Enphase Energy to Acquire GreenCom Networks
GreenCom Networks has extensive experience integrating a diverse set of devices such as solar inverters, battery systems, EV chargers, and heat pumps. These devices are typically made by different suppliers and need to be orchestrated intelligently to optimize energy consumption. GreenCom’s software solutions result in a rich and seamless experience for the homeowner and can help optimize the amount of self-generated energy that is consumed or stored by the homeowner.
The acquisition is expected to:
- Add a local engineering team to service the accelerating clean energy transition in
- Provide installers with a complete home energy management system integrating Enphase microinverters and batteries with third-party EV chargers and heat pumps
- Enable homeowners to monitor and control the devices from the Enphase® App
- Help homeowners save on their electricity bill through self-consumption, while reducing carbon footprint and reliance on fossil fuels
- Facilitate home energy management features such as green EV charging, green heating with heat pumps, and time-of-use optimization
“The technical capabilities of the development team at GreenCom Networks will help accelerate our home energy management solutions globally,” said
“The energy crisis is not confined to
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2022.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped more than 48 million microinverters, and over 2.5 million Enphase-based systems have been deployed in more than 140 countries. For more information, visit https://www.enphase.com and follow the company on Facebook, Instagram, LinkedIn and Twitter.
GreenCom Networks is a leading energy IoT company, with offices in
This press release contains forward-looking statements (such as statements in the future tense and statements including “anticipate,” “believe,” “enhance,” “expect,” and similar terms and concepts), including statements related to the timing of obtaining regulatory approvals and the timing of the closing of the transaction; the expected benefits of the transaction to installers and customers; the expected capabilities and performance of Enphase Energy’s and GreenCom Network’s technology and products; our business strategy, including expansion and the market adoption of our products; and the anticipated market demand for Enphase products. These forward-looking statements are based on Enphase's current expectations and inherently involve significant risks and uncertainties, including, but not limited to, the risk that the transactions are terminated prior to closing or the related transactions do not otherwise close (or close on terms different than what has been agreed as of the date hereof); the parties' failure or inability to perform their respective obligations under the related transaction agreements; and market acceptance of future product offerings. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties, including those risks described in more detail in Enphase’s most recently filed Quarterly Report on Form 10-Q for the quarter ended
Source: Enphase Energy, Inc.