Enphase Energy agrees to buy SunPower's microinverter business

Enphase Energy is a NASDAQ-listed energy technology company headquartered in Petaluma, California.

Enphase has announced in a press release that it signed a definitive agreement to acquire SunPower’s microinverter business.

Under this agreement, Enphase will pay $25 million in cash and $7.5 million in shares of Enphase common stock for these assets.

According to the release, the two companies will engage in a 5-year partnership to create high performance, easy to use home solar systems.

The agreement is also intended to “accelerate global adoption of AC modules as the de facto residential solution.”

Enphase designs and manufactures software-driven home energy solutions that span solar generation, home energy storage and web-based monitoring and control.

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