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MARKETS LIVE BLOG:

STOCKS RISE, LED BY STELLAR ALPHABET, MICROSOFT RESULTS

Chevron, Exxon under pressure as falling natural gas prices hit earnings

Enphase Energy, SmartX Ink Deal to Serve Poland's Solar Market

Zacks Equity Research
·3 min read

Enphase Energy ENPH recently entered into a distribution partnership with Polish solar distributor SmartXSp, in an attempt to enhance its footprint in Poland’s expanding solar market. The latest collaboration will enable Enphase Energy to launch its products directly in the promising solar market of Poland, counting on the well-established installer network of SmartX.

Solar Prospects in Poland & Scope for Enphase

Poland is currently one of the top five solar markets in Europe, with an estimated installed capacity of more than 1 gigawatt (GW). Per a report by the International Renewable Energy Agency (IRENA), one of the targets in Poland’s energy policy adopted in November 2009 was 15% share of renewable energy sources in final energy consumption by 2020.

Solar will account for 8% of the nation’s total renewable energy use by 2030. This clearly indicates the growing prospects of the Polish solar market, which must have been the reason behind Enphase Energy’s partnership.

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Enphase microinverters are easy to install, reliable and produce more energy than traditional central inverter photovoltaic (PV) systems. SmartX’s management believes that Enphase microinverters offer unique advantages for European solar markets, particularly in new build and small residential systems due to their scalable architecture.

Enphase Energy and SmartX entered into the latest alliance to significantly enhance their respective customer experience in terms of quality and performance.

Global Solar Boom

Per a report by the International Renewable Energy Agency (IRENA), global electricity generation from solar energy is expected to increase to nearly 360 GW per year by 2050 from the current level of 109 GW.

To reap the benefits of this booming solar market, Enphase has been collaborating with companies across the globe to expand its distribution, thereby bolstering its top and bottom lines. Evidently, in April 2020, the company inked a deal with Courant Naturel — a residential solar installer in southwest France — to deliver its IQ 7X microinverters. Through the partnership, Courant Naturel also gained access to 96 cell modules from SunPower SPWR X-Series.

In September 2019, Enphase Energy announced its strategic partnership with Sunrun RUN, per which the former supplies seventh-generation IQ microinverters to Sunrun for installations at its residential solar projects.

Meanwhile, since July 2019, Enphase has been shipping its seventh-generation IQ microinverters from Mexico to the U.S. market, as part of the company’s extended manufacturing agreement with the multinational technological manufacturing company, Flex Ltd FLEX. The agreement entailed Flex to deliver IQ microinverters and other products manufactured in Mexico to the U.S. market.

Price Performance & Zacks Rank

Enphase Energy’s stock has gained 262.5% in the past year compared to the industry’s increase of 41.2%.

 

The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Flex Ltd. (FLEX) : Free Stock Analysis Report
 
SunPower Corporation (SPWR) : Free Stock Analysis Report
 
Enphase Energy, Inc. (ENPH) : Free Stock Analysis Report
 
Sunrun Inc. (RUN) : Free Stock Analysis Report
 
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Zacks Investment Research