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Enphase Energy, Inc. (NASDAQ:ENPH) shares are trading higher on Wednesday after the company announced a new collaboration with Green Mountain Power (GMP) in Vermont, in a deal that will advance customer-focused innovations and grid modernization.
As part of the deal, Enphase will participate in GMP's pioneering home battery lease program, providing customers with backup power while enabling shared energy use during peak periods to help lower costs for all.
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Apart from this, GMP and Enphase also plan to introduce innovations, including Enphase's IQ Bidirectional EV Charger, set to launch in 2026.
This charger will enable electric vehicles to power homes during outages or feed energy back to the grid during peak demand, further expanding GMP's flexible home energy solutions.
“Our IQ Battery systems feature advanced technology that is being deployed by utilities around the world as a flexible tool to create value for both their grids and the homeowners they serve,” said Badri Kothandaraman, president and CEO of Enphase Energy.
”This program gives GMP customers an affordable, dependable source of back up energy that supports the grid while delivering the resilience and peace of mind that comes with knowing their home can stay powered when it matters most.”
Last month, Enphase reported third-quarter revenue of $410.43 million, beating the consensus estimate of $365.81 million and adjusted earnings of 90 cents per share for the third quarter, beating estimates of 65 cents per share.
Enphase expects fourth-quarter revenue between $310 million and $350 million, versus estimates of $381.44 million. The outlook excludes safe harbor shipments, which helped boost the company's third-quarter results.
Price Action: ENPH shares are up 2.90% at $31.74 at the last check on Wednesday.
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Posted In: ENPH
