Enphase Energy on Monday said it agreed to pay $25 million to purchase SunPower Corp.’s microinverter business.
“We are pleased to become the microinverter supplier for SunPower’s AC Modules,” Badri Kothandaraman, president and CEO of Enphase Energy, said in a statement. “The IQ 7XS 320W AC microinverter in an ACM strongly complements SunPower’s high efficiency solar cells.”
Enphase said that the IQ 7XS microinverter was designed specifically for SunPower’s X Series 96-cell PV modules.
“SunPower customers will continue to see the same quality, high performance that they see now as Enphase exclusively co-develops microinverters for our industry leading residential Equinox solar product,” SunPower CEO Tom Werner said. “As a result of this strategic partnership, SunPower looks forward to benefitting from Enphase’s expertise, allowing us to continue containing costs, leveraging R&D support and helping streamline our business priorities.”
The transaction is expected to close at the end of the third quarter subject to product qualification and other closing conditions under the definitive asset purchase agreement. As part of the transaction, SunPower also will receive 7.5 million shares of Enphase common stock. The closing price on June 12 for Enphase stock (NASDAQ: ENPH) was $4.50.
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