Enphase Energy Completes Acquisition of 365 Pronto, Inc.

Rhea-AI Summary

Enphase Energy has successfully completed its acquisition of 365 Pronto, a predictive software platform aimed at improving cleantech service efficiency. The acquisition enhances Enphase's offerings to installers by allowing them to manage operations and maintenance contracts via the 365 Pronto platform. This strategic move also provides installers access to a nationwide pool of qualified service providers, addressing labor shortages and improving service levels for existing customers. The company looks to expand its digital platform and improve overall customer experience.

Positive

• Enhances installer capability to service operations and maintenance contracts through 365 Pronto's platform.
• Provides access to a nationwide supplemental labor pool during severe industry labor shortages.
• Improves service levels for 365 Pronto customers by utilizing Enphase's skilled network of installers.
• Reduces maintenance service wait times for homeowners, enhancing their ownership experience.

Negative

• None.

Provides Installers with an Operations and Maintenance Software Platform to Service Homeowners

FREMONT, Calif., Dec. 21, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, today announced the closing of its acquisition of 365 Pronto, Inc. Based in Scottsdale, Ariz., 365 Pronto is a predictive software platform dedicated to simplifying the cleantech service landscape by matching cleantech asset owners to a local and on-demand workforce of service providers.

The 365 Pronto software platform enables a two-sided marketplace. The buyers are customers consisting of installers, cleantech asset owners, or original equipment manufacturers. The sellers are service providers consisting of technicians and third-party installers providing services for residential and commercial solar, battery storage, and EV charging stations. 365 Pronto has hundreds of service providers nationwide who are qualified on its platform. A pre-priced work order is usually created by the customer and the 365 Pronto software platform algorithmically matches and dispatches a qualified service provider to complete the work order efficiently.

The acquisition is expected to provide the following benefits:

• Offers Enphase’s installers the opportunity to service their own operations and maintenance contracts via the 365 Pronto software platform when necessary
• Provides Enphase’s installers access to a nationwide qualified supplemental labor pool that can perform service calls at a time of severe labor shortages within the industry
• Increases the service level for current 365 Pronto customers with the addition of the highly skilled network of Enphase installers as service providers
• Enhances the homeowner experience of buying and owning solar, battery storage, and EV charging stations by helping to reduce wait times for maintenance services

“We are pleased to welcome 365 Pronto’s customers, service providers, and employees to Enphase,” said Badri Kothandaraman, president and CEO at Enphase Energy. “The company’s software platform will provide our installers the ability to service their own O&M contracts with an on-demand network of service providers. We are excited about this opportunity to improve the installer experience as we continue to expand our digital platform.”

“We are thrilled to join Enphase Energy,” said Scott Tonn, CEO at 365 Pronto. “Our customers expect high-quality service, and Enphase is synonymous with high quality. Enphase’s world-class customer service and digital platform align perfectly with 365 Pronto. We believe that the acquisition will help us to rapidly expand our customer base and achieve our vision of making service simple.”

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped more than 39 million microinverters, and over 1.7 million Enphase-based systems have been deployed in more than 130 countries. For more information, visit https://www.enphase.com and follow the company on Facebook, LinkedIn and Twitter.

© 2021 Enphase Energy, Inc. All rights reserved. Enphase, the "e" logo, and certain other names and marks are registered trademarks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

About 365 Pronto, Inc.

Founded in 2018, 365 Pronto is a technology company redesigning and reinventing the world of IoT cleantech operations and maintenance through their cleantech service matching platform. Their mission is to simplify cleantech and smart systems installation and care to perfect efficiency. For more information, visit https://www.365pronto.com/. Connect with 365 Pronto on Facebook, Twitter, YouTube, and LinkedIn.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s and 365 Pronto’s technology and products, including installation and operational and maintenance improvements for solar installers; our business strategy including expansion and the market adoption of our products; and the anticipated homeowner and installer experiences in the operations and maintenance process. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties, including those risks described in more detail in Enphase's most recent Annual Report on Form 10-K and other documents on file with the SEC and available on the SEC's website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Enphase Contact:

Karen Sagot
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com

FAQ

What does the acquisition of 365 Pronto mean for Enphase Energy?

The acquisition allows Enphase installers to manage their operations and maintenance contracts more efficiently using 365 Pronto's software, enhancing service delivery.

How will 365 Pronto's software benefit Enphase's installers?

The software provides installers access to a qualified network of service providers, addressing labor shortages and improving operational efficiency.

What impact does the acquisition of 365 Pronto have on homeowners?

Homeowners will experience reduced wait times for maintenance services and improved service levels due to the enhanced support from Enphase's network.

When was the acquisition of 365 Pronto completed?

The acquisition was announced and completed on December 21, 2021.

What strategic importance does the acquisition hold for Enphase Energy?

The acquisition strengthens Enphase's digital platform and expands its service capabilities in the cleantech sector, positioning it for future growth.