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Enphase Energy to Acquire ClipperCreek
Enables the Company’s Expansion into the Rapidly Growing EV Charging Market FREMONT, Calif., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ:
About this update from Enphase Energy, Inc.
[{"type":"text","content":"Enables the Company’s Expansion into the Rapidly Growing EV Charging Market\nFREMONT, Calif., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, today announced that it has agreed to acquire ClipperCreek. Based in Auburn, Calif., ClipperCreek offers electric vehicle (EV) charging solutions for residential and commercial customers in the U.S. ClipperCreek has been a pioneer in the EV charging market since 2006 and has sold more than 110,000 Level 2 AC charging stations since its inception. EV sales are expected to grow more than 40% annually in the U.S. over the next five years, creating a large and rapidly growing market. The increasing penetration of EVs has implications for home energy management, as households not only consume significantly more power with an EV, but also have a large battery that can be used for both backup and grid services. This acquisition extends Enphase leadership into home electrification by leveraging its power conversion and software platform to manage loads and resources within the home. The acquisition is expected to provide the following benefits: Provides Enphase distributors and installers globally with EV charging solutions that can be sold alongside solar and battery systemsLaunches Enphase into the rapidly growing EV sector with a respected brand and industry-leading productsAccelerates the Enphase roadmap to enable bi-directional charging capability for vehicle-to-home and vehicle-to-grid applicationsEstablishes a domestic manufacturing footprint for Enphase “We were immediately drawn to ClipperCreek’s strong consumer brand, excellent product quality, and emphasis on customer experience,” said Badri Kothandaraman, president and CEO of Enphase Energy. “Jason has managed to build one of the leading EV charging companies, while remaining profitable and demonstrating gross margins in-line with Enphase. We are very excited to introduce ClipperCreek to our distributors and installers around the world. We look forward to building upon the current product base while adding smart features such as cloud connectivity, integration into the EnsembleOS™ platform and bi-directional charging in the future. Managing EV charging is an integral part of our strategy.” “The EV...