Enphase Energy, a global supplier of microinverter-based solar and battery systems, announced the upcoming acquisition of ClipperCreek, one of the EV charging pioneers.
ClipperCreek is mostly focused on Level 2 AC charging points (EVSE) for home and commercial use. Since 2006, the company has sold more than 110,000 Level 2 AC charging stations and was an EVSE supplier for multiple OEMs.
Enphase Energy explains that it is acquiring ClipperCreek because the EV market is expected to grow by more than 40% annually in the U.S. over the next five years. That will have its implications for home energy management (higher energy consumption and potential to use the battery as power backup or grid services).
In other words, Enphase Energy wants not only to sell EV charging solutions, but to develop and offer power conversion and software platform to manage loads and resources within the home.
“This acquisition extends Enphase leadership into home electrification by leveraging its power conversion and software platform to manage loads and resources within the home.
The acquisition is expected to provide the following benefits:
- Provides Enphase distributors and installers globally with EV charging solutions that can be sold alongside solar and battery systems
- Launches Enphase into the rapidly growing EV sector with a respected brand and industry-leading products
- Accelerates the Enphase roadmap to enable bi-directional charging capability for vehicle-to-home and vehicle-to-grid applications
- Establishes a domestic manufacturing footprint for Enphase”
The acquisition is expected to close by December 31, 2021.
Badri Kothandaraman, president and CEO of Enphase Energy said:
“We were immediately drawn to ClipperCreek’s strong consumer brand, excellent product quality, and emphasis on customer experience. Jason has managed to build one of the leading EV charging companies, while remaining profitable and demonstrating gross margins in-line with Enphase. We are very excited to introduce ClipperCreek to our distributors and installers around the world. We look forward to building upon the current product base while adding smart features such as cloud connectivity, integration into the EnsembleOS™ platform and bi-directional charging in the future. Managing EV charging is an integral part of our strategy.”
Jason France, founder and CEO of ClipperCreek said:
“The EV industry has reached a tipping point, as consumers are demanding cleaner ways of getting around other than from cars with internal combustion engines. With Enphase’s leading power conversion technology, manufacturing expertise and deep distribution relationships, I believe we will jointly achieve my founding objective of improving the environment for current and future generations through the promotion of the plug-in electric vehicle industry. I am excited to join the Enphase team.”
Source: Read Full Article