Enphase growing in the micro-Inverter market
In just a few short years, Enphase Energy has managed to establish itself as the world’s leading supplier of microinverter-based solar and battery systems. The company revolutionized this industry by shipping more than 42 million mini versions– called “microINVESTS” — which allow users to DIY installations on rooftops or window sills with ease; these innovations also come equipped w/a touchscreen app allowing homeowners significant control over their final green solution.
Growth via acquisition of niche service and solar technology providers
Acquisitions have played a key role in accelerating Enphase’s digital strategy. In January, 2021 and February, 2021, Enphase acquired Sofdesk and Solar Design Services from Din Engineering.
Sofdesk is a leading tool for pre-sales engagement design and quoting. They have two software offerings with predictable SaaS revenue. At the time of acquisition, its platform was fully integrated to provide engineering services support and financing from third parties.
Prior to acquisition, Solar Design Services was a business unit of Din Engineering. They acted as an outsourced provider of proposal drawings and permit plan sets. Solar Design Services integrated into design software providers to give installers functional options for design completion.
Both organically and through acquisition, Enphase has built a digital platform for installers that incorporates tools to design, permit, install, monitor, and maintain solar and battery systems. SolarLeadFactory enhances their current lead generation capabilities for their product set. Enphase Energy (NASDAQ: ENPH) had a strong close to 2021 and reported 67% QoQ revenue growth, driven by strong demand for microinverter systems across all regions.
Similar businesses to SolarLeadFactory that could be potential acquisition targets include:
- Modernize.com
- Solar Leads Club
- Craftjack
- SolarReviews
