Enphase Energy (NASDAQ: ENPH) – a global leader in supplying microinverter-based solar and battery systems – reached gains of around 5% in Thursday premarket trading; after the company announced a large increase in Colorado’s Enphase installers for the deployment of the Enphase Energy System.
Colorado is quickly expanding its battery storage capacity for residential homes; with estimations that deployments are expected to double this year, with long-term expectations of a 12-fold increase over the next six years – utilizing data from the U.S Energy Storage Monitor report.
Enphase’s unique solar-plus-battery solution is a safer option for homeowners, removing the risk of exposure to high-voltage DC. The company’s famed IQ Battery, built with Lithium Iron Phosphate battery chemistry, is proven to have an extensive life cycle and safer operation thanks to its cutting-edge thermal stability. The easily accessible Enphase App provides data insight for the homeowner, as well as the novel ability to go off-grid.
Dave Ranhoff, CCO at Enphase Energy, made particular reference to the unique impact of Colorado:
“With an average of more than 300 sunny days per year, Colorado has tremendous solar potential”
Adding on a further note…
“The IQ Battery paired with clean solar energy enables residents to take full advantage of the region’s plentiful renewable energy by generating and storing it to use when they need it most. We are pleased to be partners with so many great installers in Colorado and provide our best-in-class technology solutions to families across the state.”
Enphase has clear-cut investment potential. With high-riding revenue expectations and an environment that will effectively accommodate growth in renewables – the future looks bright for Enphase. Currently, ENPH stock is trading with a daily gain of 3.5%, at a price of $154.49.
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Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.