Enphase almost doubles revenue in Europe amid rising interest in home electrification

Enphase shipped 1,213MWdc of inverters in Q2 2022. Image: Enphase Energy.

Microinverter supplier Enphase Energy almost doubled its Q2 2022 revenue year-on-year as homeowner demand for self-consumption increases on the back of rising energy prices.

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

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“We have an incredible opportunity in Europe,” Enphase CEO Badri Kothandaraman said on a conference call with investors, adding that there is a growing demand for home electrification in the region, driven by both the proliferation of electric vehicles (EVs) and natural gas shortages.

The company is expecting revenue growth in Europe to continue into Q3 as it forecasts a 40% jump on Q2 figures.

A research note published by analysts at financial services firm Wells Fargo said that with Enphase’s significant European expansion underway, the company’s growth in the continent is likely to remain elevated into Q4 as it deploys additional battery supply into the region.

Enphase is on track to start manufacturing products at a factory in Romania in Q1 2023, enabling faster shipments to European markets.

Kothandaraman said production at the Romania facility will increase the company’s quarterly microinverter capacity across all its contract manufacturing facilities from around 5 million to 6 million.

Globally, Enphase’s Q2 revenue was above the company’s prior guidance, rising 68% year-on-year to US$530.2 million, while gross margin was 41.3%.

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

This year has seen Enphase complete its acquisition of EV charging station manufacturer ClipperCreek, with Enphase co-founder Raghu Belur telling PV Tech Premium earlier this year the company is accelerating efforts to develop bi-directional EV charging.

Kothandaraman said during the conference call that the company is on track to manufacture Enphase branded EV chargers at its contract manufacturing facility in Mexico this quarter, helping it to scale and drop costs.

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

Read Next

June 5, 2024
Current climate targets can only be achieved with a step away from fossil fuels towards renewable energy, and towards an all-electric society.
May 30, 2024
Maxeon Solar Technologies posted net losses of US$14.87 million in its Q1 2024 financial results. It also announced that its future utility-scale solar business will be “focused exclusively on the US”.
May 24, 2024
Quarterly reports from China’s big-five PV module producers highlight the challenges PV manufacturers face in maintaining profitability.
May 15, 2024
Tigo Energy has published its financial results for the first quarter of 2024, which include revenues of US$9.8 million.
May 15, 2024
Nextracker's backlog has posted the financial results for Q4 2024 and FY 2024, with backlog increasing by more than 50%.
May 13, 2024
FTC Solar has announced its financial results for the first quarter of 2024, which include revenue of US$12.6 million.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia