US Enphase Energy to buy German Greencom Networks

US energy technology company Enphase Energy (NASDAQ: ENPH) announced on Monday a deal to acquire Germany-based software solutions provider Greencom Networks, building upon its current offering through the transaction.

Financial details of the deal were not disclosed.

The acquisition is subject to customary closing conditions and regulatory approvals. It is expected to complete in the fourth quarter of 2022.

Enphase Energy supplies microinverter-based solar and battery systems. Meanwhile, Greencom Networks provides Internet of Things (IoT) software solutions for customers to connect and manage a wide range of distributed energy devices within the home.

“By pairing Enphase solar and battery systems with GreenCom’s IoT platform, we believe we can make meaningful progress in improving sustainability, decarbonization, and reducing the reliance on fossil fuels for our customers,” Greencom’s co-CEOs Christian Feisst and Peter Muller-Bruhl commented in the statement.

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