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					</table><p>Canada-based manufacturer of single-phase microinverters <a href="https://www.sparqsys.com/">S</a><a href="https://www.sparqsys.com/" target="_blank" rel="noopener">PARQ Systems </a>has signed a manufacturing and supply agreement with <a href="https://www.jio.com/business/jio-iot" target="_blank" rel="noopener">Jio Things</a>, a subsidiary of Jio Platforms (<a href="https://www.jio.com/platforms/" target="_blank" rel="noopener">JPL</a>), to develop, collaborate with and distribute microinverters in India.</p>
<p>The long-term partnership will also enable SPARQ  to incorporate its microinverters, which are commonly used in solar photovoltaic (PV) technology, into Jio Things’ solutions globally. The agreement forms a framework for both companies to collaborate on innovation and development of new products.</p>
<p>“It is a tremendous opportunity for SPARQ to be able to partner with Jio Things. We expect the combination of Jio&#8217;s scale and technology leadership and SPARQ&#8217;s software-centric design to enable large-scale manufacturing of microinverters at a competitive cost. In this way, the collaboration will allow us to offer a high-performance solution at a low cost,&#8221; said Praveen Jain, CEO of SPARQ.</p>
<p>SPARQ manufactures lightweight, low-cost, single-phase microinverters that are designed for residential and commercial solar electric applications.</p>
<p>As a developer of a proprietary PV solution, the agreement provides SPARQ  with certain product margins that both companies have agreed upon.</p>
<p>Jio Things is the provider of end-to-end Internet of Things (IoT) solutions, which SPARQ stands to leverage through this agreement.</p>
<p>“We believe that this is a transformative agreement for SPARQ. It is a tremendous endorsement of our unique technology to have been selected as a technology partner to one of the world&#8217;s largest and most innovative companies,” said Ravi Sood, chairperson at SPARQ.</p>
<p>Under the agreement, SPARQ will enlist a third-party contract manufacturing base in India to manufacture its microinverters.</p>
<p>“We look forward to contributing to Jio&#8217;s efforts to deliver innovative products and solutions to the market at prices and volumes that we expect will fundamentally alter industry dynamics,&#8221; added Sood.</p>
<p>In December 2023, Mercom India <a href="https://www.mercomindia.com/lcoe-primary-driver-choosing-right-solar-inverter-size" target="_blank" rel="noopener">hosted</a> a webinar titled “Optimal Sizing of PV Inverters for Robust Performance in High Ambient Temperatures,” where industry experts discussed the factors involved in optimally sizing solar PV inverters for diverse locations and temperatures and achieving higher performance.</p>
<p>Mercom recently <a href="https://www.mercomindia.com/inverter-suppliers-optimistic-chip-availability" target="_blank" rel="noopener">reported</a> on how solar inverter prices have been on the rise, with crucial components such as semiconductor chips in short supply globally, and compounding this challenge is the acute shortage in the supply chain of Insulated Gate Bipolar Transistors (IGBTs), another essential inverter component.</p>
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Jio to Distribute SPARQ’s Microinverters in India      


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					</table><p><a href="https://enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a>, a microinverter-based solar and storage systems supplier, reported a 37% increase in net profit to $205.6 million during the second quarter (Q2) of 2023 compared to $149.8 million gained during Q2 2022, primarily driven by higher microinverter shipments.</p>
<p>The company recorded a revenue of $711.1 million for the period, a 34% YoY increase.</p>
<p>The microinverter shipments by Enphase from April to June increased by 55% YoY to ~5.20 million or approximately 2,121 MWdc.</p>
<p>Enphase said that its ‘IQ8’ microinverters constituted around 78% of all microinverter shipments, up from 37% in the same quarter a year ago.</p>
<p>During Q2, the company also began microinverter shipments from Enphase’s contract manufacturer Flex in Columbia, South Carolina.</p>
<p>The company said it could accelerate manufacturing in the United States during the first six months of 2023, supported by the Inflation Reduction Act (IRA) passed in August last year. Enphase shipped 50,000 microinverter units from its South Carolina and Wisconsin manufacturing facilities, realizing a net IRA benefit of $1.6 million during Q2 2023.</p>
<p>During the earnings conference call, Badri Kothandaraman, Enphase Energy’s President and CEO, noted that the decrease in the supply of microinverters within the U.S. was due to the overall slowdown in the economy and demand, which was cushioned by the increase in revenue from the European operations.</p>
<p>He said, “Our U.S. and international revenue mix for Q2 was 59% and 41%, respectively. Q2 was a record quarter for our international revenue, primarily due to the growth in Europe and Australia. In the U.S., our revenue decreased 12% sequentially and decreased 1% year-on-year. The overall sell-through of our microinverters in the U.S. was up 2% in Q2 compared to Q1. In Europe, our revenue increased 25% sequentially and more than tripled year-over-year at a healthy gross margin.”</p>
<p>The company’s battery shipments for its ‘IQ’ batteries were down to 82.3 MWh during Q2 2023, down from 132.4 MWh shipped last year. The company said that the shipments reduced as operations and investments were directed into Spain and Portugal, where it introduced the IQ Battery 5P, which Enphase claims is its most powerful battery.</p>
<p>The company shipped over 6,600 EV chargers in Q2 compared to 8,600 in Q1 in the U.S.</p>
<p>The company’s operating expenses increased by 38% to $98 million during Q2 compared to $71 million in the same period last year, primarily due to investment in U.S. manufacturing and R&amp;D equipment.</p>
<p>The solar and storage systems supplier posted a gross margin of 46.2% for Q2, up from 42.2% in the same quarter of 2022.</p>
<p>Earlier this month, Enphase also expanded its global reach by collaborating with BaYwa r.e., a global developer and distributor of solar photovoltaic, to distribute the former’s IQ8 microinverters series in Poland.</p>
<p>The company <a href="https://www.mercomindia.com/enphase-energys-q1-million-on-higher-shipments" target="_blank" rel="noopener">posted</a> a YoY growth of 183% in its profit at $147 million for Q1 2023, mainly driven by higher microinverter and battery system shipments to new regions it is currently improvising on.</p>
<p>Mercom recently <a href="https://www.mercomindia.com/inverter-suppliers-optimistic-chip-availability" target="_blank" rel="noopener">reported</a> on how solar inverter suppliers are managing the increasing demand in light of the global semiconductor chip shortage.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Microinverter Company Enphase Energy’s Q2 Profit Up 37% YoY


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					</table><p>Microinverter-based solar-plus-storage systems company <a href="https://www4.enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a> recorded second-quarter (Q2) revenue of $530.2 million, a year-over-year (YoY) increase of 66% from $316.05 million in Q2 2021.</p>
<p>The company said that the growth in the quarterly revenue was driven by strong demand for Enphase Energy Systems, powered by IQ® microinverters and IQ Batteries. IQ8™ microinverters constituted 37% of all microinverter shipments, while the company shipped a total of 3,348,553 microinverters in Q2 2022.</p>
<p>The company shipped 132.4 MWh of IQ batteries in Q2, a quarter-over-quarter (QoQ) increase of 10% from 120.4 MWh in Q1. Enphase said battery shipments to the United States, Germany, and Belgium added to the revenue growth.</p>
<p>The IQ battery shipments in Europe fuelled the company’s revenue growth in the region by 69%, led by strong growth in the Netherlands and Germany. The revenue rise results from the rising demand of households for home electrification driven by EVs and natural gas shortages. The company plans to introduce IQ Batteries in more European countries during the second half of 2022.</p>
<p>The company’s non-GAAP operating expenses totaled $71.2 million, a YoY surge of 38% compared to ~$52 million in the same period a year ago. The company stated that the spike in expenses was due to increased investment in R&amp;D, customer service, sales, and IT infrastructure.</p>
<p>Enphase’s gross margin for Q2 was 42.2% compared to 40.8% in the same period last year. The company’s operating income amounted to $152.4 million in Q2, a YoY surge of 98% from $77.16 million in the second quarter of 2022.</p>
<p>The company has completed five <a href="https://mercomindia.com/funding-and-ma-roundup-enphase-solarleadfactory/" target="_blank" rel="noopener">acquisitions</a> in the last six quarters, including one for electric vehicle (EV) chargers and the other four to help create its installer platform.</p>
<p>Enphase Energy shipped over 8,250 ClipperCreek EV chargers to its customers in the U.S. in Q2. The company is now planning to expand its production in Mexico with its manufacturing partners, aiming to integrate the EV chargers into Enphase’s home energy management systems.</p>
<p>The energy technology company had <a href="https://mercomindia.com/enphase-energy-revenue-q1-2022/" target="_blank" rel="noopener">posted</a> revenue of $441.3 million in Q1, a YoY increase of 46.2% from $301.7 million in the same period last year.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Enphase Energy’s Revenue Surges 66% YoY to $530 Million in Q2 2022

<p><a href="https://www4.enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a>, a supplier of micro inverter-based solar-plus-storage systems, reported a record first quarter (Q1) revenue of $441.3 million, a year-over-year (YoY) increase of 46.2% compared to $301.7 million in the same period last year, and 7% quarter-over-quarter (QoQ) surge compared to $412.7 million in the fourth quarter of 2021.</p>
<p>The company shipped approximately 1 GW (1,029 MW) or 2,838,693 microinverters during the quarter. The shipments of Enphase’s IQ batteries increased to 120.4 MWh in Q1 2022, a 20.1% increase in megawatt-hours compared to 100.2 MWh shipped in the previous quarter.</p>
<p>Enpahse registered a net income of $51.8 million, a YoY increase of 63.4% compared to $31.6 million in the same period a year ago.</p>
<p>The company said that it continued shipments to its clients in the U.S., Germany, and Belgium during Q1. It has over 1,300 installers in America that are now certified to deploy the IQ batteries.</p>
<p>Enphase recorded an income of $61.8 million from its operations in the first quarter, a YoY surge of 0.71% compared to $61.3 million in the same period last year. The company’s expenses on operations increased by 87% to $115.1 million, compared to $61.5 million in the same period a year ago.</p>
<p>The energy company had $1.1 billion in cash, cash equivalents, and marketable securities in Q1 2022 and generated $102.4 million in cash flow from its operations. Enphase’s expenditure in Q1 totaled $12.4 million, a QoQ decline of 6.06% compared to $13.2 million in the fourth quarter of 2022.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/04/Enphase-revenue.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-34508 size-full" src="https://mercomindia.com/wp-content/uploads/2022/04/Enphase-revenue.png" alt="Enphase revenue" width="1165" height="657" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Enphase-revenue.png 1165w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Enphase-revenue-300x169.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Enphase-revenue-768x433.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Enphase-revenue-650x367.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Enphase-revenue-844x475.png 844w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Enphase-revenue-624x352.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Enphase-revenue-600x338.png 600w" sizes="(max-width: 1165px) 100vw, 1165px" /></a></p>
<p>The micro inverter-based solar systems supplier made significant acquisitions and announced long-term partnerships in Q1. Last month, Enphase <a href="https://mercomindia.com/funding-and-ma-roundup-enphase-solarleadfactory/" target="_blank" rel="noopener">announced</a> that it acquired California-based SolarLeadFactory LLC and strengthened its installer platform in the U.S.</p>
<p>Enphase also announced the expansion of a 15-year relationship with an internationally diversified producer of designs and supply chain logistics, Flex, in the first quarter.</p>
<p>In the fourth quarter of 2021, Enphase <a href="https://mercomindia.com/enphase-energys-revenue-up-q4-2021/" target="_blank" rel="noopener">completed</a> the acquisition of ClipperCreek, an electric vehicle charging solutions provider for residential and commercial users in America.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Enphase Energy Records a YoY Revenue Surge of 46% in Q1 2022

<p>Enphase Energy and SunPower Corporation have announced the signing of a definitive agreement under which <a href="https://enphase.com/en-us" target="_blank" rel="noopener">Enphase</a> will acquire SunPower&#8217;s microinverter business. Enphase will be acquiring the microinverter business for $25 million in cash and 7.5 million shares of Enphase’s common stock.</p>
<p>The transaction is expected to be closed by the end of the third quarter of 2018, subject to product qualification and other closing conditions under the definitive asset purchase agreement.</p>
<p><strong>Key Highlights of the Acquisition</strong></p>
<ul>
<li>Advancement of AC Modules (ACM) as the future of residential solar.</li>
<li>Enhancing SunPower&#8217;s Equinox Home Solar System with a custom line of Enphase&#8217;s IQ microinverters for use with SunPower ACM.</li>
<li>Enphase expects to add $60-70 million annualized revenue in second half of 2019 at 33-35 percent gross margin.</li>
<li>Adding over 140 patents to Enphase&#8217;s strong IP portfolio.</li>
<li>$25 million cash to be funded from Enphase&#8217;s balance sheet in two installments.</li>
</ul>
<p>&#8220;We are pleased to become the microinverter supplier for SunPower&#8217;s AC modules,&#8221; said Badri Kothandaraman, the president and CEO of Enphase Energy.</p>
<p>&#8220;SunPower customers will continue to see the same quality, high performance that they see now as Enphase exclusively co-develops microinverters for our industry leading residential Equinox solar product,&#8221; said SunPower CEO Tom Werner.</p>
<p>Mercom previously reported, <a href="https://mercomindia.com/enphase-energy-rd-center-in-bangalore/" target="_blank" rel="noopener">in December 2017</a>, Enphase Energy opened its first Indian research and development (R&amp;D) center in Bangalore, Karnataka.</p>
<p>Recently, <a href="https://enphase.com/en-us" target="_blank" rel="noopener">Enphase Energy</a> and solar module manufacturer Waaree Energies Ltd. announced their <a href="https://mercomindia.com/enphase-microinverter-solar-karnataka/" target="_blank" rel="noopener">4.5 MW</a> solar project installation plan in Hosapet, Karnataka.</p>
<p>According to a company statement, Enphase has shipped approximately 17 million microinverters, and more than 760,000 Enphase systems have been deployed in over 110 countries.</p>
<p>Image credit: By Maury Markowitz [<a href="https://creativecommons.org/licenses/by-sa/3.0" target="_blank" rel="noopener">CC BY-SA 3.0</a>], from Wikimedia Commons</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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