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Enphase (ENPH) Unveils Its Enphase Energy System in Italy
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Enphase Energy, Inc. (ENPH - Free Report) recently introduced its most powerful home energy system to date, the Enphase Energy System, in Italy. This launch should enhance ENPH’s footprint in the rapidly expanding European solar market.
The new Enphase Energy System is equipped with the new IQ Battery 5P and IQ8 microinverters. The shipment for its new IQ8 microinverter is projected to begin this month, while that of IQ Battery 5P is expected in January 2024.
Significance of the New Energy System
The IQ Battery 5P has a capacity of 5kWh and the IQ8 microinverters provide peak AC power up to 384 watts (W). Configured with these equipment, the Enphase Energy system is functional in the range of 5-60 kWh.
With increased power, resilient wired communication and an improved commissioning experience, the system will ease the installation process for customers and reduce their electricity costs.
The new microinverters, IQ8MC, IQ8AC and IQ8HC, which feature a peak output power of 330 W, 366 W and 384 W, respectively, are designed to pair seamlessly with a full range of solar modules up to 560 W DC. These microinverters can manage a continuous direct current of 14 amperes, thereby supporting high-powered solar modules through increased energy harvesting.
ENPH’s Prospects in European Solar Market
Europe’s solar market provides significant growth opportunities, primarily driven by increased investment and deployment of solar plants and various government policies favoring the development. Per a report from SolarPower Europe, the 27 EU Member States saw 41.4 GW of new solar PV capacity connected to their grids in 2022, indicating a 47% increase from the 2021 level.
Enphase experienced strong sales of microinverters in Europe in the third quarter of 2023. During the past two months, it has expanded its shipment of IQ8 microinverters and IQ batteries to Austria, Switzerland and Greece. On Oct 2, 2023, the company launched the IQ Combiner 3P in nine European countries to dramatically improve the experience of installing the Enphase Energy System.
Looking ahead, the report estimates more than 50 GW deployment level in 2023. It also expects a deployment of 85 GW in 2026 (more than double the figure recorded in 2022). Considering such abounding growth prospects offered by the European solar market and the latest introduction of Enphase Energy System in Italy, we may expect ENPH to witness solid revenue growth prospects from the European region in the coming quarters.
Peers to Benefit
Other prominent players like Canadian Solar Inc. (CSIQ - Free Report) , SolarEdge Technologies Inc. (SEDG - Free Report) and Emeren Group Ltd. (SOL - Free Report) are also expanding their footprint in the European region to reap the benefits of the solar market’s prospects here.
Canadian Solar has a presence in Germany, the U.K., Poland, Spain, Italy, France and the Netherlands. As of September 2023, the company had 3,756 MW of early-stage pipeline in the EMEA region. Its subsidiary, CSI Energy Storage, inked a supply agreement with Cero Generation and Enso Energy in Europe during the same time. The deal involves the delivery of 49.5 MW/99 MWh of turnkey battery energy storage solutions.
The Zacks Consensus Estimate for CSIQ’s 2023 earnings per share (EPS) implies growth of 7% from the 2022 reported figure. The Zacks Consensus Estimate for 2023 sales implies an improvement of 1.2% from the prior-year reported number.
SolarEdge has a strong presence in Germany, the U.K. and Switzerland. It 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. In June 2023, SEDG launched its Commercial Storage System at Intersolar Europe, providing 58kWh of battery capacity.
SEDG has a long-term (three-to-five years) earnings growth rate of 18.7%. Its shares have risen 11.9% in the past month.
Emeren has its presence in Europe since 2012. As of September 2023, it had 1,503 MW of advanced-stage project pipeline, 6,440 MWh of advanced-stage storage pipeline and 60 MW of IPP assets. On Nov 9, 2023, Emeren completed the sale of its state-of-the-art portfolio, comprising five Battery Energy Storage Systems in Italy, to Matrix Renewables.
The Zacks Consensus Estimate for SOL’s 2023 sales implies an increase of 37% from the 2022 reported figure. The Zacks Consensus Estimate for fourth-quarter 2023 earnings implies an improvement of 33.3% from the prior-year quarter’s recorded number.
Price Performance
In the past three months, shares of ENPH have lost 10.6% compared with the industry’s 22.8% decline.
Image Source: Zacks Investment Research
Zacks Rank
Enphase currently has a Zacks Rank #5 (Strong Sell).
Image: Bigstock
Enphase (ENPH) Unveils Its Enphase Energy System in Italy
Enphase Energy, Inc. (ENPH - Free Report) recently introduced its most powerful home energy system to date, the Enphase Energy System, in Italy. This launch should enhance ENPH’s footprint in the rapidly expanding European solar market.
The new Enphase Energy System is equipped with the new IQ Battery 5P and IQ8 microinverters. The shipment for its new IQ8 microinverter is projected to begin this month, while that of IQ Battery 5P is expected in January 2024.
Significance of the New Energy System
The IQ Battery 5P has a capacity of 5kWh and the IQ8 microinverters provide peak AC power up to 384 watts (W). Configured with these equipment, the Enphase Energy system is functional in the range of 5-60 kWh.
With increased power, resilient wired communication and an improved commissioning experience, the system will ease the installation process for customers and reduce their electricity costs.
The new microinverters, IQ8MC, IQ8AC and IQ8HC, which feature a peak output power of 330 W, 366 W and 384 W, respectively, are designed to pair seamlessly with a full range of solar modules up to 560 W DC. These microinverters can manage a continuous direct current of 14 amperes, thereby supporting high-powered solar modules through increased energy harvesting.
ENPH’s Prospects in European Solar Market
Europe’s solar market provides significant growth opportunities, primarily driven by increased investment and deployment of solar plants and various government policies favoring the development. Per a report from SolarPower Europe, the 27 EU Member States saw 41.4 GW of new solar PV capacity connected to their grids in 2022, indicating a 47% increase from the 2021 level.
Enphase experienced strong sales of microinverters in Europe in the third quarter of 2023. During the past two months, it has expanded its shipment of IQ8 microinverters and IQ batteries to Austria, Switzerland and Greece. On Oct 2, 2023, the company launched the IQ Combiner 3P in nine European countries to dramatically improve the experience of installing the Enphase Energy System.
Looking ahead, the report estimates more than 50 GW deployment level in 2023. It also expects a deployment of 85 GW in 2026 (more than double the figure recorded in 2022). Considering such abounding growth prospects offered by the European solar market and the latest introduction of Enphase Energy System in Italy, we may expect ENPH to witness solid revenue growth prospects from the European region in the coming quarters.
Peers to Benefit
Other prominent players like Canadian Solar Inc. (CSIQ - Free Report) , SolarEdge Technologies Inc. (SEDG - Free Report) and Emeren Group Ltd. (SOL - Free Report) are also expanding their footprint in the European region to reap the benefits of the solar market’s prospects here.
Canadian Solar has a presence in Germany, the U.K., Poland, Spain, Italy, France and the Netherlands. As of September 2023, the company had 3,756 MW of early-stage pipeline in the EMEA region. Its subsidiary, CSI Energy Storage, inked a supply agreement with Cero Generation and Enso Energy in Europe during the same time. The deal involves the delivery of 49.5 MW/99 MWh of turnkey battery energy storage solutions.
The Zacks Consensus Estimate for CSIQ’s 2023 earnings per share (EPS) implies growth of 7% from the 2022 reported figure. The Zacks Consensus Estimate for 2023 sales implies an improvement of 1.2% from the prior-year reported number.
SolarEdge has a strong presence in Germany, the U.K. and Switzerland. It 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. In June 2023, SEDG launched its Commercial Storage System at Intersolar Europe, providing 58kWh of battery capacity.
SEDG has a long-term (three-to-five years) earnings growth rate of 18.7%. Its shares have risen 11.9% in the past month.
Emeren has its presence in Europe since 2012. As of September 2023, it had 1,503 MW of advanced-stage project pipeline, 6,440 MWh of advanced-stage storage pipeline and 60 MW of IPP assets. On Nov 9, 2023, Emeren completed the sale of its state-of-the-art portfolio, comprising five Battery Energy Storage Systems in Italy, to Matrix Renewables.
The Zacks Consensus Estimate for SOL’s 2023 sales implies an increase of 37% from the 2022 reported figure. The Zacks Consensus Estimate for fourth-quarter 2023 earnings implies an improvement of 33.3% from the prior-year quarter’s recorded number.
Price Performance
In the past three months, shares of ENPH have lost 10.6% compared with the industry’s 22.8% decline.
Image Source: Zacks Investment Research
Zacks Rank
Enphase currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.