Enphase Energy (NASDAQ: ENPH), a supplier of microinverter-based solar and battery systems, has agreed to acquire California-based charger manufacturer ClipperCreek. The acquisition is expected to close by the end of 2021.
ClipperCreek has served the EV charging market since 2006, and has sold more than 110,000 Level 2 AC charging stations since its inception.
Enphase says the acquisition will leverage its power conversion and software platform to manage energy loads and resources within the home. The deal will establish a domestic manufacturing footprint for Enphase, allow its distributors and installers to sell EV charging solutions alongside solar and battery systems, and accelerate its plans to enable bi-directional charging capability for vehicle-to-home and vehicle-to-grid applications.
“The EV industry has reached a tipping point, as consumers are demanding cleaner ways of getting around,” said Jason France, founder and CEO of ClipperCreek. “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 through the promotion of the plug-in vehicle industry.”
“We were drawn to ClipperCreek’s strong consumer brand, excellent product quality, and emphasis on customer experience,” said Badri Kothandaraman, CEO of Enphase Energy. “Jason has managed to build one of the leading EV charging companies, while remaining profitable and demonstrating gross margins in line with Enphase. 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.”
Source: Enphase Energy