Enphase virtually increases revenue in Europe amid increasing rate of interest in home electrification

Jul 28, 2022 04:20 PM ET
  • Microinverter vendor Enphase Energy virtually increased its Q2 2022 revenue year-on-year as homeowner demand for self-consumption boosts on the back of increasing energy rates.
Enphase virtually increases revenue in Europe amid increasing rate of interest in home electrification
Image: Enphase Energy

The California-headquartered firm's revenue in Europe was up 89% on the same quarter last year as well as 69% on Q1 2022, led by solid demand for microinverters in the Netherlands, France, Germany, Belgium, Spain and Portugal.

"We have an unbelievable opportunity in Europe," Enphase CEO Badri Kothandaraman said on a teleconference with financiers, adding that there is a growing need for home electrification in the region, driven by both the expansion of electrical cars (EVs) and also gas scarcities.

The business is expecting revenue growth in Europe to proceed right into Q3 as it anticipates a 40% get on Q2 figures.

A study note published by experts at monetary services solid Wells Fargo said that with Enphase's significant European growth underway, the firm's development in the continent is likely to stay elevated into Q4 as it deploys extra battery supply into the area.

Enphase gets on track to start manufacturing products at a factory in Romania in Q1 2023, enabling quicker deliveries to European markets.

Kothandaraman stated production at the Romania facility will certainly raise the firm's quarterly microinverter capacity across all its contract making facilities from around 5 million to 6 million.

Internationally, Enphase's Q2 revenue was above the firm's prior guidance, climbing 68% year-on-year to US$ 530.2 million, while gross margin was 41.3%.

The firm shipped 1,213 MWdc of inverters in Q2 2022, a 52% jump year-on-year, while deliveries of the company's IQ Battery increased three-fold to 132.4 MWh.

This year has actually seen Enphase complete its procurement of EV charging terminal producer ClipperCreek, with Enphase founder Raghu Belur informing PV Tech Premium previously this year the company is increasing initiatives to establish bi-directional EV billing.

Kothandaraman claimed throughout the conference call that the company gets on track to produce Enphase branded EV battery chargers at its contract manufacturing center in Mexico this quarter, helping it to scale and also decrease prices.

Enphase is forecasting Q3 2022 revenue to be US$ 590-- 630 million and also gross margin of 38-- 41%.

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