Solar giant Enphase Energy Inc. reported its European revenue surged 69% in the second quarter from the prior period as the continent grapples with rising energy prices.
(Bloomberg) — Solar giant Enphase Energy Inc. reported its European revenue surged 69% in the second quarter from the prior period as the continent grapples with rising energy prices.
Enphase also projects a robust third quarter: 40% revenue growth from the continent over the second period, according to Chief Executive Officer Badri Kothandaraman. The Netherlands and Germany led the surge.
With Russia reducing gas supplies, energy prices in Europe are soaring, contributing to demand for residential solar and batteries. The growing popularity of electric vehicles is also driving interest.
Read: Enphase to add Europe manufacturing to meet demand
“The natural-gas supply is under stress and people want energy security,” Kothandaraman said in an interview late Tuesday. “People are looking at full-home electrification.”
Enphase reported record revenue of $530.2 million in the second quarter Tuesday. About 80% came from the US, according to Kothandaraman.
The Fremont, California-based company, which makes components that convert sun-based electricity into usable energy, expects to introduce its so-called IQ batteries in more European countries during the second half of the year.
(Updates with CEO’s quote in the fourth paragraph.)
Image and article originally from financialpost.com. Read the original article here.