PETALUMA, Calif.--(BUSINESS WIRE)--Enphase Energy (NASDAQ: ENPH) announced today the renewal of its strategic inverter agreement with an affiliate of Vivint Solar, Inc., a leading provider of residential solar energy systems in the United States. The new multi-year agreement expands on the existing relationship between the two companies.
“The renewal of Enphase’s inverter supply agreement with Vivint Solar strengthens our ongoing strategic relationship,” said Jeff Loebbaka, senior vice president of worldwide sales and field operations at Enphase. “We believe the winning combination of the Enphase microinverter-based solar energy management system and Vivint Solar’s innovative consumer-friendly business approach provides a compelling offering for the U.S. residential rooftop solar sector.”
“Enphase Energy is a valued technology partner to Vivint Solar and we are proud to continue installing its microinverters on residential solar rooftops,” said Jan Newman, vice president of business development at Vivint Solar.
Vivint Solar designs, installs, monitors and services the system with no upfront costs to the homeowner. Through a power purchase agreement (PPA) or solar energy system lease, a homeowner can use the power generated by a solar photovoltaic system and generally realize savings relative to the prevailing electric utility provider rates. Vivint Solar currently operates in Arizona, California, Hawaii, Maryland, Massachusetts, New Jersey and New York.
Enphase continues to see robust demand for its market-leading microinverter technology with current and new customers from larger companies like Vivint Solar to small professional solar installers. The company has shipped more than 5.7 million microinverters worldwide, which are installed in 160,000-plus systems, accounting for over 1.2GW of installed solar generating capacity.
About Vivint Solar
Founded in 2011, Vivint Solar is a leading provider of residential solar energy systems in the United States. Vivint Solar designs, installs, and maintains cost-effective solar energy systems. Through a power purchase agreement or solar energy system lease, a homeowner can use the power generated by a solar photovoltaic system and generally realize savings relative to the prevailing electric utility provider rates. For more information, visit www.vivintsolar.com or follow @VivintSolar.
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 contains forward-looking statements of Enphase Energy, Inc., including, but not limited to, statements related to the expected benefits of its agreement with Vivint Solar, future demands for its microinverters, advantages of its technology, and market trends. These forward-looking statements are based on Enphase’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy's 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, which include, without limitation, risks related to the future demands for solar energy solutions provided by Vivint Solar and other risks included under the captions “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Enphase Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, which is on file with the SEC and available on the SEC's website at www.sec.gov. All information set forth in this press release is as of August 12, 2014. 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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