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Enphase (ENPH) Microinverters Installed at Wippells Autos

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Enphase Energy, Inc. (ENPH - Free Report) recently announced that Australia-based solar company, Excel Power has installed one of its 50 kilowatt (kW) microinverter-based solar systems in an automobile dealership, based in Queensland’s Toowoomba City. In particular, Enphase’s IQ 7+microinverters have been deployed in the project.

In addition, the dealership —Wippells Autos’ solar system —is outfitted with the Enphase Envoy communications gateway, which connects the system to the Enphase Enlighten monitoring platform.

Significance of IQ 7

Enphase IQ 7+microinverters are capable of simplifying the design and installation process, and offering a complete AC system that produces no high-voltage DC, thereby providing a safe solar solution. IQ 7+ and IQ 7 constitute the company’s seventh-generation microinverter. With Enphase enjoying a global customer base, every region of the world where its products are sold is now using this seventh-generation microinverter.  During 2019, 98% of the company’s microinverter shipments were IQ 7.

Moreover, the company’s first-quarter 2020 gross margin increased by 5.9 basis points on a year-over-year basis driven by higher product margins as a result of its IQ 7 family of microinverters.

Solar Prospects in Australia & Enphase

The solar market in Australia is gaining momentum, thanks to plummeting costs of installation along with improved technology. Notably, per a report by Australia’s Department of Industry, Science, Energy and Resources, the nation has the highest uptake of solar globally, with 21% of homes with rooftop solar PV. As of Apr 30, 2020, more than 2.4 million rooftop solar power systems and 1.23 million solar water heaters were installed across the nation.

Being a prominent microinverter supplier in the global solar space, Enphase’s products are frequently preferred by countries across the world, and Australia is no exception. In fact, another project is already ongoing with collaboration between Enphase and Excel Power, which will equip the Queensland Fire and Emergency Services (QFES) with rugged, high-performance solar to assist with operational efficiency and enhance sustainability. To date, Excel Power has installed more than 50 Enphase microinverter-based systems for QFES.

The latest deal further strengthens Enphase’s footprint in the rapidly growing solar market in Australia. Considering the fact that Australia’s government has been investing amply in the nation’s solar market expansion, we expect Enphase to sign more such deals in the coming days.  

Other Solar Players Venturing Into the Market

Realizing the growth prospects of the Australian solar market, other solar players are also expanding their footprint in this nation. In August 2019, Canadian Solar Inc. (CSIQ - Free Report) signed an agreement for providing Operations & Maintenance (O&M) services to three Australia-based solar photovoltaic (PV) plants, with an aim to minimize downtime and increase site availability.

In July 2019, JinkoSolar (JKS - Free Report) announced the supply of its monocrystalline solar panels to the Australia-based arm of Vena Energy — the largest renewable energy company in the Asia Pacific region. In October 2018, SunPower (SPWR - Free Report) announced that it will supply 349 MW of its high-efficiency solar panels to Australia’s Limondale solar power plant

Price Performance & Zacks Rank

Enphase Energy’s stock has gained 107.7% in the past year compared with the industry’s increase of 28.2%.

The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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