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Sunrun (RUN) Teams Up With Enel X Way for Level 2 EV Charger

Sunrun Inc. RUN recently announced a partnership with Enel X Way for smart Level 2 electric vehicle (EV) charging stations for its newly launched Level 2 EV charger amid the rising demand for EVs worldwide.

The alliance between the two companies is likely to ease EV charging issues for homeowners in the quickest, most sustainable and cost-effective way.

Significance of Sunrun’s Level 2 EV Charger

In August 2022, Sunrun launched the Level 2 EV charger in the United States to capitalize on the growing demand for EV chargers as homeowners hunt for easy access to charge their EVs.

Hence, it is imperative to mention that Sunrun's new 40-ampere Level 2 EV charger is a convenient solution that can charge an EV overnight. It is compatible with all EV models. The charger also boasts smart features, allowing customers to configure charger settings and control charging.

Considering the aforementioned features, one may safely conclude that Sunrun may witness the increased demand for its newly launched product in the EV charging segment as homeowners increasingly transition to EVs due to their cost-effective, clean and reliable features.

Also, the recently announced partnership with Enel X Way will boost the growth trajectory of Sunrun in the EV charging realm.

Growth Prospects

In the cleaner and greener environment endeavor, transportation plays a critical role, thus boosting EV adoption among consumers. The demand for EVs and charging stations and chargers is likely to increase manifold.

Per BloombergNEF's 2022 EV Charging Infrastructure Outlook report, the United States is projected to witness the demand for 21.7 million private chargers by 2030.

Sunrun may reap the benefits of such strong demand with its recently launched product and bolster its revenue generation prospects from the EV charger business arena. Meanwhile, solar players that are likely to enjoy the benefits of the increased demand are as follows:

Enphase Energy’s ENPH lineup of ClipperCreek EV chargers includes hardwired or plug-in options with flexible power configurations that work with any EV currently sold in North America.

The Zacks Consensus Estimate for Enphase Energy’s 2022 earnings suggests a growth rate of 69.7% from the prior-year reported figure. ENPH shares  have surged 27.4% in the past year.

SunPower SPWR teamed up with Wallbox to offer EV charging that is convenient, affordable and sustainable. Wallbox chargers are remarkably small and are suitable for indoor or outdoor installation. These chargers are compatible with all EVs.

The Zacks Consensus Estimate for SunPower’s 2022 earnings indicates a growth rate of 157.1% from the prior-year reported figure. SPWR has rallied 12.2% in the past three months.

The SolarEdge SEDG home EV charger automatically uses the available solar energy for EV charging. This provides customers with the convenience and freedom of charging fast from home with cleaner, cheaper renewable energy.

Moreover, the SolarEdge home EV charger seamlessly integrates with the company’s solar inverters, enabling homeowners to control and optimize all household energy from a single app.

SEDG boasts a long-term earnings growth rate of 29.1%. The Zacks Consensus Estimate for SolarEdge’s 2022 earnings is pegged at $5.66 per share, which implies a growth rate of 17.7% from the prior-year reported figure.

Price Movement

In the past three months, shares of Sunrun have dropped 2.5% against the industry’s 15.9% increase.

Zacks Investment Research
Zacks Investment Research


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Zacks Rank

Sunrun 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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SunPower Corporation (SPWR) : Free Stock Analysis Report
 
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