For its strategic agreement with Sunrun, Enphase Energy will supply its seventh generation microinverters that it says come with 25-year warranty. (Photo Credit: Enphase Energy/Twitter)
- Sunrun has signed up Enphase Energy to secure microinverter supply for its residential solar business
- It will procure IQ 7 and IQ 7+ microinverters from Enphase for its residential solar business under the strategic agreement
- Both the companies do not share the specific terms of the deal or its duration
Enphase Energy To Supply IQ 7 & IQ 7+ Microinverters In Germany To Be Installed For PV-In-Roof Systems Of Residential Roof Maker Creaton
(13. February 2020)
US based solar PV microinverter company Enphase Energy, Inc. entered a strategic supply agreement with residential solar installer and financier Sunrun under which it will supply seventh-generation IQ microinverters to the latter for an undisclosed amount.
Sunrun will use Enphase’s IQ 7 and IQ 7+ microinverters with 25-year warranty, which Enphase says comes with unique software-defined architecture and semiconductor integration for its residential solar business. The ‘short on details statement from the two partners does not share financial terms of the deal nor does it specify the duration of the agreement.
This is the second strategic deal Enphase has secured in recent times – the previous one was with Chinese module maker LONGi Solar for its IQ 7 series targeted for the US market (see Enphase & LONGi Partner To Develop AC Modules).
While sharing Q3/2019 financial results, Enphase had said it expects fourth quarter revenues in the range of $200 million to $210 million comprising close to $35 million shipments for safe harbour to a new but unidentified customer.
This deal is sure to boost Enphase Energy’s business that’s in a good place having reported $31.3 million net income with 131% higher revenues over previous year in the third quarter of 2019 (see Enphase Earns $31 Million Net Income In Q3/2019).
Sunrun is safe harboring some 500 MW of solar energy systems under the 30% Investment Tax Credit for systems placed in service after December 31, 2019.