The company noted whole year revenue was projected at $619 million in 2019 with operating income at $122 million, up 96% and 495% year-on-year, respectively. Enphase is hoping to expand to 8 more European countries in 2020, doubling revenue from the continent in the year.
Enphase sees the global residential “serviceable available market” (SAM) expanding from $2.5 billion this year to $4 billion in 2022. When adding in residential storage, small commercial solar, and off-grid solar and storage the company projects its SAM to grow from $3.3 billion to $12.5 billion by 2022. Wood Mackenzie Renewables & Power sees Enphase products installed on 19% of U.S. residential rooftops year-to-date.
Enphase will ramp its Mexico facilities from 500,000 to 1 million units per quarter, reaching a quarterly capacity of 3.5 million microinverters and 120 MWh of energy storage by Q4 2020. The company estimates spending $25 million in capital expenditures to achieve this.
The main components of an Enphase installation are the microinverters on the backside of the modules and the IQ combiner which brings the module wires together. The full on Ensemble 2.0 suite includes IQ8 inverters and the IQ, plus an Enpower Switch which sits between the home and the power grid, as well the energy storage solution which is wired directly to the switch (beyond the main electric panel). All items are wirelessly connected.
Enphase spoke of a three-phase solar power inverter focused on the commercial market. The unit is rated at 640Wac and can handle two 400W solar modules. Enphase analyst TJ Roberts, suggested the 208V at 3.08A unit, could cost $100-150 each (15¢-23¢/Wac).
Lastly, the company showed off its “Ensemble in a box” which allows two solar modules to be connected into a case that includes energy storage, inverters, and plugs to power things. The company noted the hardware was focused on the Indian market where energy poverty is a true societal challenge.
Enphase called this a $4 billion opportunity by 2022. With $2 billion of it being supporting the water pump market, $1.5 billion as standalone systems and another $500 million for mitigating extreme heat.