Enphase Energy Launches IQ8 Microinverters and IQ Batteries in Greece

Rhea-AI Summary

Enphase Energy, a global energy technology company, has entered the solar market in Greece with the introduction of IQ8 Microinverters and IQ Batteries. Greece's Ministry of Environment and Energy has launched a subsidy program to expand the deployment of solar-plus-battery storage systems. The program covers up to 65% of solar system costs and approximately 90% of battery costs, supporting the goal of building two gigawatts of residential solar capacity by 2030.

Positive

• Enphase Energy has entered the solar market in Greece, expanding its footprint in Europe.
• Greece's Ministry of Environment and Energy has launched a subsidy program that covers up to 65% of solar system costs and approximately 90% of battery costs.
• The subsidy program aims to reach the goal of building two gigawatts of residential solar capacity in Greece by 2030.

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• None.

FREMONT, Calif., Oct. 23, 2023 (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 entered the solar market in Greece with the introduction of IQ8™ Microinverters, with peak output AC power of 384 W, and IQ™ Batteries.

The Greece Ministry of Environment and Energy has launched a subsidy program in a strategic effort to expand deployments of solar-plus-battery storage systems and reach its goal of building two gigawatts of residential solar capacity by 2030. This program covers up to 65 percent of solar system costs and approximately 90 percent of battery costs, helping to expand clean energy access for Greek homeowners. Subsidized solar and battery systems are selected to participate in Greece's net-metering program to support the grid during peak load shifts.

“Greece has been making progress on its goal to reduce reliance on fossil fuels and build energy security, but there’s still much work to be done,” said Armodios Vovos, owner and head engineer at Armodios Vovos M.E.P.E. “Enphase’s expansion into the Greek solar market comes at an opportune time, supporting growing demand for high-performance, reliable, and safe home energy solutions across the country.”

IQ8 Microinverters are designed to maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher powered solar modules through increased energy harvesting, while maintaining full compatibility with previously released IQ8 Microinverters. The three new microinverters – IQ8MC™, IQ8AC™, and IQ8HC™ – feature a peak output power of 330 W, 366 W, and 384 W, respectively, and are designed to seamlessly pair with a full range of solar modules up to 560 W DC. All IQ8 series microinverters activated in Greece come with a 25-year limited warranty.

The Enphase^® Energy System™ with IQ Batteries offers configurations ranging from 3.5kWh to an aggregate 42kWh and can be upgraded throughout the lifetime of the system. Enphase delivers an enhanced solar-plus-battery solution which does not expose installers or homeowners to high-voltage DC. Enphase IQ Batteries feature Lithium Iron Phosphate (LFP) battery chemistry, which provides a long cycle life and smooth operation through excellent thermal stability.

Enphase IQ Batteries accommodate over-the-air software upgrades for enhanced longevity and come with a 15-year limited warranty in select European countries, including Greece. Homeowners can also use the Enphase^® App to monitor performance and intelligently manage their system. This includes the self-consumption feature, which minimizes the use of electricity from the grid. In addition, Enphase offers 24/7 customer support.

“The intelligence behind the IQ8-powered Enphase Energy System allows Greek homeowners to maximize the sun’s value and meet their unique energy goals,” said Periklis Gkikas, co-founder and chief executive officer at Susta. “With IQ Batteries, homeowners can power their homes with the sun and also be rewarded for providing excess power to the grid system.”

“IQ8 Microinverters and IQ Batteries are two high-performing clean energy solutions for the residential market,” said Kostantinos Symiakos, co-founder at Rodos Energy. “We’re thrilled to have access to these state-of-the-art products so that we can help deliver reliable, clean energy to our growing customer base.”

“The residential solar and battery market in Greece is poised for solid growth, and the technologies will play a critical role in decarbonizing and strengthening the country’s power grid,” said Dave Ranhoff, chief commercial officer at Enphase Energy. “The launch of IQ8 Microinverters and IQ Batteries in Greece adds to Enphase’s growing footprint in Europe. We appreciate the support from our new installer partners in Greece to bring reliable and intelligent energy solutions to homeowners across the country.”

Distributors and installers in Greece can order IQ8 Microinverters and IQ Batteries starting today. For more information on Enphase in Greece, please visit the website.

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 approximately 68 million microinverters, and more than 3.5 million Enphase-based systems have been deployed in over 145 countries. For more information, visit https://www.enphase.com and follow the company on Facebook, LinkedIn and X (formerly Twitter).

© 2023 Enphase Energy, Inc. All rights reserved. Enphase, the "e" logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. in the United States and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality and reliability; the availability and market adoption of Enphase products in Greece; and expectations regarding the growth in deployments of solar-plus-battery storage systems in Greece. These forward-looking statements are based on Enphase’s current expectations and inherently involve significant risks and uncertainties. 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 recently filed Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, its Annual Report on Form 10-K for the year ended December 31, 2022 and other documents on file with the SEC from time to time, which are available on the SEC’s website at https://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.

Contact:

Enphase Energy
press@enphaseenergy.com

FAQ

What is Enphase Energy's latest expansion?

Enphase Energy has entered the solar market in Greece with the introduction of IQ8 Microinverters and IQ Batteries.

What is the subsidy program launched by Greece's Ministry of Environment and Energy?

The subsidy program covers up to 65% of solar system costs and approximately 90% of battery costs.

What is the goal of the subsidy program in Greece?

The goal is to build two gigawatts of residential solar capacity by 2030.