Stock Track | Enphase Energy Soars 5% on US-Made Battery Shipments Unlocking Tax Credits

Stock Track11-19 01:46

Enphase Energy Inc. (ENPH) shares surged 5% on Monday, following the company's announcement that it has begun shipments of its IQ Battery 5P produced in the United States. This move positions Enphase's products to potentially qualify for the Domestic Content Bonus Credit, a tax incentive under the Inflation Reduction Act (IRA) aimed at promoting domestic manufacturing and clean energy adoption.

The Domestic Content Bonus Credit targets commercial asset owners, including businesses installing solar systems and power purchase agreement/lease providers for residential solar and battery projects. By incorporating Enphase's US-made microinverters, batteries, and additional domestic racking equipment, these projects could become eligible for the tax benefit.

Ken Fong, Vice President and General Manager of the Americas at Enphase Energy, stated, "The launch of IQ Batteries and IQ8 Microinverters from U.S. contract manufacturing facilities is a testament to our focus on providing reliable, forward-thinking solutions that meet the evolving needs of American homeowners. We're not just advancing clean energy but are also building a foundation for resilient communities by investing in domestic manufacturing and delivering top-tier technology to the market."

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