Enphase Energy to Acquire the Solar Design Services Business of DIN Engineering Services

Rhea-AI Summary

Enphase Energy (NASDAQ: ENPH) announced its agreement to acquire the Solar Design Services business from DIN Engineering Services LLP, enhancing its offerings for North American residential solar installers. This acquisition aims to streamline the design, proposal, and permitting processes, leveraging DIN's expertise in working with U.S. jurisdictions. Expected benefits include improved customer service and automation, integration with Enphase’s Enlighten™ platform, and the ability for installers to better focus on core business areas. The deal is expected to close by March 31, 2021.

Positive

• Acquisition expands service offerings for residential solar installers.
• Expected to improve customer service and streamline processes.
• Integration into Enphase's Enlighten™ platform enhances operational efficiencies.

Negative

• None.

Offers Installers Services to Streamline the Design, Proposal, and Permitting Process

FREMONT, Calif., Feb. 08, 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 agreed to acquire 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.

DIN’s Solar Design Services business has more than a decade of experience working with local jurisdictions in the U.S. DIN leverages this knowledge to streamline the proposal and permitting process for installers.

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 join forces with the Solar Design Services business to be acquired from DIN Engineering Services,” said Jeff McNeil, chief operating officer of Enphase Energy. “We look forward to welcoming DIN’s current installers to Enphase upon close. We believe DIN’s proposal and permit plan services will benefit Enphase’s installers by enabling them to better utilize their limited resources to focus on other key areas of their business.”

“DIN’s Solar Design Services business has built a reputation for providing high quality services to leading residential installers in the solar industry,” said Anuj Gupta, CEO of DIN Engineering Services LLP. “I am excited to join forces with Enphase. We expect to bring our expertise to Enphase’s installers by providing quick, accurate, and cost-effective services, enabling them to focus on their core advantage of selling and installing solar and storage systems.”

“This acquisition provides installers a clear opportunity to simplify their sales and installation process,” said Badri Kothandaraman, president and CEO of Enphase Energy. “We look forward to working with the talented team at DIN, leveraging their 10+ years of experience working with U.S. jurisdictions to help reduce solar soft costs and improve the overall installer experience.”

The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close by March 31, 2021.

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 30 million microinverters, and approximately 1.3 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 purpose of Enphase Energy's acquisition of DIN Engineering Services?

The acquisition aims to enhance service offerings for residential solar installers by streamlining design, proposal, and permitting processes.

When is Enphase Energy expected to complete the acquisition of DIN Engineering Services?

The acquisition is expected to close by March 31, 2021.

How will the acquisition of DIN Engineering Services benefit Enphase's installers?

It will provide them with improved proposal drawings and permit plan sets, allowing them to focus on their core business areas.

What will be integrated into Enphase's Enlighten™ platform?

The acquisition will integrate DIN's Solar Design Services into the Enlighten™ platform, enhancing the sales process for solar installers.

What is DIN Engineering Services known for?

DIN Engineering Services is known for providing outsourced proposal drawings and permit packages for residential solar installers.