August 10 (Renewables Now) - Enphase Energy Inc (NASDAQ:ENPH) announced it has wrapped up the acquisition of the microinverter business of SunPower Corp (NASDAQ:SPWR) “ahead of plan”.
As previously announced, Enphase agreed to buy this business for USD 25 million (EUR 22m) in cash and 7.5 million common shares. On Thursday it said it has paid USD 15 million using cash from its balance sheet and expects to pay the rest by December 28.
The purchase adds more than 140 patents to Enphase’s IP portfolio.
“We now expect volume shipments of IQ 7XS microinverters in the fourth quarter of 2018 and an acceleration of the ramp throughout 2019. The business is on track to achieve its full revenue and gross margin potential,” said Badri Kothandaraman, president and CEO of Enphase Energy.
The IQ 7XS microinverter, part of Enphase’s IQ 7 seventh-generation microinverter platform, was designed specifically for SunPower’s X Series 96-cell PV modules.
(USD 1.0 = EUR 0.873)