Enphase Energy Completes Acquisition of the Solar Design Services Business of DIN Engineering Services

Rhea-AI Summary

Enphase Energy (NASDAQ: ENPH) has successfully completed its acquisition of the Solar Design Services business from DIN Engineering Services LLP, based in Noida, India. This acquisition is set to enhance Enphase's service offerings by providing proposal drawings and permit plan sets for residential solar installers across North America. The integration into Enphase's Enlighten™ platform is anticipated to streamline the sales process and improve customer service. This strategic move aims to reduce soft costs for installers and enhance the overall buying experience for homeowners.

Positive

• Acquisition enhances service offerings for installers with proposal drawings and permit plans.
• Strengthens automation capabilities and customer service excellence.
• Integration into Enlighten™ platform aims to simplify the sales process and reduce soft costs.

Negative

• None.

FREMONT, Calif., April 01, 2021 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world’s leading supplier of microinverter-based solar-plus-storage systems, today announced that it has completed the previously announced acquisition of the Solar Design Services business of DIN Engineering Services LLP. Based in Noida, India, the business is a leading provider of outsourced proposal drawings and permit plan sets for residential solar installers in North America.

The acquisition is expected to provide the following benefits:

• Offers Enphase’s installers new services by providing proposal drawings and permit plan sets
• Adds significant resources to accelerate automation and provide best-in-class customer service
• Integrates into the Enphase’s Enlighten™ digital platform, advancing Enphase’s goal to simplify and accelerate the end-to-end sales process across the residential solar industry
  

“We are pleased to welcome DIN’s customers and employees to Enphase,” said Badri Kothandaraman, president and CEO of Enphase Energy. “We are also excited about the opportunity to add significant capabilities to our digital platform through this acquisition. By offering high quality services to our network of installers, we aim to simplify the sales and installation process, while helping to reduce soft costs and providing an enhanced buying experience for homeowners.”

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform. The Company revolutionized the solar industry with its microinverter technology and produces a fully integrated solar-plus-storage solution. Enphase has shipped more than 32 million microinverters, and approximately 1.4 million Enphase-based systems have been deployed in more than 130 countries. For more information, visit www.enphase.com and follow the company on Facebook, LinkedIn and Twitter.

Enphase Energy, Enphase, the E logo, Enlighten, and other trademarks or service names are the trademarks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

About DIN Engineering Services LLP

DIN Engineering Services LLP, based in Noida, India, is a leader in solar engineering design services. The company offers world-class, multi-discipline, and multi-platform engineering design and drawing services covering end-to-end in BIM, CAD, GIS, and staff augmentation to its global clientele. The Solar Design Services business provides outsourced proposal drawings and permit packages for residential installers with a rapid turnaround time and around the clock operations. For more information, visit https://www.dinllp.com and follow the company on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements (such as statements in the future tense and statements including “anticipate,” “believe,” “enhance,” “expect,” and similar terms and concepts), including statements related to the expected benefits of the transaction, the expected capabilities and performance of Enphase Energy’s and the Solar Design Services business’s technology and products, including operational and costs 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 quoting, sales and installation process. These forward-looking statements are based on Enphase's current expectations and inherently involve significant risks and uncertainties, including, but not limited to, the risk that the transactions are terminated prior to closing or the related transactions do not otherwise close (or close on terms different than what has been agreed as of the date hereof), and the parties' failure or inability to perform their respective obligations under the related transaction agreements. 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:

Adam Hinckley
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
+1-707-763-4784, x. 7354

FAQ

What is the significance of Enphase Energy's acquisition of DIN Engineering Services?

The acquisition will improve service offerings for solar installers and enhance automation within Enphase's operations.

How will the acquisition affect Enphase Energy's services?

Enphase will provide new services including proposal drawings and permit plan sets, streamlining the sales process for residential solar installers.

When was Enphase Energy's acquisition of DIN Engineering Services announced?

The acquisition was announced on April 1, 2021.

What are the expected benefits of the acquisition for Enphase Energy and its installers?

The expected benefits include improved customer service, accelerated automation, and simplification of the sales and installation process.

What impact will the acquisition have on the residential solar market?

The acquisition is aimed at reducing soft costs and enhancing the buying experience for homeowners, potentially increasing market adoption of Enphase's products.