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Enphase's (ENPH) Products See Enhanced Presence in Australia

Enphase Energy, Inc. ENPH recently announced that its installers have witnessed the increased adoption of its Enphase Energy Systems, powered by the new IQ Battery 5P and IQ8 Microinverters, in Australia. In particular, homeowners in Australia have been deploying rapidly this latest home energy system offered by Enphase, following its launch in this nation in the second quarter of 2023.

This highlights Enphase products’ efficiency in offering sustainability and reliability, which may have fueled the demand. As homeowners increasingly move toward renewable sources of energy, the company may witness the further deployment of its products in the days ahead.

Enphase’s Steady Expansion Plans With New Products

The new Enphase Energy system with the IQ Battery 5P enables configurations ranging from 5 to 20 kilowatt-hour (kWh) capacity. Each 5 kWh battery is designed to deliver 3.84 kilowatt (kW) continuous power and 7.68 kW peak power for three seconds, allowing homeowners to start heavy loads during an outage.

The two new microinverters, IQ8AC and IQ8HC, feature peak output power of 366 watts (W) and 384 W, respectively, and can pair with a full range of solar modules up to 505 watt-direct current (W DC). IQ8 Microinverters are SA Power Networks dynamic export capable.

Such features should boost Enphase’s steady expansion with its new family of Enphase Energy System, powered by the IQ Battery 5P and IQ8 Microinverters. With the unparalleled performance of Enphase Energy Systems, the company is poised to witness robust demand not only in Australia but also in various other global regions.

Other than Australia, the company launched its third-generation IQ Battery 5P in the United States and Puerto Rico in the second quarter, with plans to launch in Europe by the end of the year. Such expansion plans tend to boost the long-term growth of the company in the battery storage market.

Peers’ Focus on Expansion

Increasing global awareness of climate change and the consequent rapid adoption of clean energy sources are fueling the demand for solar-based energy. Per the report from Mordor Intelligence, the solar energy market is poised to witness a CAGR of 12.7% over the 2023-2028 period.

This unfolds immense growth opportunities for solar players like Enphase, which have been consistently expanding their footprint in the global solar market through innovations and enhancing manufacturing capacity. To reap the benefits of the thriving solar market, apart from ENPH, solar players that are engaged in expanding their product portfolio are as follows:

SolarEdge SEDG: It recently unveiled two offerings from its product portfolio at Intersolar Europe — a Commercial Storage System (“CSS”) and an Electric Vehicle (“EV”) charger — thereby strengthening its position in Europe’s solar market. The company’s brand-new Bi-Directional DC EV charger and newly launched CSS are likely to be market-ready by the second half of 2024.

SolarEdge boasts a long-term earnings growth rate of 24.4%. The Zacks Consensus Estimate for SolarEdge’s 2023 earnings suggests a growth rate of 59.3% from the prior-year reported figure.

Canadian Solar CSIQ: It recently introduced EP Cube Lite at RE+ in Las Vegas, NV, to expand its residential battery storage offerings. EP Cube Lite is an advanced version of EP Cube, ensuring more savings on electricity bills for homeowners and allowing them to optimize their energy storage capacity to match their requirements.

The Zacks Consensus Estimate for Canadian Solar’s 2023 earnings suggests an improvement of 15.6% from the prior-year reported figure. The Zacks Consensus Estimate for Canadian Solar’s 2023 sales calls for growth of 80.5% from the prior-year reported figure.

JinkoSolar Holding Co., Ltd. JKS: It recently introduced its second-generation energy storage battery, JKR-B1250~2750-A, in the European market at Intersolar Europe. With this launch, Jinko Solar aims to strengthen its presence in the battery storage segment of the solar industry of the European market.

The Zacks Consensus Estimate for Jinko Solar’s 2023 sales suggests a growth rate of 34.6% from the prior-year reported figure. The Zacks Consensus Estimate for JKS’ 2023 earnings has been revised upward by 23.7% in the past 60 days.

Price Movement

In the past month, shares of Enphase Energy have declined 9.7% compared with the industry’s fall of 2.6%.

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Zacks Rank

Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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