|By Business Wire||
|December 17, 2013 07:00 AM EST||
Enphase Energy, Inc. (NASDAQ: ENPH), today announced Enphase installations were up 62 percent during the first three quarters of 2013 compared to the first three quarters of 2012, based on MW installed in the U.S. residential market. According to the recently released U.S. Solar Market Insight™ (SMI) Q3 2013 report from GTM Research and the Solar Energy Industries Association (SEIA), this outpaces overall U.S. residential market growth, which was 49 percent during the first three quarters of 2013 compared to the first three quarters of 2012.
“Our breakthrough solar technology, coupled with our ability to execute on key business initiatives, has propelled Enphase to become the dominant inverter technology used on homes in the Americas,” said Paul Nahi, CEO of Enphase. “While solar incentives and markets ebb and flow in the U.S., the constant is Enphase installation growth.”
In the third quarter 2013, Enphase also reported strong business growth in California, with installed units increasing over 200 percent on a year-over-year basis. The SMI report shows that California remains the largest residential solar market in the U.S., with 99MW installed during the quarter, up 85 percent on a year-over-year basis. In addition, Enphase continues to see healthy growth in other U.S. residential markets, such as New Jersey, New York, Maryland, Colorado, Arizona and other states.
“Based on these numbers, Enphase continues to grow its market share in the overall U.S. residential market, with a great performance in the California market,” said Kris Sennesael, CFO of Enphase.
Notably, 2013 is likely to be the first time in more than 15 years that the U.S. installs more solar than world leader Germany, according to SMI report forecasts. It also forecasts the U.S. residential market for 2013 to be 753MW, growing to 1,031MW in 2014. This is a sequential increase of 37 percent.
About Enphase Energy, Inc.
Enphase Energy delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. Our semiconductor-based microinverter system converts energy at the individual solar module level and brings a systems-based, high technology approach to solar energy generation. Connect with Enphase on Facebook and follow us on Twitter. www.enphase.com
This press release may contain forward-looking statements, including statements related to Enphase Energy’s financial performance, market demands for its products, advantages of its technology and market trends. These forward-looking statements are based on the company’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties and other risks detailed in the “Risk Factors” and elsewhere in Enphase Energy’s latest Securities and Exchange Commission filings and reports. 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.
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