From pv magazine USA
US-based Enphase Energy, a major supplier of solar microinverters, reported record revenues of $634 million in the third quarter, and has announced plans to expand production in the US market.
Enphase CEO Badri Kothandaraman said that the company has signed letters of intent with new manufacturing partners and will extend its partnerships with existing ones. It plans to open four to six manufacturing lines in the United States by the second half of 2023 to meet rising demand.
“The logic is we are anyway growing fast as a company. We have to build extra lines somewhere,” said Kothandaraman. “And therefore, these lines that I invest in, they’re not going to be wasted. They’re not going to be extra. They will probably be required. You can think about it as I’m accelerating them by a few months.”
The company said that many questions remain to be answered about the implementation of the US Inflation Reduction Act (IRA) as it relates to domestic manufacturing. It is currently working with industry partners and stakeholders to provide comments to the US Department of the Treasury.
“We are going to iron out those details, hopefully in the next three months, and things will be a lot clearer,” Kothandaraman said. “But for now, we are investing in it.”
The company said its IQ8 microinverters accounted for approximately 47% of all microinverter shipments during the third quarter of 2022. It said it expects to continue expanding its international presence. For its fourth-quarter outlook, Enphase said it expects revenue to be within the range of $680 million to $720 million.
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