US based solar PV microinverter supplier Enphase Energy, Inc. has expanded its business portfolio to electric vehicle (EV) charging with the acquisition of California headquartered EV charging solutions provider for residential and commercial customers, ClipperCreek.
According to Enphase, ClipperCreek's charger is fitted into 1 in 7.5 non-Tesla vehicles.
"This acquisition extends Enphase leadership into home electrification by leveraging its power conversion and software platform to manage loads and resources within the home," explained Enphase.
Enphase sees this as a timely move as home energy management today extends to EVs and their charging stations along with solar system and batteries, consuming more power. The management believes its installers and distributors globally now will be able to offer a whole package with the addition of EV charging solutions.
Jeffrey Osborne of Cowen see the addition of ClipperCreek to Enphase as a positive. "We see Enphase's skill set as a home energy system provider as well aligned to add incremental value to the ClipperCreek product offering. We also see a great deal of opportunity to expand the existing ClipperCreek customer base into Europe where Enphase is established and is expanding its solar footprint."
Addition of ClipperCreek also accelerates the company's roadmap, said Enphase, to enable bi-directional charging capability for vehicle-to-home and vehicle-to-grid applications at a time when EV sales are expected to grow more than 40% annually in the US over the next 5 years.
The acquisition of ClipperCreek, a company with more than 110,000 Level 2 AC charging stations sold since inception, also establishes a domestic manufacturing footprint for Enphase.
In Q3/2021, Enphase improved its annual GAAP revenues by 97%, shipping 913 MW DC microinverters and 65 MWh storage capacity. In Q4/2021, it has guided to reporting revenues in the range of $390 million to $410 million (see $351 Million Q3/2021 Revenues For Enphase).