Global energy technology company Enphase Energy, Inc. (NASDAQ: ENPH) recently revealed that it has expanded its partnership with diversified manufacturer Flex to produce Enphase microinverters for the European market.
Following the news, shares of the company jumped more than 5% on Monday. The stock pared its gains slightly to close at $215.02 in the extended trading session.
To cater to the rising demands of residential solar, electric vehicles and heat pump technology in the European market, a new unit will be set up at Flex’s production facility in Timisoara, Romania to manufacture Enphase microinverters.
Further, the new setup will allow Enphase to enhance its global capacity and improve delivery times across Europe.
Management Commentary
The CEO of Enphase Energy, Badri Kothandaraman, said, “Policymakers are setting ambitious new targets to help accelerate the transition to a more electrified future, and we expect to help meet the growing demand with our leading solar, battery, and EV charging solutions. I want to thank Flex for being such a strong partner in our global manufacturing strategy and supporting our efforts to better serve our customers while maintaining our product quality.”
Stock Rating
Consensus among analysts is a Strong Buy based on 17 Buys and four Holds. Enphase Energy’s average price target of $218.79 implies upside potential of 1.1% from current levels. Shares have gained 44.8% over the past year.
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