Enphase Energy Completes Acquisition of SunPower’s Microinverter Business
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.