Enphase Energy

Enphase Energy Revenue Up In First Post-IPO 1Q Report

MarkL — Thu, 10 May 2012 20:46:21 +0000

May 10, 2012: Enphase Energy Revenue Up In First Post-IPO 1Q Report; The Wall Street Journal

Enphase Energy Inc. (ENPH), posted a smaller per-share loss as revenue soared in the company’s first quarterly report following its initial public offering.

Enphase Energy Reports 136% Year-over-Year Revenue Growth in First Quarter 2012 Financial Results

MarkL — Thu, 10 May 2012 20:06:28 +0000

Enphase Energy Reports 136% Year-over-Year Revenue Growth in First Quarter 2012 Financial Results

• Net revenues increased to $42.6 million from $18.1 million year-over-year
• Gross margin increased to 21.8% from 14.7% year-over-year

PETALUMA, Calif., — May 10, 2012 — Enphase Energy, Inc., (NASDAQ: ENPH), announced today financial results for the first quarter ended March 31, 2012.

First Quarter Financial Highlights

Net Revenues: Total net revenues for the first quarter ended March 31, 2012 grew 136 percent to $42.6 million from $18.1 million in the first quarter of 2011. Units sold in the first quarter of 2012 increased to 292,000, compared to 123,000 in the first quarter of 2011.

Gross Margin: Gross margin for the first quarter of 2012 was 21.8 percent, compared to 14.7 percent in the first quarter of 2011.

Net Loss: First quarter net loss was $10.2 million, or a loss of $5.97 per share, which compares to a net loss of $9.3 million, or a loss of $10.95 per share in the year-ago period. On a non-GAAP basis, the net loss was $9.2 million for the quarter, or a loss of $5.38 per share, compared to $8.8 million, or a loss of $10.40 per share, in the year-ago period. Non-GAAP results exclude stock-based compensation expense, non-cash interest expense and non-cash gains or losses due to preferred stock warrant revaluations. A reconciliation of GAAP to non-GAAP financial measures is included below.

“Our first quarter offered further evidence of how microinverters are transforming our market,” said Paul Nahi, CEO of Enphase Energy. “Driven by strong demand throughout North America, revenues more than doubled over the same period last year. This underscores the fundamental advantages of microinverters, which not only produce more power, but are more reliable, safer and easier to install. By combining our proprietary semiconductor design, our cloud-based software solution along with our outsourced manufacturing model, we are applying a classic high-technology business model to the solar industry.”

“In our first quarter, which is typically our seasonally softest quarter, we achieved year-over-year revenue growth of 136 percent,” said Sanjeev Kumar, CFO of Enphase Energy. “Gross margins of 21.8 percent improved by over 700 basis points from the previous year. On April 4, 2012, we successfully completed our initial public offering, raising total gross proceeds of $61.9 million.”

Business Highlights

Completed the initial public offering of 10,315,151 shares of common stock, raising total gross proceeds of $61.9 million.
Announced the installation of 1,440 microinverters on a solar array community project located in the town of Brewster, Mass., in March, 2012. Constructed by My Generation Energy, the system generates enough energy to power 50 homes and businesses. My Generation Energy is also currently constructing a 475kW rooftop system in Hyannis, Mass., with Enphase® Microinverters.
Launched its annual North America installer tour in April, 2012. The tour travels across Canada and the United States over 80 days, visiting 33 cities and thousands of solar installers. The tour focuses on hands-on training and demonstrations of the Enphase Microinverter System.
Expanded its European presence with the recent development of a new lab facility in Lyon, France, focused on a local test environment for its European products. The lab will allow Enphase Energy to monitor, support and ensure compliance of its products from within Europe.

Business Outlook

Enphase Energy expects net revenues for the second quarter of 2012 to be within a range of $49 million to $52 million, and for gross margin to be within a range of 21.5 percent to 23.0 percent.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its first quarter results today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Open to the public, investors may access the call by dialing +1-877-644-1284, passcode 74695311. A live webcast of the conference call will also be accessible from the “Investor Relations” section of the company’s website at investor.enphase.com. Following the webcast, an archived version will be available on the website for 30 days. In addition, an audio replay of the conference call will be available approximately one hour after the conclusion of the call. To hear the replay, parties in the United States and Canada should call +1-855-858-2056 and enter passcode 74695311. International parties can access the replay at +1-404-537-3406 and should enter passcode 74695311.

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements related to Enphase Energy’s financial performance, market demands for its microinverters, advantages of its technology, market trends and future financial performance. These forward-looking statements are based on the company’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to: the future demands for solar energy solutions; the reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar electricity applications; the company’s ability to achieve broad market acceptance of its microinverter systems and to develop new and enhanced products in response to customer demands and rapid market and technological changes in the solar industry; the success of competing solar solutions that are or become available; the company’s ability to effectively manage the growth of its organization and expansion into new markets and to maintain or achieve anticipated product quality, product performance and cost metrics; competition and other factors that may cause potential future price reductions for its products; the company’s ability to optimally match production with demand and dependence on a limited number of outside contract manufacturers and lack of supply contracts with these manufacturers; general economic conditions in domestic and international markets; and other risks detailed in the “Risk Factors” and elsewhere in Enphase Energy’s Securities and Exchange Commission filings and reports, including its Registration Statement on Form S-1 (including a prospectus) and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, when it becomes available. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. Our semiconductor-based microinverter system converts energy at the individual solar module level and brings a systems-based, high technology approach to solar energy generation. www.enphase.com

Contacts

Media Relations
Christine Bennett, Enphase Energy
Global Corporate Communications Manager
pr@enphaseenergy.com
+1-707-763-4784

Investor Relations
David Niederman, The Blueshirt Group
+1-415-217-7722

Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)


	Three Months Ended March31,
	2012	2011
Net revenues	$ 42,600	$ 18,069
Cost of revenues	33,293	15,421

Gross profit	9,307	2,648

Operating expenses:
Research and development	7,842	5,345
Sales and marketing	5,049	3,010
General and administrative	5,696	3,250

Total operating expenses	18,587	11,605

Loss from operations	(9,280)	(8,957)

Other expense, net:
Interest income	—	4
Interest expense	(1,479)	(280)
Other income (expense)	640	(56)

Total other expense, net	(839)	(332)

Loss before income taxes	(10,119)	(9,289)
Provision for income taxes	(65)	—

Net loss attributable to common stockholders	$ (10,184)	$ (9,289)

Net loss per share attributable to common stockholders, basic and diluted	$ (5.97)	$ (10.95)

Shares used in computing net loss per share attributable to common stockholders, basic and diluted*	1,706	848

* On April 4, 2012, upon consummation of the IPO, there were approximately 40.7 million shares of common stock issued and outstanding, which included (i) 10,315,151 shares sold in the IPO, (ii) 25,170,918 shares issued as a result of the automatic conversion of convertible preferred stock, and (iii) 3,533,988 shares issued as a result of the automatic conversion of convertible notes.

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(Unaudited)


	March31, 2012	December31, 2011
ASSETS
Current assets:
Cash and cash equivalents	$ 31,903	$ 51,524
Accounts receivable, net of allowances of $124 and $144 as of March31, 2012 and December31, 2011, respectively	13,447	17,771
Inventory	25,661	11,228
Prepaid expenses and other	2,308	1,264

Total current assets	73,319	81,787
Property and equipment, net	22,736	18,411
Other assets	7,320	6,044

Total assets	$ 103,375	$ 106,242

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$ 24,797	$ 12,928
Accrued liabilities	10,558	10,100
Deferred revenues	16,587	23,414
Current portion of term loans	5,437	4,529
Convertible preferred stock warrant liability	776	1,399

Total current liabilities	58,155	52,370

Long-term liabilities:
Deferred revenues	4,305	3,670
Warranty obligations	7,877	6,733
Other liabilities	52	145
Term loans	8,619	10,148
Convertible notes	19,819	19,202

Total long-term liabilities	40,672	39,898

Total liabilities	98,827	92,268

Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, $0.00001 par value, 23,589 and 23,559 shares authorized at March31, 2012 and December31, 2011, respectively; 22,221 shares issued and outstanding at March31, 2012 and December31, 2011	93,596	93,596
Common stock, $0.00001 par value; 50,000 and 41,410 shares authorized, 1,713 and 1,698 shares issued and outstanding at March31, 2012 and December31, 2011, respectively	—	—
Additional paid-in capital	9,833	9,103
Accumulated deficit	(98,992)	(88,808)
Accumulated other comprehensive income	111	83

Total stockholders’ equity	4,548	13,974

Total liabilities and stockholders’ equity	$ 103,375	$ 106,242

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)


	Three Months Ended March31,
	2012	2011
Cash flows from operating activities:
Net loss	$ (10,184)	$ (9,289)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,085	544
Noncash interest expense	937	30
Stock-based compensation	706	375
Change in fair value of convertible preferred stock warrants	(623)	58
Changes in operating assets and liabilities:
Accounts receivable	4,324	184
Inventory	(14,433)	(1,297)
Prepaid expenses and other assets	(913)	(634)
Accounts payable, accrued and other liabilities	11,222	762
Deferred revenues	(6,192)	260

Net cash used in operating activities	(14,071)	(9,007)

Cash flows from investing activities:
Purchases of property and equipment	(4,605)	(2,318)

Net cash used in investing activities	(4,605)	(2,318)

Cash flows from financing activities:
Proceeds from term loans	2,600	2,000
Term loan issuance costs	—	(95)
Repayments of term loans	(3,287)	(48)
Principal payments under capital leases	(31)	(15)
Proceeds from the exercise of stock options	24	14
Deferred offering costs	(279)	—

Net cash (used in) provided by financing activities	(973)	1,856

Effect of exchange rate changes on cash	28	—

Net decrease in cash and cash equivalents	(19,621)	(9,469)
Cash and cash equivalents — Beginning of period	51,524	39,993

Cash and cash equivalents — End of period	$ 31,903	$ 30,524

ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(Unaudited)


	Three Months Ended March31,
	2012	2011
Reconciliation of Net Loss on a GAAP Basis to Net Loss on a Non-GAAP Basis:
Net loss on a GAAP basis	$ (10,184)	$ (9,289)
Stock-based compensation	706	375
Noncash interest expense	937	30
(Gains) losses from convertible preferred stock warrant liability revaluation	(623)	58

Net loss on a non-GAAP basis(1)	$ (9,164)	$ (8,826)

Reconciliation of Basic and Diluted Net Loss per Share on a GAAP Basis to Basic and Diluted Net Loss per Share on a Non-GAAP Basis:
Basic and diluted net loss per share on a GAAP basis	$ (5.97)	$ (10.95)
Stock-based compensation	0.41	0.44
Noncash interest expense	0.55	0.04
(Gains) losses from convertible preferred stock warrant liability revaluation	(0.37)	0.07

Net loss per share on a non-GAAP basis(1)	$ (5.38)	$ (10.40)

We present Non-GAAP net loss and Non-GAAP net loss per share as a supplemental measure of our performance. These non-GAAP financial measures exclude stock-based compensation expense, noncash interest expense and gains or losses from convertible preferred stock warrant liability revaluation. We have reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in the table above. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly and year-to-date 2012 actual results on a comparable basis with our quarterly and year-to-date 2011 results. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.


	Quarterly Period
	1Q12	4Q11	3Q11	2Q11	1Q11
Other Operating Data:
Net revenues (in thousands)	$ 42,600	$ 57,134	$ 44,728	$ 29,592	$ 18,069
Gross margin	21.8%	22.9%	19.1%	16.2%	14.7%
Microinverter units shipped (in thousands)	292	389	286	204	123
Megawatts shipped	62.5	82.5	60.6	40.8	23.8

Enphase Sales to Grow as Rooftop Solar Shifts, CEO Says

MarkL — Fri, 04 May 2012 17:55:38 +0000

May 4, 2012: Enphase Sales to Grow as Rooftop Solar Shifts, CEO Says; Bloomberg

Enphase Energy Inc. (ENPH), which has increased 39 percent since its shares began trading March 29, expects a technological shift in the rooftop solar market to spur demand for its microinverters.

Enphase Energy Continues European Expansion with New Testing Lab

MarkL — Mon, 30 Apr 2012 23:48:47 +0000

Lab to focus on technical support, analysis and certification for Enphase products

PETALUMA, Calif., – April 26, 2012 – Enphase Energy, Inc., (NASDAQ: ENPH), today announced the development of a new lab facility in Lyon, France, focused on a local test environment for the company’s European products. The testing lab will allow Enphase to monitor, support and ensure compliance of its products from within Europe. Enphase opened offices in Lyon, France, which also serves the Benelux region, and Milan, Italy, in March 2011 and continues to expand in support of its market growth in Europe.

“The European market is crucial in our development strategy and building out our global presence,” said Olivier Jacques, director of Enphase Energy France and Benelux. “Expanding with this new lab demonstrates our commitment to the European markets as well as our ability to quickly address customer needs.”

According to IMS Research, the Benelux region has seen an impressive, steady increase in solar installations over the last several years. IMS notes in 2008, Benelux saw 52 MW of solar systems installed, with this number jumping to 765 MW in 2011. The region is projected to continue growing to 833 MW by 2013. IMS also projects that France will remain a sizable market for solar installations in the coming years.

The primary mission of the European testing lab is to provide local technical support and analysis for Enphase® Microinverters deployed in the France and Benelux regions. The new European lab will work in tandem with the North American lab at Enphase headquarters to create global consistency and facilitate regional knowledge sharing.

Product certification activities will also take place at the new testing lab in conjunction with North America. State-of-the-art environmental and simulation testing equipment will populate the new facility as well as tools to test Enphase products for the European grid.

###

About Enphase Energy

Contacts
Media Relations
Christine Bennett, Enphase Energy
Global Corporate Communications Manager
pr@enphaseenergy.com
+1-707-763-4784

Enphase Energy to Announce First Quarter 2012 Financial Results, May 10, 2012

matt — Fri, 27 Apr 2012 16:24:48 +0000

PETALUMA, Calif., – April 26, 2012 – Enphase Energy, Inc., (NASDAQ: ENPH), announced today the company will host a conference call and webcast on Thursday, May 10, 2012, at 4:30pm Eastern Time to discuss its first quarter 2012 financial results for the period ended March 31, 2012. The call and webcast will follow the release of first quarter financial results after market close. The live webcast can be accessed on the Enphase Energy Investor Relations website at investor.enphase.com, and a recorded version of the call will also be available there approximately one hour after the call.

What:	Enphase Energy’s first quarter 2012 financial results earnings call and webcast
Date:	Thursday, May 10
Time:	4:30pm ET
Live call:	877.644.1284
International:	707.287.9355
Participant Passcode:	74695311
Replay:	US: 855.859.2056
	International: 404.537.3406
	Passcode: 74695311

The webcast will be archived for up to three months.

###

About Enphase Energy, Inc.
Enphase Energy delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. Our semiconductor-based microinverter system converts energy at the individual solar module level and brings a systems-based, high technology approach to solar energy generation. www.enphase.com

Contacts
Media Relations
Christine Bennett, Enphase Energy
Global Corporate Communications Manager
pr@enphaseenergy.com
+1-707-763-4784

Investor Relations
David Niederman, The Blueshirt Group
+1-415-217-7722

Enphase Energy Announces North America Installer Tour: Enphase Experience Roadshow 2012

matt — Thu, 19 Apr 2012 19:08:24 +0000

PETALUMA, Calif., April 19, 2012 – Enphase Energy, Inc.,(NASDAQ: ENPH) today announced the tour schedule for the Enphase Experience Roadshow 2012, where solar installers, building contractors, engineers and solar enthusiasts will participate in hands-on training and demonstrations of the full capabilities of the Enphase® Microinverter System. The annual roadshow kicks off in Petaluma, Calif., on Monday, April 30 and will continue for more than 80 days across the United States and Canada, stopping in 33 cities as voted by Enphase customers and online community members.

“Enphase designed this tour for our solar customers and community. We asked them to vote for their cities and committed to visit as many as possible,” said Bill Rossi, chief marketing officer of Enphase Energy. “Not only are we able to demonstrate the advantages of our microinverter technology on the annual Roadshow but also engage in meaningful and productive conversations directly with our installer community.”

Each stop of the tour will feature Microinverter System enhancements and tools to help solar installers grow their businesses, including:

• New balance-of-system products that further streamline solar installations
• Access to the Enlighten 3.0 Beta and the next generation of monitoring and mobile solutions that simplify processes
• A preview of the Enphase Metering and Management Solution, which includes a revenue grade meter for financed residential solar systems
The tour begins on Monday, April 30 at Enphase Energy’s new corporate headquarters at 1420 North McDowell Boulevard in Petaluma, Calif., from 11:30 a.m. – 4:00 p.m. Each free event will include food, contests and giveaways.

To register for the Enphase Experience Roadshow 2012 and for more information, visit http://enphase.com/roadshow/.

Enphase Experience Roadshow 2012 Tour Schedule

Date City
4/30/2012 Petaluma, CA
5/2/2012 Fresno, CA
5/4/2012 Los Angeles, CA
5/7/2012 Santa Ana, CA
5/8/2012 San Marcos, CA
5/9/2012 San Diego, CA
5/11/2012 Phoenix, AZ
5/16/2012 Denver, CO
5/17/2012 Denver, CO
5/21/2012 Albuquerque, NM
5/23/2012 Grand Prairie, TX
5/25/2012 San Antonio, TX
5/29/2012 Austin, TX
5/31/2012 New Orleans, LA
6/5/2012 Baltimore, MD
6/6/2012 Philadelphia, PA
6/7/2012 North Brunswick, NJ
6/8/2012 Hauppauge, NY
6/11/2012 Paramus, NJ
6/12/2012 Boston, MA
6/15/2012 Custer, WI
6/16/2012 Custer, WI
6/19/2012 Glenview, IL
6/21/2012 Niagara, ON
6/22/2012 Woodbridge, ON
6/25/2012 Kitchener, ON
6/26/2012 Kingston, ON
6/29/2012 St. Louis, MO
7/5/2012 Boise, ID
7/9/2012 Seattle, WA
7/11/2012 Portland, OR
7/13/2012 Sacramento, CA
7/16/2012 San Jose, CA
7/17/2012 San Carlos, CA
7/18/2012 Oakland, CA
7/19/2012 Santa Rosa, CA

About Enphase Energy, Inc.
Enphase Energy delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. Our semiconductor-based microinverter system converts energy at the individual solar module level and brings a systems-based, high technology approach to solar energy generation. Connect with Enphase on Facebook and follow us on Twitter. www.enphase.com

# # #

Contact
Kady Cooper
Industry Public Relations Manager
Enphase Energy
707.763.4784
pr@enphaseenergy.com

Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.

Enphase Energy Announces Closing of $61.9 Million Public Offering of Common Stock

matt — Wed, 04 Apr 2012 21:29:34 +0000

PETALUMA, Calif., April 4, 2012 – Enphase Energy, Inc., (NASDAQ: ENPH) today announced it has closed the previously announced underwritten public offering of 10,315,151 shares of its common stock at a price to the public of $6.00 per share for gross proceeds of approximately $61.9 million. The shares include 1,345,454 shares of common stock sold pursuant to the over-allotment option granted by the Company to the underwriters, which option was exercised in full. The net proceeds from the sale of the shares, after deducting the underwriters’ discounts and other estimated offering expenses payable by Enphase Energy, will be approximately $54.6 million.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. acted as joint book-running managers for the offering. Jefferies & Company, Inc. acted as joint lead manager, and Lazard Capital Markets LLC and ThinkEquity LLC acted as co-managers.

A copy of the prospectus relating to the offering may be obtained by contacting Morgan Stanley & Co. LLC at 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department, by calling (866) 718-1649 or by e-mailing prospectus@morganstanley.com; BofA Merrill Lynch at 4 Financial World Center, New York, New York 10080, Attention: Prospectus Department or by e-mailing dg.prospectus_requests@baml.com; or Deutsche Bank Securities Inc. at 100 Plaza One, Jersey City, New Jersey 07311, Attention: Prospectus Department, by calling (800) 503-4611 or by e-mailing prospectus.cpdg@db.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Enphase Energy, Inc.

CONTACT: Enphase Energy, Inc.

Investor Relations Contact:: The Blueshirt Group; David Niederman; 415-489-2189; davidn@blueshirtgroup.com

Media Contact:: Christine Bennett; PR Manager, Enphase Energy; pr@enphaseenergy.com; +1-707-763-4784

Enphase Energy Prices Initial Public Offering

jgibbs — Fri, 30 Mar 2012 03:08:16 +0000

PETALUMA, Calif., March 29, 2012 – Enphase Energy, Inc., (NASDAQ: ENPH) today announced the pricing of its initial public offering of 8,969,697 shares of common stock at a price to the public of $6.00 per share. All of the shares of common stock in the offering are being offered directly by Enphase. In addition, Enphase has granted the underwriters a 30-day option to purchase up to an additional 1,345,454 shares of common stock, solely to cover over-allotments, if any.

Morgan Stanley & Co. LLC, BofA Merrill Lynch and Deutsche Bank Securities Inc. are acting as joint book-running managers for the offering. Jefferies & Company, Inc. is acting as joint lead manager, and Lazard Capital Markets LLC and ThinkEquity LLC are acting as co-managers. The shares are expected to begin trading on the NASDAQ Global Market on March 30, 2012 under the ticker symbol “ENPH.”

The offering of these securities will be made only by means of a written prospectus, copies of which may be obtained from: Morgan Stanley & Co. LLC at 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department, by calling (866) 718-1649 or by e-mailing prospectus@morganstanley.com; BofA Merrill Lynch at 4 Financial World Center, New York, New York 10080, Attention: Prospectus Department or by e-mailing dg.prospectus_requests@baml.com; or Deutsche Bank Securities Inc. at 100 Plaza One, Jersey City, New Jersey 07311, Attention: Prospectus Department, by calling (800) 503-4611 or by e-mailing prospectus.cpdg@db.com.

About Enphase Energy, Inc.

CONTACT: Enphase Energy, Inc.

Investor Relations Contact:: The Blueshirt Group; David Niederman; 415-489-2189; davidn@blueshirtgroup.com

Media Contact:: Christine Bennett; PR Manager, Enphase Energy; pr@enphaseenergy.com; +1-707-763-4784

Enphase Energy® Microinverters Installed on 346kW Community Solar Project

matt — Tue, 27 Mar 2012 18:38:43 +0000

Download PDF

Brewster Community Solar Garden® facility generates clean electricity for local community cooperative

PETALUMA, Calif. – March 27, 2012 – Enphase Energy, Inc., today announced the installation of its Microinverter System on a 346kW solar array located in the town of Brewster, Mass. Constructed by My Generation Energy®, the system combines the output of 1,440 Enphase M215 microinverters paired with Sharp 240 watt solar modules, generating over 450 kWh of energy annually or enough to power 50 homes and businesses. The Brewster Community Solar Garden® Cooperative provides local residents and businesses restricted from installing solar on their own properties the opportunity to benefit from solar energy by joining the cooperative.

“Our partners continue to find innovative ways to advance solar energy adoption at both the residential and commercial level, and the Brewster Community Solar Garden® project is one of the most unique we’ve seen so far,” said Bill Rossi, CMO of Enphase Energy. “Our Enlighten® monitoring and analysis software streamlines commercial site management for our customers, like My Generation Energy, as they can easily the track the performance and overall health of their installed systems remotely.”

Community solar projects are gaining momentum as state congressional bills in Colorado, California (SB843) and Maryland (SB595) are proposed or approved. John Farrell, a senior researcher at the Institute for Local Self Reliance wrote last September, “Community solar power can offer unique benefits in the expansion of solar power, from greater participation and ownership of solar to a greater dispersion of the economic benefits of harnessing the sun’s energy.”

“We’ve mastered installing the Enphase Microinverter System in residential and commercial applications. We’re excited to now bring its benefits to our Community Solar Garden® project and other large commercial-scale projects as well,” said Luke Hinkle, president and CEO of My Generation Energy.

Continuing this trend, My Generation Energy is currently constructing a 475kW rooftop system in Hyannis, Mass., on Cape Cod, with the Enphase Microinverter System.

Further site details about the Brewster Community Solar Garden® Project, and other Enphase Featured Arrays, can be found on the Enphase blog: enphase.com/eblog.

About Enphase Energy, Inc.

About My Generation Energy, Inc.

My Generation Energy is a privately held Brewster, Massachusetts-based company that provides extensive and professional solar PV development and installation services. The company is currently the largest PV provider on Cape Cod and growing rapidly.
www.mygenerationenergy.com

Contact
Christine Bennett
PR Manager, Enphase Energy
PR@enphaseenergy.com
+1-707-763-4784

Mike Thonus
Operations Manager, My Generation Energy
mike.thonus@MyGenerationEnergy.com
+1-508-694-6884

Community Solar Garden is a registered trademark of Community Solar Gardens, LLC, used with permission.
My Generation Energy is a registered trademark of My Generation Energy, Inc. used with permission.
Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.

When Smaller is Better

matt — Fri, 16 Mar 2012 16:55:37 +0000

March 16, 2012: When Smaller is Better; Solar Builder Magazine

Using microinverters on large projects provides increased efficiency.

Enphase Energy

Enphase Energy Revenue Up In First Post-IPO 1Q Report

Enphase Energy Reports 136% Year-over-Year Revenue Growth in First Quarter 2012 Financial Results

Enphase Energy Reports 136% Year-over-Year Revenue Growth in First Quarter 2012 Financial Results

ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited)

ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value) (Unaudited)

ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited)

ENPHASE ENERGY, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in thousands, except per share data) (Unaudited)

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Enphase Energy Announces Closing of $61.9 Million Public Offering of Common Stock

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When Smaller is Better

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(Unaudited)

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)

ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(Unaudited)