Enphase Energy has completed the acquisition of the previously announced, SunPower’s microinverter business for a consideration of $25m in cash and $7.5m in shares.
Key anticipated benefits and highlights of the acquisition include:
Advances AC Modules (ACM) as the future of residential solar
Enhances SunPower’s Equinox Home Solar System with a custom line of Enphase’s IQ microinverters for use with SunPower AC Modules
Adds over 140 patents to enhance Enphase’s strong IP portfolio
$15m of cash purchase price funded from Enphase’s balance sheet at closing and $10m of cash purchase price to be funded by 28 December, this year.
Enphase Energy president and CEO Badri Kothandaraman said: “We are excited to close the acquisition of SunPower’s microinverter business ahead of plan. We now expect volume shipments of IQ 7XS microinverters in the fourth quarter of 2018 and an acceleration of the ramp throughout 2019.
“The business is on track to achieve its full revenue and gross margin potential. ACM is a significant component of our profitable top line growth strategy. We look forward to being a strong innovation partner for SunPower.”
IQ 7 is Enphase’s seventh-generation microinverter platform leading the industry with its software-defined architecture, broad regulatory compliance and advanced “Smart Grid” features. The IQ 7XS microinverter offers 97.5% CEC efficiency and was designed specifically for SunPower’s X Series 96-cell PV modules with peak AC output power of 320W and a Maximum Power Point (MPP) tracking range of 53-64V.
SunPower chairman and CEO Tom Werner said: “We’re pleased to close on our strategic partnership with Enphase, which brings together leaders in residential installations and residential microinverters. We believe that AC modules are the future and this is an important step to accelerating global adoption, while helping to streamline and focus SunPower’s business priorities.”
Source: Company Press Release