Enphase Energy, Inc. (Nasdaq: ENPH) announced today that it has closed the acquisition of electric vehicle charging platform ClipperCreek. The move comes days after the energy firm also closed its acquisition of Arizona-based cleantech software platform 365 Pronto, Inc.
While no financial details have been disclosed, the company bared the potential of the acquisition, including cross-selling ClipperCreek’s EV charging solutions and Enphase’s solar and battery systems.
ClipperCreek is based in Auburn, California, and has sold more than 110,000 Level 2 AC charging stations.
The Fremont, California-based energy tech firm also said the acquisition launches it into the EV market and sets a domestic manufacturing footprint for Enphase.
“EV adoption is quickly gaining momentum with sales expected to grow more than 40% annually in the U.S. over the next five years,” said CEO Badri Kothandaraman. “We look forward to working with the talented team from ClipperCreek to develop smart EV charging solutions and integrating them into our home energy systems.”
Enphase Energy last traded at US$182.94 on the Nasdaq.
Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
