Enphase Energy, Inc., and SunPower Corp., announced that Enphase has completed the previously announced acquisition of SunPower’s microinverter business for a total of $25 million in cash and 7.5 million shares of Enphase common stock. Key anticipated benefits and highlights of the acquisition include:
- Advances AC Modules (ACM) as the future of residential solar
- Enhances SunPower’s Equinox Home Solar System with a custom line of Enphase’s IQ microinverters for use with SunPower AC Modules
- Adds over 140 patents to enhance Enphase’s strong IP portfolio
- $15 million of cash purchase price funded from Enphase’s balance sheet at closing and $10 million of cash purchase price to be funded by 12/28/2018
IQ 7 is Enphase’s seventh-generation microinverter platform leading the industry with its software-defined architecture, broad regulatory compliance and advanced “Smart Grid” features. The IQ 7XS microinverter offers 97.5% CEC efficiency and was designed specifically for SunPower’s X Series 96-cell PV modules with peak AC output power of 320W and a Maximum Power Point (MPP) tracking range of 53-64V.