Enphase Energy (ENPH) Begins IQ Battery 5P Shipment in Mexico

Zacks Equity Research
·4-min read

Enphase Energy, Inc. ENPH recently launched its most powerful home battery solution, IQ Battery 5P, which comes with a 5-kilowatt-hour (kWh) capacity, in the solar market of Mexico. The IQ Battery 5P, together with ENPH’s new IQ8 microinverters, can supply dependable electricity to residential customers whenever they need it.

Benefits of the Launch

The third-generation Enphase Energy System with the IQ Battery 5P, now available in Mexico, supports configurations ranging from 5 to 60 kWh. It delivers a significantly improved experience for homeowners and installers, backed by increased power, resilient wired connectivity and an improved commissioning experience. The IQ Battery 5P is a dependable and scalable energy storage solution that allows homeowners to take control of their energy future.

Additionally, homeowners in Mexico can now use the Enphase App to smartly manage their battery systems and track performance. This includes using the self-consumption capability to reduce the amount of electricity used from the grid. No doubt, the recent launch will encourage ENPH’s Mexican customers to go more grid-independent and can be expected for more customers to choose its battery solutions in the near future. This should bolster the company’s revenues from this nation’s expanding renewable market as Mexico rapidly progresses toward electrification.

Enphase’s Prospects in the Battery Storage Market

The increased penetration of the renewable energy market has propelled the demand for battery storage. Hence, the energy storage market is expanding rapidly. To this end, the Mordor Intelligence firm expects global battery storage to witness a CAGR of 8.7% over the 2024-2029 period.  

This should substantially benefit Enphase as the company strives to provide the most innovative technology in the battery storage segment that ensures long-term reliability and sustainability. The latest launch of its IQ Battery 5P in Mexico is a bright example of that.

Apart from Mexico, Enphase currently ships the IQ Battery 5P to the United States, Puerto Rico, Australia, the United Kingdom and Italy. ENPH has plans lined up for its fourth-generation battery in late 2024, which aims to reduce energy intensity significantly. Such initiatives can be expected to enable ENPH to fetch more revenues from the Battery Storage Market in the coming days.

Peers to Benefit

Other prominent solar players like Canadian Solar CSIQ, Emeren Group SOL and SunPower Corp. SPWR are expanding their footprint to reap the benefits of the expanding Battery Storage Market.

Canadian Solar boasts a strong presence in the energy storage industry, with 600 MWh of battery energy storage projects in operation. As of Mar 31, 2024, Canadian Solar’s total battery storage project development pipeline was 55.9 gigawatt-hours (GWh), including 4.3 GWh under construction and in the backlog and 51.6 GWh of projects in advanced and early-stage pipelines.

CSIQ has a long-term (three to five years) earnings growth rate of 25%. The Zacks Consensus Estimate for its 2024 sales implies an improvement of 2.6% from the prior-year figure.

Emeren develops battery storage projects. As of Mar 31, 2024, the battery storage portfolio comprised 19 MWh, while its total energy storage project pipeline had increased to more than 8 GW.

The Zacks Consensus Estimate for SOL’s 2024 sales implies an improvement of 41% from the prior-year figure. Its shares have risen 1.1% in the past month.

SunPower is a prominent provider of battery storage systems, with its portfolio containing SunVault Storage, which comes with 26 kWh and 52 kWh configurations. On May 22, 2024, SunPower announced that it would now be offering Tesla Powerwall 3 as part of its curated portfolio of high-quality and affordable solar and storage products. This will allow SunPower to provide comprehensive energy solutions to homeowners under one roof, including sales, financing and installation.

The Zacks Consensus Estimate for SPWR’s 2024 bottom line, pegged at a loss of 61 cents, suggests a solid improvement from the prior-year quarter’s loss of 91 cents. Its shares have surged 44.7% in the past month.

Price Movement

In the past six months, shares of Enphase Energy have risen 28.1% compared with the industry’s average growth of 21.1%.

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Zacks Rank

Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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