Enphase Energy, Inc. ENPH recently unveiled the IQ PowerPack 1500 portable energy system in the solar markets of the United States and Canada. The company expects to start shipment of the IQ PowerPack 1500, which comes with a five-year limited warranty, from next month.
More on ENPH’s IQ PowerPack 1500
The IQ PowerPack 1500, with built-in IQ8 microinverters, comes with a 1,500-watt-hour battery capacity that can power small appliances at home, work or outdoors. It is lightweight and easy to move with an optional folding cart and comes with a five-year limited warranty.
The PowerPack can be charged in 75 minutes using a standard outlet and in four hours with solar panels or a car charger.
ENPH’s Growth Prospects
With industries across the board rapidly adopting renewables as their preferred choice of energy, the growing demand for energy storage has been the primary factor behind the rising need for an efficient battery energy management system (BEMS). The increasing use of electric vehicles, backed by the rapid electrification of the transportation sector, has also been playing a crucial role in boosting the demand for BEMS.
Therefore, the shift of the global economy to a more sustainable, carbon-free energy future has set the stage for the global BEMS market to witness solid growth trends in recent times. This might have prompted Transparency Market Research to project that the global BEMS market will witness a CAGR of 21.8% during the 2023-2031 time period.
Enphase Energy, with its latest innovation of the IQ PowerPack 1500 product, stands to gain from such a solid growth prospect offered by the aforementioned market. The IQ PowerPack, being a mobile energy system, will offer its customers the independence of utilizing emission-free, off-grid energy, both indoors and outdoors. The flexibility to remotely control this device using the Enphase App from a smart device also provides ENPH’s customers the freedom to adjust and manage their energy usage virtually.
ENPH’s Peers
Other companies that are likely to enjoy the perks of the expanding BEMS market are discussed below.
NextEra Energy, Inc. NEE: It is the world’s largest generator of wind and solar energy. Notably, its energy storage systems include a battery management system, which monitors the individual cells and controls the voltage, temperature and current for safe, reliable transfer of energy.
The Zacks Consensus Estimate for NEE’s 2025 sales indicates year-over-year growth of 11.2%. The consensus estimate for 2024 earnings per share indicates year-over-year growth of 7.6%.
Emerson Electric Company EMR: Emerson’s battery energy management software and technologies securely deliver real-time and historical data to key stakeholders, thereby providing accurate, actionable intelligence that enables better decision making. Notably, its Ovation software increases visibility into battery operations and simplifies system management.
The Zacks Consensus Estimate for EMR’s fiscal 2025 sales indicates year-over-year growth of 3.7%. The consensus estimate earnings per share indicates year-over-year growth of 7.8%.
ENPH Stock’s Price Movement
Shares of ENPH have lost 12.2% in the past month compared with the industry’s 3.5% decline.
Image Source: Zacks Investment Research
ENPH’s Zacks Rank & a Stock to Consider
ENPH currently carries a Zacks Rank #3 (Hold).
A better-ranked stock in the same industry is Canadian Solar CSIQ. It currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CSIQ delivered an average earnings surprise of 118.92% in the last four quarters. The Zacks Consensus Estimate for 2025 sales is pinned at $8.25 billion, which indicates year-over-year growth of 19.7%.
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