Enphase Energy Completes Acquisition of ClipperCreek

Rhea-AI Summary

Enphase Energy has completed the acquisition of ClipperCreek, a provider of electric vehicle (EV) charging solutions. This strategic move allows Enphase to offer integrated EV charging alongside its solar products, tapping into the rapidly growing EV market, projected to grow over 40% annually in the U.S. over the next five years. The acquisition will also enable Enphase to develop bi-directional charging solutions and establish domestic manufacturing. ClipperCreek has sold over 110,000 charging stations since 2006, enhancing Enphase's market presence in EV technology.

Positive

• Integration of EV charging solutions with existing solar and battery products.
• Entry into a rapidly expanding EV market with a reputable brand.
• Development of bi-directional charging capabilities for enhanced energy management.
• Establishment of a domestic manufacturing presence.

Negative

• None.

FREMONT, Calif., Jan. 03, 2022 (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 that it has completed the previously announced acquisition of ClipperCreek. Based in Auburn, Calif., ClipperCreek offers electric vehicle (EV) charging solutions for residential and commercial customers in the U.S. ClipperCreek has been a pioneer in the EV charging market since 2006 and has sold more than 110,000 Level 2 AC charging stations since its inception.

The acquisition is expected to provide the following benefits:

• Provides Enphase distributors and installers globally with EV charging solutions that can be sold alongside solar and battery systems
• Launches Enphase into the rapidly growing EV sector with a respected brand and industry-leading products
• Accelerates the Enphase roadmap to enable bi-directional charging capability for vehicle-to-home and vehicle-to-grid applications
• Establishes a domestic manufacturing footprint for Enphase

“We are pleased to close the acquisition of Clipper Creek and welcome their customers and employees to Enphase,” said Badri Kothandaraman, president and CEO of Enphase Energy. “EV adoption is quickly gaining momentum with sales expected to grow more than 40% annually in the U.S. over the next five years. We look forward to working with the talented team from ClipperCreek to develop smart EV charging solutions and integrating them into our home energy systems.”

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.

© 2022 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 ClipperCreek

Founded in 2006 by Jason France, ClipperCreek is a leader in Electric Vehicle Supply Equipment (EVSE). The company offers a wide range of EV charging products designed to be safe, reliable, and grid-ready. ClipperCreek advances the plug-in vehicle market and broadens the acceptance of the most exciting vehicle revolution in a century. For more information, visit https://clippercreek.com. Connect with ClipperCreek on Facebook, Twitter, YouTube, Instagram, and LinkedIn.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of our technology and products, our business strategy, including expansion and the market adoption of our products, and the anticipated growth of EV sales. 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 is the significance of Enphase Energy's acquisition of ClipperCreek?

The acquisition allows Enphase to expand its product offerings by integrating EV charging solutions with its solar and battery systems, targeting the growing EV market.

How many charging stations has ClipperCreek sold?

ClipperCreek has sold over 110,000 Level 2 AC charging stations since its founding in 2006.

What is the expected growth rate of the EV market in the U.S.?

The EV market in the U.S. is expected to grow over 40% annually over the next five years.

What new capabilities will Enphase Energy develop post-acquisition?

Enphase plans to enhance its technology by enabling bi-directional charging for vehicle-to-home and vehicle-to-grid applications.