Enphase Energy Inc   (ENPH)
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Enphase Energy Inc Segments


Business Segments I. Quarter
(in millions $)
(Mar 31 2021)
(of total Revenues)
I. Quarter
(in millions $)
(Mar 31 2021)
(Profit Margin)
301.75 100 % 31.70 10.5 %

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Growth rates by Segment I. Quarter
Y/Y Revenue
(Mar 31 2021)
Q/Q Revenue
I. Quarter
Y/Y Income
(Mar 31 2021)
Q/Q Income
67.59 % 69.05 % 1.93 % -19.47 %

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  Enphase Energy Inc 's

Business Segments Description

We design, develop, manufacture and sell home energy solutions that connect energy generation, energy storage and control and communications management on one intelligent platform. We have revolutionized the solar industry by bringing a systems approach to solar technology and by pioneering a semiconductor-based microinverter that converts energy at the individual solar module level and, combined with our proprietary networking and software technologies, provides advanced energy monitoring and control. This is vastly different than the string inverter approach that only converts energy of the entire array of solar modules from a single high voltage electrical unit, and lacks intelligence about the energy producing capacity of the solar array. In 2017 we expanded our product offerings by launching the Enphase Home Energy Solution with IQ™, our next-generation integrated solar, storage and energy management offering. The IQ platform enables self-consumption and delivers our core value proposition of yielding more energy, simplifying design and installation, and improving system uptime and reliability. The IQ family of microinverters, like all previous Enphase microinverters, is fully compliant with NEC 2014 and 2017 rapid shutdown requirements. Unlike string inverters, this capability is built-in, with no additional equipment necessary.

The Enphase Home Energy Solution with IQ brings a high technology, networked approach to solar generation plus energy storage, by leveraging our design expertise across power electronics, semiconductors and cloud-based software technologies. Our integrated approach to energy solutions maximizes a home’s energy potential while providing advanced monitoring and remote maintenance capabilities. The Enphase Home Energy Solution with IQ uses a single technology platform for seamless management of the whole solution, enabling rapid commissioning of the Installer Toolkit; consumption monitoring with a metered Envoy and a consumption tracker; and energy insights from the the Enphase Enlighten Software™ platform’s easy-to-use interface. Unlike our core competitors, who utilize a single-point or traditional inverter, or offer separate components of solutions, we have built-in system redundancy in both PV generation and energy storage, eliminating the risk that comes with a single-point of failure. Further, the nature of our cloud-based, monitored system allows for remote firmware and software updates, enabling cost-effective remote maintenance and ongoing utility compliance.

The Enphase Home Energy Solution with IQ consists of four key components -- Enphase microinverters, the AC Battery, an Envoy gateway, and Enlighten cloud-based software:

Enphase microinverters provide highly reliable power conversion at the individual solar module level by introducing a digital architecture that incorporates custom application specific integrated circuits, or ASICs, specialized power electronics devices, and an embedded software subsystem that maximizes energy production from each module. The Enphase IQ microinverters provide a path to substantially lower unit cost, a simplified installation process, and higher performance and enhanced features. In addition, they offer advanced grid functions that are capable of meeting worldwide regulatory requirements. The IQ microinverters also enable AC Module products, further simplifying the installation process, reducing installation time and streamlining logistics. We have several manufacturer partnerships that integrate our IQ microinverter into a PV module to create an AC Module.

IQ 6 and IQ 6+ microinverters deliver more power and efficiency, while further reducing the balance of system cost due to their simplified wiring, reduced size and weight. They integrate with AC modules and offer installers faster and simpler installations, saving on soft costs. IQ 6 microinverters support high-powered 60- and 72-cell solar modules up to 330 W DC, and the IQ 6+ pairs with modules up to 400 W DC. The IQ 7, introduced in the first quarter of 2018, is segmented into 3 variants - the 250W AC IQ 7 for 60-cell modules, the 295W AC IQ 7+ for both 60-cell and 72-cell modules and the 320W AC IQ 7X for 96-cell modules. IQ 6 was not compatible with 96-cell modules; IQ 7X fills that gap and will offer even more power and a smaller, lighter and easier-to-install product. IQ 7 is a single worldwide SKU, achieved as a result of our software-defined architecture.
While we believe our IQ 7 products provide us with a good platform for growth worldwide starting in 2018, our IQ 8 system, which is expected to be introduced in 2019, is based on our grid-agnostic “always on” Ensemble™ technology, which will allow a solar system to operate independently of the power grid.

One of solar’s biggest challenges is that it is tied to the power grid. If the grid fails and the sun is still shining, there will be no production out of a user’s solar system. To address this limitation, we have invented a microinverter technology that is completely independent of the power grid. The Enphase system’s capability is further enhanced when the Ensemble technology is incorporated into our AC Battery storage solution. With IQ 8, a user can have a system that will continuously provide energy, regardless of the presence or absence of the grid, utilizing solar power during the day and storage at night. We refer to this as “always on.”

The IQ 8 ASIC, as of the end of 2017, is fully functional, demonstrating the feasibility of Ensemble technology. This ASIC has 5 million gates and is made in 55nm technology at TSMC, enabling very high speed digital signal processing. We are continuing to productize IQ 8 and expect to introduce it in 2019.

The Enphase AC Battery, a key part of the Enphase Home Energy Solution, applies the modular architecture developed for our microinverter to energy storage. Solar-plus-storage, which includes our AC Battery product, is central to our product strategy. Our approach delivers low up-front costs resulting from the AC Battery’s system design and the ease and speed of installation. The AC battery balances safety and performance and is warranted for 10 years.

The Envoy bi-directional communications gateway is installed at the system location and serves as a hub providing three critical roles: collecting and sending data to Enlighten software, receiving and distributing microinverter firmware or software updates, and managing the use of energy within the system. Homeowners can maximize the value of their solar PV system, taking advantage of self-consumption and time-of-use tariff management opportunities with an expandable platform for evolving uses of energy storage, such as residential peak shaving and grid services. One Envoy is typically sold with each solar installation and can support up to 600 Enphase microinverters, making it compatible for both residential and commercial applications.

Our Enlighten cloud-based software provides the capabilities to remotely monitor, manage, and maintain an individual system or a fleet of systems. The software collects and analyzes system performance information to enable owners and operators to realize the highest performance of their


solar PV system. Two versions of the monitoring software are available: MyEnlighten, designed for consumers, which provides performance assurance and Enlighten Manager, available for the solar professional, which provides detailed diagnostic capabilities, as well as fleet management tools.

Key benefits of our Home Energy Solution with IQ include:

Truly Integrated. The Enphase Home Energy Solution with IQ is a fully integrated solar generation plus storage offering from one provider. Designed and manufactured to work together, the Home Energy Solution with IQ is a truly integrated home energy solution.

Higher Performance. Our microinverter system delivers higher performance by maximizing the energy production of each module. A microinverter at each module overcomes issues such as module- mismatch and soiling or shading which can have a significant impact on string inverter systems. Enphase microinverters also provide greater system availability with no single-point of failure. An independent analysis from PV Evolution Labs has concluded an Enphase microinverter system yields higher performance over systems with string inverters or traditional inverters. We believe that our microinverter systems achieve higher energy production and can generate superior returns on investment relative to competitive solutions for system owners.

Simplified Design and Installation. Our all-AC infrastructure simplifies the design process and eliminates the typical costs of a complicated DC voltage system for PV or Storage. In addition, our microinverters are installed on the roof and hidden from view, with minimal impact to the aesthetics of a home or building. We also offer additional tools, such as the Enphase Installer Toolkit mobile app or the Enphase IQ Combiner+™ with Enphase IQ Envoy™, which offer unmatched simplicity, reliability and ease of installation for solar installers.

Enhanced Safety. Microinverters and AC Batteries are safer because they process low voltage DC and are isolated to the module level, leading to an all-AC architecture. Our microinverter system does not contain any of the high voltages common to string inverter systems. High voltage arc faults associated with string or traditional inverters are the leading cause of fires of solar PV installations. Microinverter technology mitigates this safety risk.

Reduced Operations and Maintenance Costs. Our microinverter system is highly reliable with one million power-on hours of testing incorporated into our microinverter design. This high reliability, plus a distributed architecture means ongoing operations and maintenance do not require emergency truck rolls, unlike string inverter or traditional inverters which have a 100% probability of failure leading to full replacement within 10 to 12 years. In addition, with module-level monitoring capabilities, remote maintenance can pinpoint issues, thus reducing any time on site. Finally, the networked-nature of our system enables us to remotely update the firmware and software of the microinverters, reducing ongoing utility compliance costs.


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