase seems to be rapidly gaining traction in the European solar market, which can be gauged by a 25% quarter-over-quarter rise witnessed in its revenues from Europe in the last reported quarter, with robust growth nearly tripling on a year-over-year basis.
Its sell-through of microinverters in Europe was 13% higher in the second quarter compared with the first quarter. This impressive growth narrative was driven by its steady expansion in parts of Europe like Germany, France, the Netherlands, Spain, Portugal, Poland, Belgium, Austria and Switzerland.
Keeping up with this trend, Enphase is likely to witness a promising growth trajectory in the European solar market in the days ahead. Per the report by SolarPower Europe, new solar photovoltaic (PV) capacity is likely to exceed 50 gigawatts (GW) of deployment in 2023. The growth is also projected to double to 85 GW in 2026 from the current levels.
Such a compelling growth expectation is likely to benefit Enphase, which already enjoys an established position in the European solar market and leverages every opportunity to further expand its presence by introducing technologically advanced products in the market, like the latest one. Such an expanding strategy by ENPH tends to boost its revenue generation prospects from the region.
Peers to Benefit
The optimistic growth forecast should also be advantageous for other solar companies with substantial exposure in the European solar market:
SolarEdge (SEDG - Free Report) : The company has a strong presence in Germany, the United Kingdom and Switzerland. SolarEdge expects the momentum to continue to grow in Europe, particularly in Germany, where installation activity is anticipated to rise from 7.5 GW in 2022 to 10 GW in 2024.
SolarEdge boasts a long-term earnings growth rate of 24.4%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings suggests a growth rate of 59.3% from the prior-year reported figure.
Canadian Solar (CSIQ - Free Report) : The company is steadily expanding its position in the European solar market either through new product introductions or strategic deals. In September 2023, its subsidiary, CSI Energy Storage, inked a supply agreement with Cero Generation and Enso Energy in Europe. The deal involves the delivery of 49.5 megawatts/99 megawatt-hours of turnkey battery energy storage solutions.
The Zacks Consensus Estimate for Canadian Solar’s 2023 sales calls for a growth rate of 15.6% from the prior-year reported figure. The Zacks Consensus Estimate for CSIQ’s 2023 earnings implies a growth rate of 80.5% from the prior-year reported figure.
Emeren Group (SOL - Free Report) : Emeren aims at increasing its mid-to-late-stage pipeline to 4 GW by the end of 2023, with a significant portion of the growth coming from Europe. In June 2023, Emeren 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. This should strengthen SOL’s position in the European solar market.
The Zacks Consensus Estimate for Emeren’s 2023 sales indicates a growth rate of 90.9% from the prior-year reported figure. The Zacks Consensus Estimate for Emeren’s 2023 earnings has been revised upward by 9.8% in the past 60 days.
Price Movement
In the past month, shares of Enphase Energy have dropped 9.2% compared with the industry’s decline of 12.9%.
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.