Enphase (ENPH) will Start Production in the US as Solar Demand Rises and new EV Goods are on the Way

Enphase (ENPH), the top supplier of microinverter-based solar and battery solutions worldwide, is paving the road for a sustainable future. Enphase will start producing in the US due to a growing need for solar energy and new challenges brought on by the Inflation Reduction Act (IRA).

The market leader in microinverters on Tuesday during the release of its Q1 earnings also disclosed a number of new EV charging items.

Enphase has made it possible for millions of users to harness solar energy since launching its initial microinverter-based solar power system in 2008.

Simple solar systems from Enphase capture solar energy, store it in batteries, and let you utilise and control it as needed. The IQ battery storage systems, which come in capacities of 10.1 kWh and 3.4 kWh, provide a scalable solution for energy storage.

The technology developed by Enphase, like its IQ8 solar microinverters, could most importantly offer backup power regardless of whether the grid is down. The Enphase IQ8 is the first grid-forming microinverter in the market with the ability to split-phase convert DC electricity to AC.

Homeowners can have peace of mind when the grid goes down by combining a microinverter like the Enphase IQ8 with its IQ batteries, which provide independent sustainable energy.

Utilising the Enphase app, you may create, utilise, conserve, or sell energy thanks to the company’s exclusive technology that gathers data.

Enphase started manufacturing EV chargers under the Enphase brand in Mexico earlier this year, addressing the growing demand for dependable solutions. Over 8,600 EV chargers were shipped by the company in just the first three months.

Bi-directional EV charging has also been added by Enphase to finish off the all-in-one solar household energy system, that will be made available soon.

The Enphase IQ8 microinverter became the first product to be certified by UL, a pioneer in global safety science, to UL 1741 in the second quarter of 2022. It complies with the new grid interconnection and safety regulations for attaching solar inverters, energy storage devices, as well as distributed energy resources to the electrical grid in North America.

Step up capacity expansion in US manufacturing

Enphase stated it would start producing in the US in response to the increasing demand for energy from renewable sources such as solar and battery storage.

Enphase stated in the initial quarter of 2023 earnings release:

We are adding production capacity in the United States commencing in the second quarter of 2023 due to the demand for our products internationally as well as the incentives associated with the Inflation Reduction Act (IRA), that will boost our total worldwide quarterly ability to greater than 10.0 million microinverters once we exit 2023.

In the first quarter of 2023, Enphase supplied 4,830,589 microinverters, or around 1,957.2 megawatts DC, and 102.4 mWh of IQ batteries, bringing in $726 million in revenue.

The solar tax credit was raised by the IRA bill, which was passed in August, from 26% to 30%. This increase will endure until 2032.

nearly the next seven years, the US will add sufficient wind and solar energy to power nearly 100 million homes, according to a new prediction from BloombergNEF.

One reason is that by 2030, there will only be 100 million residences in the US, which has a total of 140 million. And second, Enphase will start producing in the US in the second half of 2023 with the initial of three contracted production partners because this offers a sizable opportunity.

According to Enphase, it will launch a number of new products to aid in the spread of electric vehicles, including its newly developed IQ smart chargers in Q2 and the introduction of bi-directional charging the following year.

Enphase (ENPH) will Start Production in the US as Solar Demand Rises

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