Enphase Energy will look to go against competitors such as Tesla Motors to complete their high target of $10 million to $20 million in sales this year in Australia and New Zealand where they have had success previously.
Enphase expects home storage products to begin producing revenue in the two countries before executing plans to introduce the technology in Hawaii, eventually leading to Europe in 2017. Chief Financial Officer Kris Sennesael expects around 4,000 systems to be sold this year.
He states: “There are competitors out there trying to get to the market in a similar time frame as us. Early indicators are showing a tremendous amount of interest for storage solutions.”
According to reports, Australia will have around 30,000 homes with PV-energy storage systems by 2018 which could make the storage market worth around $18 billion. Australia’s residential and commercial energy storage additions could double each year which will gain the interest of other competitors such as Tesla, LG Chem Ltd and Panasonic Corp.
Enphase are offering a product that combines solar power, storage and energy management technologies after successfully opening a new research and development facility in Christchurch, New Zealand.