Enphase Energy to Acquire GreenCom Networks
August 29 2022 - 8:00AM
Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology
company and the world's leading supplier of microinverter-based
solar and battery systems, today announced that it has agreed to
acquire GreenCom Networks AG. Based in Munich, Germany, GreenCom
Networks provides Internet of Things (IoT) software solutions for
customers to connect and manage a wide range of distributed energy
devices within the home. The company’s technology facilitates a
convergence of sectors such as mobility, heating, and renewable
energy, often referred to as sector convergence or sector coupling,
to help achieve full home electrification.
GreenCom Networks has extensive experience
integrating a diverse set of devices such as solar inverters,
battery systems, EV chargers, and heat pumps. These devices are
typically made by different suppliers and need to be orchestrated
intelligently to optimize energy consumption. GreenCom’s software
solutions result in a rich and seamless experience for the
homeowner and can help optimize the amount of self-generated energy
that is consumed or stored by the homeowner.
The acquisition is expected to:
- Add a local engineering team to
service the accelerating clean energy transition in Europe
- Provide installers with a complete
home energy management system integrating Enphase microinverters
and batteries with third-party EV chargers and heat pumps
- Enable homeowners to monitor and
control the devices from the Enphase® App
- Help homeowners save on their
electricity bill through self-consumption, while reducing carbon
footprint and reliance on fossil fuels
- Facilitate home energy management
features such as green EV charging, green heating with heat pumps,
and time-of-use optimization
“The technical capabilities of the development
team at GreenCom Networks will help accelerate our home energy
management solutions globally,” said Mehran Sedigh, Vice President,
Storage Business Unit at Enphase Energy. “We are excited to
introduce the company’s solutions to our customers, beginning in
Germany. We look forward to building upon the company’s current
offering, and integrating it into the Enphase platform.”
“The energy crisis is not confined to Europe –
it’s a global issue that needs to be solved,” said Christian Feisst
and Peter Muller-Bruhl, co-CEOs of GreenCom Networks. “By pairing
Enphase solar and battery systems with GreenCom’s IoT platform, we
believe we can make meaningful progress in improving
sustainability, decarbonization, and reducing the reliance on
fossil fuels for our customers. Our team has been driven by purpose
and we are excited to accelerate the impact of our home energy
management solutions by joining Enphase.”
The acquisition is subject to customary closing
conditions and regulatory approvals and is expected to close in the
fourth quarter of 2022.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology
company based in Fremont, CA, is the world's leading supplier
of microinverter-based solar and battery systems that enable people
to harness the sun to make, use, save, and sell their own power and
control it all with a smart mobile app. The company revolutionized
the solar industry with its microinverter-based technology and
builds all-in-one solar, battery, and software solutions. Enphase
has shipped more than 48 million microinverters, and over 2.5
million Enphase-based systems have been deployed in more than 140
countries. For more information,
visit https://www.enphase.com and follow the company
on Facebook, Instagram, LinkedIn and Twitter.
© 2022 Enphase Energy, Inc. All rights reserved.
Enphase, the "e" logo, Enphase App, and certain other names and
marks are registered trademarks of Enphase Energy, Inc. Other names
are for informational purposes and may be trademarks of their
respective owners.
About GreenCom Networks AG
GreenCom Networks is a leading energy IoT
company, with offices in Munich, Germany, and Sophia-Antipolis,
France. Since 2011, GreenCom has been developing the energy system
of the future. Using its energy IoT platform, GreenCom integrates
distributed assets like solar PV, battery storage, electric
vehicles, and heat pumps. Based on its platform, GreenCom enables
white-label end customer services like energy communities, smart
heating, smart charging, as well as home energy management
including optimization and visualization of energy flows in homes
for utilities and manufacturers of energy-relevant devices. For
more information, visit https://greencom-networks.com/ or connect
GreenCom Networks on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking
statements (such as statements in the future tense and statements
including “anticipate,” “believe,” “enhance,” “expect,” and similar
terms and concepts), including statements related to the timing of
obtaining regulatory approvals and the timing of the closing of the
transaction; the expected benefits of the transaction to installers
and customers; the expected capabilities and performance of Enphase
Energy’s and GreenCom Network’s technology and products; our
business strategy, including expansion and the market adoption of
our products; and the anticipated market demand for Enphase
products. These forward-looking statements are based on Enphase's
current expectations and inherently involve significant risks and
uncertainties, including, but not limited to, the risk that the
transactions are terminated prior to closing or the related
transactions do not otherwise close (or close on terms different
than what has been agreed as of the date hereof); the parties'
failure or inability to perform their respective obligations under
the related transaction agreements; and market acceptance of future
product offerings. Actual results and the timing of events could
differ materially from those anticipated in such forward-looking
statements as a result of certain risks and uncertainties,
including those risks described in more detail in Enphase’s most
recently filed Quarterly Report on Form 10-Q for the quarter ended
June 30, 2022, its Annual Report on Form 10-K for the year ended
December 31, 2021 and other documents on file with the SEC from
time to time, which are available on the SEC's website
at www.sec.gov. 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, except as required by law.
Contact:
Karen SagotEnphase Energy, Inc.Investor
Relationsir@enphaseenergy.com
Klaus MullerGreenCom Networks
AGMarketingklaus.mueller@greencom-networks.com
Enphase Energy (NASDAQ:ENPH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Enphase Energy (NASDAQ:ENPH)
Historical Stock Chart
From Apr 2023 to Apr 2024