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.
“Management's Discussion and Analysis of Financial Condition and Results of Operations”
“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.
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