Enphase Energy Completes Acquisition of SunPower’s Microinverter Business
August 09 2018 - 04:54PM
Acquisition Brings Together Category Leaders in
Residential Installations and Microinverters
Enphase Energy, Inc. (NASDAQ:ENPH), and SunPower Corp.
(NASDAQ:SPWR), today announced that Enphase has completed the
previously announced acquisition of SunPower’s microinverter
business for a total of $25 million in cash and 7.5 million shares
of Enphase common stock. Key anticipated benefits and highlights of
the acquisition include:
- Advances AC Modules (ACM) as the future of residential
solar
- Enhances SunPower’s Equinox™ Home Solar System with a custom
line of Enphase’s IQ microinverters for use with SunPower AC
Modules
- Adds over 140 patents to enhance Enphase’s strong IP
portfolio
- $15 million of cash purchase price funded from Enphase’s
balance sheet at closing and $10 million of cash purchase price to
be funded by 12/28/2018
“We are excited to close the acquisition of SunPower’s
microinverter business ahead of plan,” said Badri Kothandaraman,
president and CEO of Enphase Energy. “We now expect volume
shipments of IQ 7XS microinverters in the fourth quarter of 2018
and an acceleration of the ramp throughout 2019. The business is on
track to achieve its full revenue and gross margin potential. ACM
is a significant component of our profitable top line growth
strategy. We look forward to being a strong innovation partner for
SunPower.”
IQ 7 is Enphase’s seventh-generation microinverter platform
leading the industry with its software-defined architecture, broad
regulatory compliance and advanced “Smart Grid” features. The IQ
7XS microinverter offers 97.5% CEC efficiency and was designed
specifically for SunPower’s X Series 96-cell PV modules with peak
AC output power of 320W and a Maximum Power Point (MPP) tracking
range of 53-64V.
“We’re pleased to close on our strategic partnership with
Enphase, which brings together leaders in residential installations
and residential microinverters,” said SunPower Chairman and CEO Tom
Werner. “We believe that AC modules are the future and this is an
important step to accelerating global adoption, while helping to
streamline and focus SunPower’s business priorities.”
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company, delivers
smart, easy-to-use solutions that connect solar generation, storage
and management on one intelligent platform. The Company
revolutionized solar with its microinverter technology and produces
the world’s only truly integrated solar plus storage solution.
Enphase has shipped over 17 million microinverters, and more than
790,000 Enphase systems have been deployed in over 120 countries.
For more information, visit www.enphase.com and follow the
company on Facebook, LinkedIn and Twitter.
© 2018 Enphase Energy Inc. All Rights Reserved. Enphase
Energy®, the Enphase logo and other trademarks or service names are
the trademarks of Enphase Energy, Inc. SUNPOWER, the SUNPOWER logo
and EQUINOX are trademarks or registered trademarks of SunPower
Corporation in the U.S. and other countries as well.
About SunPower Corporation
As one of the world's most innovative and sustainable energy
companies, SunPower (NASDAQ:SPWR) provides a diverse group of
customers with complete solar solutions and services. Residential
customers, businesses, governments, schools and utilities around
the globe rely on SunPower's more than 30 years of proven
experience. From the first flip of the switch, SunPower delivers
maximum value and superb performance throughout the long life of
every solar system. Headquartered in Silicon Valley, SunPower has
dedicated, customer-focused employees
in Africa, Asia, Australia, Europe, and North
and South America. For more information about how SunPower is
changing the way our world is powered,
visit www.sunpower.com.
Forward-Looking StatementsFor Enphase
Investors
The statements contained in this press release that are not
historical facts (such as statements in the future tense and
statements including “advance,” “anticipate,” “believe,” “enhance,”
“expect” and similar terms and concepts) and statements relating to
the expected results or benefits of the SunPower transaction are
forward-looking statements. Such forward looking statements include
statements that Enphase expects volume shipments of IQ 7XS
microinverters in the fourth quarter of 2018 and an acceleration of
the ramp throughout 2019, and that the business is on track to
achieve its full revenue and gross margin potential. These
forward-looking statements are based on Enphase's current
expectations and inherently involve significant risks and
uncertainties. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements because of such risks and uncertainties, including the
risks and uncertainties described in more detail in Enphase’s most
recent Quarterly Report on Form 10-Q and other documents on file
with the SEC and available on the SEC's website at www.sec.gov.
Enphase Energy undertakes no duty or obligation to update any
forward-looking statements contained in this release as a result of
new information, future events or changes in its expectations,
except as required by law.
Forward-Looking StatementsFor SunPower
Investors
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including, but not limited to, statements regarding market
trends and expected benefits of the relationship with Enphase.
These forward-looking statements are based on our current
assumptions, expectations and beliefs and involve substantial risks
and uncertainties that may cause results, performance or
achievement to materially differ from those expressed or implied by
these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to:
competition and market conditions in the solar and general energy
industry and difficulties that may arise in managing our strategic
relationship. A detailed discussion of these factors and other
risks that affect our business is included in filings we make with
the Securities and Exchange Commission (SEC) from time to time,
including our most recent reports on Form 10-K and Form 10-Q,
particularly under the heading "Risk Factors." Copies of these
filings are available online from the SEC or on the SEC Filings
section of our Investor Relations website at
investors.sunpower.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
Enphase
Contacts:InvestorsChristina Carrabino
Investor Relationsir@enphaseenergy.com+1-707-763-4784 x7294
MediaChristian
Zdebelpr@enphaseenergy.com+1-484-788-2384
SunPower Contacts:InvestorsBob
Okunski Bob.Okunski@sunpower.com408-240-5447
MediaNatalie
WymerNatalie.Wymer@sunpower.com408-457-2348
Enphase Energy (NASDAQ:ENPH)
Historical Stock Chart
From Feb 2024 to Mar 2024
Enphase Energy (NASDAQ:ENPH)
Historical Stock Chart
From Mar 2023 to Mar 2024